XTorch Shark Tank Update

XTorch Shark Tank Update

A sturdy solar-powered light that also charges your phone during power outages. Sounds great, right? This is exactly what XTorch charger lights are. In season 12 of Shark Tank, Gene and Keidy Palusky pitched the idea of XTorch to the Sharks and asked for $150,000 for about 10% equity.

What is XTorch Shark Tank update? Unfortunately, XTorch didn’t grab any deals with the Sharks as its design wasn’t patented. However, due to the media attention it received from the show, the product sales skyrocketed in the next few months. The company sold $60,000 worth of torches and reached a net worth of $360,000 in 2019.

That’s not all! Let’s dive deep and find out all the details of XTorch since its appearance on Shark Tank.

XTorch Shark Tank Profile

XTorch Shark Tank Profile

Now, have a quick look at the XTorch Shark Tank Profile in the table below.

Company NameXTorch
FoundersGene and Keidy Palusky
Founded In2018
ProductRechargeable solar-powered torch with USB charging port 
Special FeaturesCan be charged with both solar power and electricity, has a sturdy construction, charge lasts up to 22 hours
Asked For$150,000 for a 10% equity
Offered$500,000 for 100% equity
Final DealNo deal
Appeared InSeason 12, Episode 2
Air DateApril 23, 2021
Business StatusActive
Websitextorch.org
HeadquartersNew York, United States
Net Worth$2 million
Sales Before Shark Tank$53,000/year
Sales After Shark Tank$60,000/year
Lifetime Sales Revenue$450,000
Available OnAmazon
2023 UpdateRunning successfully
Watch OnAmazon Prime Video

XTorch and Its Founders on Shark Tank

Let’s start by answering when XTorch was on Shark Tank. The founders appeared in season 12, episode 2. After Keidy and Gene Palusky described the details of their product, the Sharks were impressed.

However, since the design wasn’t patented and, the Sharks were concerned about the company’s valuation. 

XTorch and Its Founders on Shark Tank

The Paluskys had not yet generated much revenue and they were asking $150,000 for 10% equity. The negotiation continued, and Robert Herjavec offered to buy the entire company for $500,000. But the Paluskys declined the offer. As a result, XTorch couldn’t seal any deal on Shark Tank.

What Happened to XTorch After Shark Tank?

Thanks to the newfound media attention through its Shark Tank appearance, XTorch continued to grow even after Shark Tank. The company bagged a few deals with major retailers and launched a new line of solar-powered lanterns. 

Gene and Keidy partnered with several nonprofit organizations to donate XTorches to people in need around the world. XTorch today is working on developing a new app to allow users to track their XTorches and share their experiences with others. 

What Happened to XTorch After Shark Tank

After Shark Tank, XTorch continued to grow and their sales doubled in 2019. The company has donated over 4,000 XTorches and has given away most of its profits. XTorch is currently working on expanding its product line and increasing its international reach.

XTorch Net Worth

During its appearance on Shark Tank, the net worth of XTorch was estimated at $1.5 million. In 2019 and 2020, the company’s sales boosted and it was estimated at $500,000. However, the sales declined due to its supply chain issues during the Covid period.

Therefore, as of 2023, the net worth of XTorch is around $2 million. However, the company owners are hopeful about increasing sales in the coming years and they’ve been focusing on reaching a $3.2 million net worth by 2024.

XTorch Net Worth

XTorch Sales Data

According to the Shark Tank pitch of XTorch founders, the company has already sold about 1,500 torches in 2018. However, they didn’t make much profit through the sales and the founders had already invested $300,000 in production and marketing. 

Due to their Shark Tank appearance, they could finally make some profit, increasing sales by 350%. However, by 2021, the sales decreased by 60% because of the shortage of silicon chips used in the torches. Here are the available annual sales data of XTorch-

YearSales Revenue
2019$53,000
2020$60,000
2022$80,000
2023 (estimated sales revenue)$90,000
Lifetime Sales Revenue$450,000

Is XTorch Profitable Now?

Yes, XTorch is very much in business today and continuing to make profits. However, XTorch is a non-profit organization and it donates 25% of its profit to various charitable institutions.

Although the company was struggling to make a profit for a couple of years, it’s now back on track and looking forward to reaching an estimated net worth of $3.2 million by 2024. It hopes to see an increase in sales in 2023 and earn $90,000 in sales revenue. 

Is XTorch Profitable Now

While the overall production cost of each torch is around $14, they are being sold at $30 to $40. 

The XTorches have excellent quality and they got a 4.5-star rating on Amazon. Judging by the numbers, we can safely assume that XTorch will be a profitable business venture in 2023 and will continue growing if everything goes well.

In the diverse universe of Shark Tank innovations, the products range from the highly practical to pure entertainment. Having explored the world of functional utility with the XTorch, it’s fascinating to switch gears and look at a different realm of innovation. The Rock Block presents a fresh perspective on children’s toys and their impact on young minds. Discover more about their post-Shark Tank journey in our Rock Block Shark Tank update. For those intrigued by the world of interactive entertainment and the power of narrative, Black Sands offers a dive into ancient myths brought to life. Immerse yourself in their tale and learn about their progress since the Tank in our Black Sands Shark Tank update.

Wrapping Up!

As we’ve discussed in our XTorch Shark Tank update guide, the company has proven to be an overall success in terms of sales. The company has been selling its torches in 30 countries and is looking forward to reaching more by the end of 2023.

Although it didn’t grab a deal with the Sharks, the media attention helped XTorch to become well-known among consumers. It also made deals with big retailers. What made XTorch more profitable was its charity work. In 2023, XTorch is running its business and continuing to grow.

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