ToughBuilt Industries Reports $3.8 Million In Q1 2023 Sales Through Amazon

Rhea-AI Summary

ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) reported gross sales of $3.8 million through Amazon.com for Q1 2023, reflecting a 10% increase from Q1 2022. This growth is attributed to ToughBuilt's expanded online sales and product range. CEO Michael Panosian emphasized that Amazon plays a crucial role in driving the company's revenue growth and global brand expansion. The firm is actively diversifying its product offerings and aims to strengthen its position in the home improvement market.

ToughBuilt’s product portfolio includes categories such as Soft Goods, Kneepads, and Sawhorses, all designed in-house. The company has experienced significant annual growth since its inception in 2013. Despite these achievements, ToughBuilt acknowledges potential risks that could impact future performance, highlighting various industry challenges.

Positive

• Q1 2023 Amazon sales reached $3.8 million, a 10% increase from Q1 2022.
• CEO highlighted Amazon's role in driving overall revenue growth.
• Expansion of product portfolio to strengthen market presence.

Negative

• Risks associated with supply chain disruptions.
• Intense competition from larger multinational companies.
• Reliance on single suppliers for product components.

Increased Amazon Sales in Q1 represents a 10% growth from the same period in 2022

IRVINE, Calif., April 13, 2023 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. ("ToughBuilt") (NASDAQ: TBLT; TBLTW), announced today that the Company’s gross sales for the quarter ended March 31, 2023, through Amazon.com were $3.8 million. This represents a 10% revenue increase from the same quarter in 2022.

ToughBuilt Chief Executive Officer, Michael Panosian, commented, “Amazon has been a driving contributor for ToughBuilt’s overall revenue growth. We believe that our global online sales and brand expansion through Amazon will continue to promote ToughBuilt’s long-term success.” He continued, “ToughBuilt is fervently expanding its product portfolio and we anticipate that through this multi-category development, we will deepen our reach into new regions and continue to establish our dominance as a premium-quality home improvement manufacturer, worldwide.”

ABOUT TOUGHBUILT INDUSTRIES, INC:

ToughBuilt Industries, Inc. is an advanced product design, manufacturer, and distributor with emphasis on innovative products. Currently, we are focused on tools and other accessories for the professional and do-it-yourself construction industries. We market and distribute various home improvement and construction product lines for both the do-it-yourself and professional markets under the TOUGHBUILT brand name, within the global multibillion dollar per year tool market industry. All of our products are designed by our in-house design team. Since launching product sales in 2013, we have experienced significant annual sales growth. Our current product line includes four major categories, with several additional categories in various stages of development, consisting of Soft Goods, Kneepads, Sawhorses and Work Products. Our mission is to provide products to the building and home improvement communities that are innovative, of superior quality derived in part 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,” “looks to” or similar words and expressions. 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, (vii) product liability claims, (viii) product malfunctions, (ix) our limited manufacturing capabilities and reliance on subcontractors for assistance, (x) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (xi) our reliance on single suppliers for certain product components, (xii) 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 (xiii) 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 because of new information, future events or otherwise.

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

Source: ToughBuilt Industries, Inc

FAQ

What were ToughBuilt's Amazon sales in Q1 2023?

ToughBuilt's Amazon sales for Q1 2023 were $3.8 million, showing a 10% increase from the previous year.

How does ToughBuilt plan to expand its product range?

ToughBuilt is actively expanding its product portfolio across multiple categories to enhance its market reach.

What challenges could impact ToughBuilt's performance?

Challenges include supply chain disruptions, intense competition, and reliance on single suppliers.

What is the significance of Amazon for ToughBuilt?

Amazon is a key driver of ToughBuilt's revenue growth and global brand expansion.

What categories does ToughBuilt focus on?

ToughBuilt focuses on Soft Goods, Kneepads, Sawhorses, and Work Products.