Toughbuilt Industries (TBLT) Stock Jumps Over 30% in a Month: But Why?
Investors who are looking into significant gainers over the past month might have noticed that Toughbuilt Industries Inc (NASDAQ:TBLT) has managed to deliver gains of 32%.
While the gains made by the stock are eye-catching, it is also necessary to note that there has been no major development in recent times that might have led to such a rally. In this situation, it might be worthwhile to take a look at Toughbuilt’s financial results for the first fiscal quarter.
In that quarter, the company managed to generate revenues of $12.3 million, which was considerably higher than the $3.9 million it had generated in the prior-year period. On the other hand, the gross profits stood at $3.5 million, which was higher than the $1.5 million in gross profits it had generated in Q1 2020. At the end of the quarter, Toughbuilt reported cash and cash equivalents to the tune of $32.5 million in its books.