ToughBuilt Has Strong First Quarter Revenues

Construction product design, manufacturer, and distributor ToughBuilt Industries, Inc. had revenues of $12.3 million for the first quarter of 2021, an increase of 214 per cent compared to revenues of $3.9 million in the first quarter of 2020. The increase was primarily driven by strong demand for products that across all product lines in the United States and Canada. Gross profit increased 128 per cent to $3.5 million, compared to $1.5 million in the year-ago period. Gross profit margins were 28.2 per cent compared to 38.9 per cent last year and gross margins were 28.2 per cent compared to 36 per cent. The company had a net loss of $6.1 million for the first quarter compared to a net loss of $5 million in the year-ago period.