ToughBuilt Industries Reports $3.61 Million in Q2 2023 Sales Through Amazon
11 Juillet 2023 - 2:30PM
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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 STATEMENTSThis 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
CommunicationsDavid Hanovertoughbuilt@kcsa.com
Source: ToughBuilt Industries, Inc
ToughBuilt Industries (NASDAQ:TBLTW)
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