ToughBuilt Industries Reports $3.61 Million in Q2 2023 Sales Through Amazon

Rhea-AI Summary

ToughBuilt Industries, Inc. announced that its gross sales for Q2 2023 through Amazon.com were $3.61 million, consistent with Q2 2022. Sales for the first six months of 2023 increased by 5.3% to approximately $7.41 million compared to the same period last year. ToughBuilt aims to expand its distribution network and reduce expenses to drive profitability.

IRVINE, Calif., July 11, 2023 (GLOBE NEWSWIRE) -- {{DATELINECITY_DATE_GLOBENEWSWIRE_BUG}ToughBuilt Industries, Inc. ("ToughBuilt") (NASDAQ: TBLT; TBLTW), announced today that the Company’s gross sales for the second quarter ended June 30, 2023, through Amazon.com were $3.61 million, which remains consistent with our quarter-over-quarter sales of $3.56 million in Q2 of 2022. In total, sales for the first six months of 2023 have increased by 5.3% to approximately $7.41 million, compared to $7.01 million for the six months ended June 30, 2022, last year.

Michael Panosian, Chief Executive Officer of ToughBuilt, commented, “Despite a challenging macroeconomic climate, the Company's sales remain stable and serve as an indicator of ToughBuilt's growth. We anticipate that by furthering the expansion of our distribution network in new and existing global markets and implementing measures to keep expenses and cost of operations reduced, we will continue to build shareholder value and drive towards profitability.”

ABOUT TOUGHBUILT INDUSTRIES, INC.
ToughBuilt is an advanced product design, manufacturer and distributor focused on delivering tools and other accessories for the professional and do-it-yourself commercial construction and home improvement industries. Our mission is to provide products that are innovative, of superior quality derived from enlightened creativity for our end users while enhancing performance, improving well-being, and building high brand loyalty. Additional information about the Company is available at: https://www.toughbuilt.com/.

FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the impact of the worldwide COVID-19 pandemic and government actions, on our business, (ii) supply chain disruptions, (iii) market acceptance of our existing and new products, (iv) delays in bringing products to key markets, (v) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (vi) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vii) product malfunctions, (viii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) our reliance on single suppliers for certain product components, (xi) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xii) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Investor Relations Contact:
KCSA Strategic Communications
David Hanover
toughbuilt@kcsa.com

Source: ToughBuilt Industries, Inc

FAQ

What is the gross sales figure for ToughBuilt in Q2 2023?

ToughBuilt's gross sales for Q2 2023 were $3.61 million.

How does the Q2 2023 sales compare to Q2 2022?

The Q2 2023 sales through Amazon.com were consistent with Q2 2022.

What is the sales growth for the first six months of 2023?

Sales for the first six months of 2023 increased by 5.3% to approximately $7.41 million compared to the same period last year.

What are ToughBuilt's plans to drive profitability?

ToughBuilt aims to expand its distribution network in new and existing global markets and implement measures to reduce expenses and cost of operations.