Are you wondering what happened to XTorch after Shark Tank? Gene Palusky and Keidy Palusky asked for 150,000 for 10% of their business.
In this article, we will explore an interesting and durable product that was pitched in Shark Tank, and the couple walked without a deal. Also, we will answer the question, “How Much is XTorch Net Worth?”
Introduced by the married couple and entrepreneurs Gene Palusky and Keidy Palusky, XTorch is a one-of-a-kind flashlight built for rough conditions. The couple pitched the product presenting it as the best flashlight on the market.
Shark Tank is a reality TV show where entrepreneurs from all over the world pitch their unique ideas to some of the most renowned investors. The ideas are mostly good, but the Sharks reject them because of their extensive experience in business and investment. On the show, at least 5 Sharks are available and sit in the panel to hear pitches and offers of their products.
Usually, the main sharks include Kevin O’Leary, Mark Cuban, Daymond John, Lori Greiner, Barbara Corcoran, and Robert Herjavec. The show also makes some guest appearances. The TV program premiered in 2009, and now, 13 seasons later, it returns for a 14th season on September 13, 2022.
The married couple Gene Palusky and Keidy Palusky came to the show to pitch their durable, solar-powered torch to the Sharks.
Gene grabbed a baseball bat and started “breaking the ice” to get the XTorch that was frozen for two days in ice. The torch was still working perfectly after two days. The XTorch costs $55.95.
Watch Gene and Keidy Explain The XTorch
As we described earlier, the XTorch is full of features. This isn’t one of the boring flashlights with just an on-and-off button. This has three functions; It works
- As a flashlight
- A lantern
- A phone charger
- It glows in the dark
- It floats
It is also durable and designed to work perfectly in rough conditions. To explain its durability, Gene says that it can store charge for up to two years, and it will still run for 48 hours. It usually takes 22 hours to charge it on solar power fully, but with a traditional charger, it only takes an hour.
The Sharks On XTorch
The Sharks, at first, were impressed, but when they started asking real questions about the product, the couple started beating around the bush. The Sharks kept calling it an ordinary flashlight and explaining that it costs too much while the couple insisted that it is unique.
Accordion to Gene, they sold 53,000 worth of products in one year. The Sharks weren’t impressed as they called this number “awful.”
Kevin O’Leary was the first one to reject their offer and refused to proceed further. After that, all of the Sharks rejected them, and the last Shark remaining, Robert Herjavec, didn’t want to be their partner.
Robert Herjavec’s Offer To Buy The Entire Company
Robert offered to buy the entire company. He proposed to buy 100% of XTorch for $400,000. Gene responded and asked for $1 million for his company. Robert then counter-offered and increased the offer to $500,000 for the company.
Gene then again rejected the offer and asked for $750,000 for 100% of his company. Robert didn’t want to take the offer, and the couple walked away without a deal.
What Happened to XTorch After Shark Tank?
This product had also been running successfully in the market, so it only increased its sales after Shart Tank. Even though the couple walked out of the show without a deal, it seems like they didn’t really need one. At the time of writing, XTorch has more than 150 reviews on Amazon, most of which are positive. (4.5/5 overall)
Apart from Amazon, they are selling their amazon product on their website. Unfortunately, we cannot be sure how much product they sell because they have this information classified.
XTorch Net Worth
When the couple pitched XTorch on Shark Tank in early 2021, they claimed that the company was worth $1.5 million. But, he was willing to sell his company for as low as $750,000.
Currently, it is almost impossible to estimate the current net worth because XTorch is NOT being sold on Amazon. They are only selling their product on XTorch’s official website.
Out of all the pitches on Shark Tank, this was one of those products that had to be rejected by the Sharks because it was more about the story than the actual stats. The sharts are interested in stats; For XTorch, the stats weren’t good because the sales were too low.
After Shark Tank, the business is still operating and providing 25% of its profits to charities and NGOs all around the globe.
Frequently Asked Questions (FAQs)
How much does XTorch cost?
At the time of the Shark Tank pitch, XTorch cost $55.95, but now, they decreased the price to $49.95.
Where can I buy XTorch?
If XTorch is unavailable on Amazon, you can buy it from the XTorch Website.
How much is XTorch Net Worth?
According to the sales data shared by Gene and Keidy, XTorch is worth more than $1 Million. However, the exact net worth cannot be calculated.