XTorch Shark Tank Update | XTorch Net Worth

XTorch is a versatile and portable solar-powered device that functions as a flashlight, room lantern, and phone charger. XTorch was designed with emergency preparedness and outdoor enthusiasts in mind, providing a reliable source of light and power in various situations. 

XTorch is a solar-powered flashlight and phone charger that has gained popularity for its reliability during emergencies and power outages. The product was featured on Shark Tank Season 12 Episode 22 in search of funding. It is a simple electric device that operates on solar energy.

Gene and Keidy Palusky, the company’s founders, was inspired to create this product due to a lack of electricity in Equatorial Guinea, Africa. The couple first met in 2001 while performing missionary work in the Dominican Republic.

Access to electricity has been a long-standing issue, particularly in rural areas where many individuals lack knowledge about obtaining it. In contrast, metropolitan areas tend to have access to electricity consistently.

As a result of this problem, many people in rural areas have turned to solar systems to provide lighting in their homes. However, lack of electricity is still a significant issue, particularly when charging phones or powering lights.

Numerous countries still grapple with the absence of electricity in certain regions, resulting in significant challenges for people.

XTorch aims to address this common problem by offering a convenient lighting and phone charging solution. The product enables phone charging without electricity and provides light during periods of darkness.

Gene and Keidy invested $300,000 of their savings to launch this business, which began to grow within a few years. However, the company was not profitable before appearing on Shark Tank. As a result, they requested $150,000 for 10% equity at a $1.5 million valuation.

During the Shark Tank pitch, Robert expressed a keen interest in the product and a desire to acquire the entire XTorch company, although this did not come to fruition.

The XTorch has a high-capacity battery that can be charged using its built-in solar panel or USB cable. Once fully charged, the device can provide up to 48 hours of continuous light or recharge a smartphone. 

XTorch features a foldable handle and stands, making carrying or placing on a flat surface convenient. The creators of XTorch aimed to provide a sustainable and versatile lighting solution that could be helpful during natural disasters, power outages, camping trips, and other outdoor activities. 

It also has a social impact aspect, as part of the company’s mission is to supply reliable lighting and power to people in developing countries who lack access to electricity.

What Is XTorch?

Xtorch is a versatile solar-powered flashlight that serves multiple purposes. In addition to functioning as a flashlight that can be charged via solar power, it also serves as a room lantern and features a USB port for charging other devices. 

XTorch is a rechargeable solar-powered flashlight suitable for use in various settings, including indoor and outdoor environments. Before use, the device must be charged, which occurs automatically via exposure to sunlight.

The device is highly durable and capable of withstanding drops onto hard surfaces without sustaining damage. The torch can provide up to 48 hours of continuous illumination with a full charge. Furthermore, the torch can be charged via a conventional electrical outlet in just one hour and by sunlight.

The XTorch’s unique feature is its ability to resist repeated water exposure and impacts without damage. Users can save up to $2,000 on battery expenses after charging this device for just one full charge. The flashlight includes two bulbs and a charging cable with a USB connection.

When used properly, the XTorch can operate without needing maintenance for 7 to 10 years, making it an ideal tool for studying, traveling, hiking, and camping. You can charge the battery using either solar energy or traditional electricity. The device has a 3000 mAh lithium-ion battery with a 7 to 10 years lifespan.

Who Is the Founder Of XTorch?

Gene Palusky and Keidy Palusky are indeed the founders of XTorch. Palusky sought to create a versatile, solar-powered device that could provide reliable lighting and charging capabilities for various situations. 

His vision was to cater to outdoor enthusiasts and emergency preparedness and make a positive social impact by providing a sustainable source of light and power to those living in energy-deprived areas.

XTorch Before Shark Tank

Before appearing on Shark Tank, XTorch was already an established product with a mission to provide a reliable and sustainable lighting solution for various situations. Gene Palusky and Keidy Palusky, the founders of XTorch, had developed the solar-powered device that could serve as a flashlight, room lantern, and phone charger.

Before the Shark Tank appearance, XTorch had gained some traction and was used by outdoor enthusiasts, campers, and those needing emergency preparedness. 

The company also started making a positive social impact by donating and distributing XTorch devices to people in developing countries who lacked access to electricity, ensuring that they had a dependable source of light and power.

Gene Palusky and Keidy Palusky brought his product to Shark Tank in hopes of securing an investment that would help scale production, expand distribution, and ultimately increase the positive impact of XTorch both domestically and internationally.

How Was the Shark Tank Pitch Of XTorch?

Gene and Keidy Palusky appeared on Shark requesting an investment of $150,000 in exchange for a 10% stake in XTorch. During their pitch on Shark Tank, Gene, and Keidy Palusky presented the XTorch as a versatile, solar-powered device with multiple functionalities, including a flashlight, room lantern, and phone charger. 

They emphasized the product’s usefulness for emergency preparedness, outdoor enthusiasts, and its potential positive impact on people living in developing countries without access to reliable electricity.

