ToughBuilt(US:TBLT)2023-03-16 00:46Financial Data and Key Metrics Changes - ToughBuilt reported record revenue of $94.9 million for 2022, representing a 36% year-over-year increase compared to 2021 [8] - Fourth quarter revenue reached $29.6 million, a 20% increase compared to the same quarter in the prior year [8][14] - The net loss for the full year of 2022 was $39.7 million, compared to a net loss of $37.5 million in the previous year [20] Business Line Data and Key Metrics Changes - Revenue growth was driven by existing retail partners, new retail customers, and the introduction of new product lines [9] - The company launched over 200 new SKUs, including cutting tools, measuring tools, and landscaping tools [10] Market Data and Key Metrics Changes - ToughBuilt expanded its network to over 17,300 large and mid-sized stores and online portals worldwide [11] - The company successfully negotiated improved shipping rates, reducing logistics costs by approximately 70% [12] Company Strategy and Development Direction - ToughBuilt aims to capitalize on market opportunities and has entered into four major distribution agreements, including one with Sodimac, the largest home improvement supplier in South America [22][23] - The company plans to continue expanding with existing retail partners and adding new international partners [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute growth, cost-saving, and profitability plans despite challenging economic conditions [24] - The company anticipates continued year-over-year revenue growth in 2023 due to strong product introduction momentum and brand recognition [12][24] Other Important Information - Cost of goods sold for the full year 2022 was approximately $73.1 million, up from $50.9 million in 2021, primarily due to increased material and labor costs [15][16] - Selling, general, and administrative expenses for 2022 were approximately $58.9 million, compared to $51.4 million in the previous year [17][18] - Research and development costs increased significantly to approximately $15.6 million in 2022, driven by new tool and software development [19] Q&A Session Summary - The company discussed its successful product launches in major retailers in Germany and the UK, highlighting a 35% share of the global hand tools market [25] - Management emphasized the potential for future revenue growth through expanding retail partnerships and introducing new product lines [26]