ToughBuilt Has Triple-digit Revenue Increase

ToughBuilt Industries, Inc. had revenues of $39.4 million for the full year ended December 31, 2020. This is an increase of 106 per cent compared to revenues of $19 million in fiscal 2019. Gross profit increased 162 per cent to $14.7 million, as compared to $5.6 million in 2019. Net loss was $18.6 million compared to $6.4 million last year. “As we focus on 2021 and beyond, we see great opportunities in both product lines and global distribution,” says Michael Panosian, ToughBuilt’s chief executive officer. “We continue to bolster inventory while refining R&D investments to offer customers a wider range of products and equipment that serve the professionals. This participation in multi-categories also acts to build revenue streams for the company which in turn attracts more end users and new retail partners globally.”