XTorch is a rechargeable Solar powered multi-functional flashlight and XTorch estimating to have a net worth value of around $1 million in 2023.
It appeared in the Shark Tank season 12 episode 22. So, Founders Gene Palusky and Keidy Palusky entered the show with the hope of $ 150,000 for 10% of equity. However, unfortunately, XTorch had to leave Shark Tank without a deal. But later it ended up being one of the successful companies without a deal on Shark Tank.
But how does XTorch gain a net worth of around $1 million after the Shark Tank? Let’s find out more
XTorch Net Worth UPDATE 2023
XTorch net worth is around $1 million in 2023. However, the company was valued at around $1.5 million at the time of appearing on Shark Tank.
Also, they had around 1.5 million in annual revenue last year.
How is XTorch doing now? [Latest update]
XTorch is one of the companies that left the Shark Tank without a deal. Also, according to our research online, the company stabilize the market with $ 1 million later. Not only that their charity devotion attracted more customers. Followingly XTorch is successfully in business in December 2023.
It sold on their official site and amazon since then. Because of the company’s charity work, it gradually became popular. On Amazon, They have a 4.5-star rating with positive comments. That indicates a demand for their product.
According to our research online they collaborated with many national and international charity organizations. Also, 25% of their profits are devoted to charity. Followingly they sell products worldwide successfully. Also, the company has expanded to over 30 countries now.
So, it was valued at around $1 million this year even though it’s non-profitable.
What is XTorch?
XTorch is a sturdy solar power researchable flashlight. It comes with a USB phone charger. Also, it’s multifunctional with 2 front lanterns and 1 side lantern apart from the flashlight. Followingly users can have 9 hours of light run time and full charge. Also, it’s estimated to work properly for 7-10 years without any maintenance.
The product is sold for $45 with a holiday offer in December 2022. Because of the amazing technology and charity service behind this product, everyone is curious about the founder.
Who owns XTorch?
Gene Palusky and Keidy Palusky are the founders of the XTorch. Gene is a fine arts graduate from Macalester college. Then he completed his master’s at the University of Wisconsin. Followingly, he worked as a sculptor for 15 years.
Then he worked in the real estate business for 20 years. He invested around $ 300000 from that to XTorch. And they gave away around 1200 torches.
Genes’ experience in law-privileged areas in Africa and the Dominican Republic is the inspiration. followingly, he designed XTorch in 2015.
What happened at the Shark Tank?
XTorch team appeared in the Shark Tank hoping for $150 000 for 10% equity. Firstly, they gave a brief introduction to the product. But sharks were concerned about the high price. Also mentioned it’s just a flashlight with a different marketing strategy.
This is not a flashlight; this is a solar power rechargeable lightning power device.”Gene Palusky
But Kevin O’Leary dropped the deal first because it’s a highly competitive market. Mark Cuban also decided to and Daniel Lubezki followed him.
But Robert Herjavec offers $400,000 to buy the business. followingly Lori Greiner thought it was not an investable product. But Gene requested 1 million and refused his $500 000 offer. Then try to negotiate to $ 750 000. With that Robert was also out of the deal. And they had to leave the Shark Tank Without a deal.
XTorch Shark Tank UPDATE- What happened After the Shark Tank?
Despite the rejection of the deal, XTorch was able to sell over 2000 a few weeks after the show. Many were considered sending 25% to charity. following this their sales raised to 350% in 2020.
“I have all the money I’ll ever need,” said Gene Palusky.
Following this many media publications featured their charity works. Also with this newly gained attention, they can get positive feedback. However, the company also faced an issue with finding electronic parts during the pandemic. So, they released a notice regarding the delay in July 2021.
But in 2023 the issue was managed and the product was available in the market. They also managed to send products to Ukrainian refugees. Not only that they distributed flashlights to remote cities in northern Haiti.
Following this Jerry’s Hardware partnered with them on May 2022.
XTorch product review
XTrorch is a specially designed rechargeable solar light torch. It has a flashlight, lantern, and cell phone charger on the same device. Also, it promises the user 48 hours of light Previously one piece sold for $60 and now sells for $49.95 on Amazon and their official site.
Who are the competitors of the company?
According to our research online there aren’t any products with exactly similar features. However, all solar-powered flashlights can be taken as the primary competitor.
Gene Palusky and Keidy Palusky own the XTorch company.
It’s started in 2015 after Gene Palusky sold his properties.
Gene Palusky designed the torch.
XTorch is doing well with stable revenue and successful in business in 2022.
Yes, XTorch5 is still in business in December 2023.