Is Xtorch Still In Business? A Complete Breakdown

Are you looking for Is Xtorch Still In Business? This is a question that has been on the minds of many, especially those who have been following the company since its appearance on Shark Tank. The answer is a resounding yes, XTorch is still in business and has been growing steadily. In this article, we will delve into various aspects of the company, its products, and its future prospects.

Key Takeaways

• XTorch is still in business as of the latest updates.
• The company aims to double its sales every year and plans to generate an annual revenue of $3.2 million by 2024.
• XTorch is a multifunctional solar light torch that also allows you to charge your phone.
• The founders, Gene Palusky and Keidy Palusky have invested over $300,000 into XTorch since 2015.
• XTorch has a philanthropic angle, contributing 25% of its profits to International Relief Partners.

Is Xtorch Still In Business?

Yes, XTorch is still in business. The company is not only operational but also has plans for significant growth. They aim to double their sales every year and have a target to reach an annual revenue of $3.2 million by 2024.

The XTorch Product

XTorch is a multifunctional solar light torch. It has 1 flashlight, 2 front lanterns, and 1 side lantern. It also allows you to charge your phone using a USB. The product self-charges on solar or power using a USB cable.

Founders and Their Vision

Gene Palusky and Keidy Palusky are the brains behind XTorch. They have invested over $300,000 into the business since its inception in 2015. Gene Palusky was inspired to create XTorch while helping children in Equatorial Africa, where he witnessed the challenges of living in darkness.

Philanthropic Angle

One of the most admirable aspects of XTorch is its philanthropic efforts. The company contributes 25% of its profits to International Relief Partners. They have also donated more than 4,000 XTorches to date.

Financial Health of XTorch

XTorch is doing well financially. In 2018, they gave away around 1,500 torches and sold 200 at the full price of $60. Their sales doubled in 2019 and went up 350% in 2020.

Future Prospects

XTorch has a bright future ahead. They plan to send another 2,000 solar-powered torches to Haiti and the Dominican Republic. The company aims to generate an annual revenue of $3.2 million by 2024.

Customer Reviews

XTorch has received positive reviews from customers, boasting a 4.5-star rating. This indicates that there is a market for their product.

Availability

XTorch products are available on Amazon and their official website. They are also offering a 20% discount on pre-orders due to a temporary halt in production caused by the COVID-19 pandemic.

XTorch’s Journey on Shark Tank

Shark Tank Experience

XTorch’s journey on Shark Tank was a rollercoaster. Founders Gene Palusky and Keidy Palusky asked for $150,000 in exchange for 10% equity in their company. While they didn’t secure a deal, the exposure led to a surge in orders, proving the product’s market viability.

The Offer That Wasn’t

During their pitch, Robert Herjavec made a bold offer of $500,000 to buy the company outright. However, the founders were not comfortable giving up the entire company and had to walk away without a deal.

Marketing and Sales Strategies

Post their Shark Tank appearance, the company focused on direct customer sales rather than relying on third-party retailers. This strategy has been instrumental in their growth, allowing them to maintain better profit margins.

Online Presence

XTorch has a strong online presence, including an official website and an Amazon store. They have leveraged digital marketing to reach a wider audience, which has been crucial for their business growth.

Challenges Faced

Like many businesses, XTorch faced challenges due to the COVID-19 pandemic, impacting their production. However, they adapted by offering discounts on pre-orders to maintain customer interest during this period.

Supply Chain Issues

The scarcity of electronic parts due to the pandemic has been a hurdle. However, the company has been transparent about these challenges, informing customers that orders will pick up once production is back on track.

Media Coverage

XTorch has received widespread media coverage, including features in local newspapers like The Star Tribune. This has helped in building brand credibility and attracting a larger customer base.

Public Recognition

The media coverage has not only been limited to their business model but also their philanthropic efforts, adding another layer of trust and recognition to the brand.

Future Goals

XTorch has set ambitious goals for the coming years. They plan to expand their product line and explore partnerships to further their reach and impact.

Expansion Plans

The company is looking into developing new products and possibly venturing into related markets. They are also exploring partnerships with organizations for larger distribution.

What Happened To XTorch After Shark Tank?

After their appearance on Shark Tank Season 12, XTorch experienced a significant boost in their business. Although they did not secure a deal on the show, the exposure led to a surge in orders.

Specifically, the company received over 2,000 orders shortly after their episode aired. Despite not having a patent, which made the sharks nervous, the company has continued to grow and currently holds an average rating of 4.5 stars out of 200+ ratings on Amazon.

The founders, Gene and Keidy Palusky, had initially asked for $150,000 for 10% equity in their company. Shark Robert Herjavec offered $500,000 for 100% equity, but the founders were not willing to give up the entire company. As a result, they walked away without a deal but still managed to grow their business substantially.

When Did XTorch Go On Shark Tank?

XTorch made its appearance on Shark Tank during Season 12. The founders, Gene and Keidy Palusky, pitched their solar-powered flashlight to the sharks, asking for $150,000 in exchange for 10% equity in their company. Although they did not secure a deal, the experience was far from a loss.

The exposure from the show led to a significant increase in orders and helped the company continue its growth trajectory. During their pitch, they also revealed that their product sells for $55.95 on their website and costs $18.50 to manufacture. They estimated that they would do $90,000 in sales in the year of filming.

Is XTorch Still In Business Shark Tank?

Yes, XTorch is still in business after their Shark Tank appearance. Despite not securing a deal on the show, the company received a significant boost in orders and customer interest. Specifically, they received over 2,000 orders shortly after their episode aired.

The company currently holds an average rating of 4.5 stars out of 200+ ratings on Amazon. While they haven’t turned into a multi-million dollar business yet, they are continuously growing and increasing sales. The founders, Gene and Keidy Palusky, remain actively involved in the business, focusing on direct-to-customer sales and expanding their product line.

How Much Is XTorch?

The XTorch solar-powered flashlight is priced at $55.95 on their official website. The cost to manufacture the product is $18.50, but the founders shared that they would be able to lower the production cost to $14 soon.

The pricing strategy allows them to maintain a healthy profit margin while offering a high-quality product. In the year prior to their Shark Tank appearance, XTorch had $53,000 in sales, and they estimated that they would do $90,000 in sales in the year of filming.

Conclusion

To conclude, Is XTorch still in business? Absolutely, and they’re not just surviving; they’re thriving. With a strategic approach to marketing, a focus on direct customer sales, and a commitment to social responsibility, XTorch is poised for significant growth in the coming years.

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