TOUGHBUILT™ Q2 2020 Amazon sales reached $1,350,000

Rhea-AI Summary

ToughBuilt Industries reported gross sales of approximately $1,350,000 for Q2 2020, equating to an annualized figure of $5,400,000. The company focuses on innovative tools and accessories for the construction industry, delivering products under the TOUGHBUILT brand name. ToughBuilt aims to enhance well-being and performance for its users, with a significant history of annual sales growth since its inception in 2013. However, risks such as market acceptance, product liability, and reliance on single suppliers might affect future growth.

Positive

• Gross sales reached approximately $1,350,000 for Q2 2020, annualized to $5,400,000.
• Strong focus on innovation in the tool and accessory market.
• Significant annual sales growth since launching in 2013.

Negative

• Risks associated with market acceptance of products.
• Dependence on single suppliers for certain product components.
• Need for additional capital for future business requirements, which may lead to dilution.

LAKE FOREST, Calif, July 09, 2020 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. (“ToughBuilt” or the “Company”) (NASDAQ: TBLT; TBLTW) an advanced product design, manufacturer and distributor with emphasis on innovative products, currently focused on tools and other accessories for the professional and home improvement building and construction industries today announced that for the quarter ended June 30, 2020, our gross sales through our Amazon U.S. and Canada storefront were approximately $1,350,000, which is $5,400,000 on an annualized basis.

ABOUT TOUGHBUILT INDUSTRIES, INC.

ToughBuilt is an advanced product design, manufacturer and distributor with emphasis on innovative products. Currently 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 three major categories, with several additional categories in various stages of development, consisting of Soft Goods & Kneepads and Sawhorses & 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” 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) market acceptance of our existing and new products, (ii) delays in bringing products to key markets, (iii) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (iv) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) our reliance on single suppliers for certain product components, (x) 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 (xi) 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:

Andrew J. Barwicki
Investor Relations
Tel: 516-662-9461
Andrew@barwicki.com

FAQ

What were ToughBuilt's gross sales for Q2 2020?

ToughBuilt reported gross sales of approximately $1,350,000 for Q2 2020.

What is ToughBuilt's annualized sales projection based on Q2 2020 results?

The annualized sales projection based on Q2 2020 results is approximately $5,400,000.

What is ToughBuilt's main focus in the construction industry?

ToughBuilt focuses on innovative tools and accessories for the professional and home improvement construction industries.

What challenges does ToughBuilt face according to the recent press release?

ToughBuilt faces challenges such as market acceptance, product liability risks, and reliance on single suppliers.

When did ToughBuilt start its product sales?

ToughBuilt began its product sales in 2013.