The founders of Xtorch demonstrated the durability of their solar flashlight by breaking a block of ice and retrieving an undamaged torch from it. Gene shared that the torch had been frozen for two days but remained fully functional.

The founders demonstrated the features of XTorch, such as its high-capacity battery, foldable handle, and built-in solar panel, to showcase the product’s practicality and convenience. 

They aimed to secure an investment from the Sharks that would help them scale production, expand distribution, and increase their social impact.

Following the demonstration, Gene explained that the torch serves three functions: a flashlight, lantern, and cell phone charger. Xtorch also has a great approach, donating 25% of its profits to global partners. 

While the torch takes 22 hours to charge using solar power fully, consumers can opt for a one-hour charge using a regular electric outlet.

The manufacturing cost of Xtorch is $18.50, and it is sold for $55.95. However, the cost is predicted to drop to $14 in the next production run. After pitching the product, the founders shared the backstory of how the idea for Xtorch originated. 

Keidy’s experiences with power shortages in the Dominican Republic and a personal tragedy involving power shortage in Africa while working with a food distribution NGO led to the idea’s conception.

After hearing the pitch, the Sharks referred to Xtorch as a flashlight, but the founders explained how it differed from a regular one. 

Kevin inquired about sales, which amounted to $53,000 in 2019. On further questioning, the founders revealed that the product had no patent.

Kevin declined to invest, suggesting the product should be sold directly to consumers at half the current price. Mark thought the product was good but had not sold enough, and he declined to invest. 

The remaining two Sharks also declined. However, Robert expressed interest in buying the entire company for $400,000, which Gene countered with a $1 million offer for a 100% stake in XTorch. 

Robert raised his offer to $500,000, but Gene declined, countering with $750,000. Robert was unwilling to go that high, and the Xtorch founders walked out without a deal.

Final Deal: No deal between XTorch and Sharks.

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What Happened To XTorch After Shark Tank?

After airing their product on Shark Tank, viewers began to recognize the value of Gene and Keidy’s invention. Following the episode, the duo received over 2000 orders, demonstrating a market for their product with a 4.5-star rating.

Notably, Gene and Keidy have also shown a commitment to social responsibility, contributing 25% of their profits to International Relief Partners across the globe.

The XTorch business has experienced moderate growth, with 2018 sales of 1200 units sold at a cost to nonprofit organizations and only 200 units sold at the full price of $60. However, in 2019, the business saw a significant increase in sales, with a 350% growth rate in 2020.

Since 2015, the Paluskys have invested over $300,000 into XTorch. In 2018, the business donated 1,500 torches and sold 200 at full price while selling 1,200 torches at a cost to non-profit organizations. 

The following year, retail sales increased, and in 2020, the couple planned to donate another 2,000 solar-powered torches to Haiti and the Dominican Republic. They have donated over 4,000 XTorches and given away most of their profits.

The Paluskys and their product, XTorch, have received extensive media coverage, including features in local newspapers like The Star Tribune.

The couple’s goal is to double their sales each year, with plans to generate annual revenue of $3.2 million by 2024. They operate XTorch as a family business, with Palusky’s mother and two young children assisting them in increasing online sales.

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XTorch Shark Tank Update

XTorch did not secure a deal on Shark Tank, and despite Robert’s interest in buying the company, negotiations between Gene and Robert were unsuccessful. The company significantly emphasizes charitable efforts, donating 25% of its profits to charity, which has garnered positive consumer feedback.

Following the episode’s airing, the company sold 1400 units in a few weeks, with limited stock remaining. The first month after appearing on Shark Tank was a successful period for the company in terms of sales.

Unfortunately, due to the pandemic, the company experienced a shortage of electronic components in the global supply chain, resulting in a stock shortage in 2021. Currently, Xtorch remains operational as of the time of writing this article. You can purchase Xtorch by visiting the company’s website or through Amazon. U

Nevertheless, the company has resumed operations and reported an annual revenue of $1.5 million.

The product is $49.95, and the company is still unprofitable. However, the product has had strong sales on Amazon. During the Russia-Ukraine conflict in April 2022, Starch sent XTorch products to Ukrainian refugees. 

In May 2022, the company partnered with Jerry’s Hardware to increase product sales and further promote its charitable efforts. XTorch is still in business as of 2023 and moving toward profitability. 

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Is XTorch Still In Business?

XTorch is still in business as of 2023 and moving toward profitability. Gene and Keidy established XTORCH to serve the community rather than solely for financial gain primarily. 

Their business has grown significantly and is operational in approximately 30 countries worldwide. However, the COVID-19 pandemic has resulted in a shortage of electronic components, which has negatively impacted their production capacity. 

However, XTorch is back in business, and you can purchase XTorch from Amazon and their official website.

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What Is the Net Worth Of XTorch?

The valuation of XTorch was $1.5 million when it appeared on Shark Tank. The net worth of XTorch is around $2 million as of 2023.