| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
IRVINE, Calif., Feb. 13, 2024 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. ("ToughBuilt" or the "Company") (NASDAQ:TBLT), announced today its goal of achieving positive operating cash flow by the third quarter of fiscal 2024. The Company intends to focus on generating revenue through the sales of newly launched products in various categories, implementing cost-saving measures, and considering price adjustments where necessary. ToughBuilt is also exploring expansion into new markets and engaging with online and brick-and-mortar global retail partners.
Michael Panosian, ToughBuilt Chief Executive and Co-Founder, expressed optimism about the Company's progress, stating, "I am pleased to see our revenue and gross margins growing, and the Company approaching the point of covering its SG&A expenses. By focusing on the continued sales of our new products in revenue-generating categories, attracting new customers, and implementing efficiency measures while making careful adjustments to pricing, we anticipate achieving positive operating cash flow by Q3 2024."
Mr. Panosian continued, "Our SG&A cost savings come as the result of lowered shipping rates, consolidated 3PL operations and cutbacks in overhead. We anticipate implementing additional workforce reductions and senior management salary reductions which will contribute to our goal of achieving operating cash flow positivity." He further acknowledged the Company's dedicated team, steadfast retail partners, and committed shareholders for their ongoing support during this phase of growth.
Posted In: TBLT
