Increased production and expanded wholesale customer base spur continued record revenue.
Trutankless, Inc. (OTCQB: TKLS) released its earnings report for Q1 2019, touting a Company record 56% increase in gross sales from the previous quarter. Sales in Q1 2019 were $638,275, compared to $407,160 in Q4 2018. Additionally, there was a Company record of 64% increase in gross margins to $169,912 in Q1 2019 compared to $103,599 during the same period 2018.
The Company attributes this continued growth to several factors, including strong demand for its Trutankless line of smart water heaters amongst a growing number of the nation’s largest homebuilders, as well as the impact of growth in channel sales.
“We’re pleased with record revenue for the first quarter of 2019 and hope we’ll continue to see accelerating adoption of the Trutankless product line among the nation’s largest homebuilders and home service companies,” stated Michael Stebbins, president of Trutankless, Inc., “We’re actively opening new markets to continue our momentum. Our recent increases in production and a growing sales force are expected to fuel recognition of the Trutankless brand as a best-in-class smart home product.”
Trutankless launched its first-generation Trutankless unit at the IBS show in 2014, where it was named “Best Home Technology Product.” Trutankless also took home the Governor’s Award of Merit for Energy and Technology Innovation at Arizona Forward’s Environmental Excellence Awards in the same year. Since then, the product has garnered a multitude of accolades for its forward-thinking technology and energy efficiency, including a silver award in the Appliance Design Excellence in Design contest, a Special Mention in the Architizer A+ Awards, and was named a Hot Product by the editors of Green Builder Magazine. In 2016 Trutankless was featured as a water saving device in Consumer Reports’ Top 5 Remodeling Trends for 2016 write-up. The Company has been awarded patents with 34 claims on its innovative advances in water heating technology.