• Record fourth quarter revenue of $29.6 million with year-over-year growth of 20%
  
• Record full-year revenue of $94.9 million with year-over-year growth of 36%

LAKE FOREST, Calif., March 15, 2023 (GLOBE NEWSWIRE) — In a press release issued today by ToughBuilt Industries, Inc. TBLT TBLTW))), please note that in the second bullet point under the heading “Twelve Months Ended December 31, 2022 Financial Highlights” the percentages for 2022 should be 23% followed by 27% for 2021 instead of 27.2% and 23% . The corrected release follows:

ToughBuilt Industries, Inc. (“ToughBuilt”) TBLT TBLTW)))today reported financial results for the fourth quarter and full year ended December 31, 2022.

Twelve months ended December 31, 2022 Financial Highlights:

• Revenue for the twelve months ended December 31, 2022 was approximately $94.9 million, an increase of 36% compared to 2021. The increase in sales was primarily a result of broad acceptance of ToughBuilt products and a Combination of new retail customer onboarding and new SKU launches and continued demand for our existing products.
• Gross profit increased to approximately $21.8 million in 2022 compared to approximately $19.1 million in 2021. Gross profit margin in 2022 was 23% compared to 27% in 2021.
• Operating expenses for the full year 2022 were approximately $58.4 million compared to approximately $51.4 million in 2021. The increase in operating expenses was primarily due to additional hiring and marketing spend to support the growth of the business .
• Full year 2022 net loss attributable to common shareholders was approximately $39.8 million, or $(7.16) loss per share, compared to a net loss of approximately $37.5 million, or $(56.08) Dollar) Full Year 2021 Loss Per Share.

Three months ended December 31, 2022 Financial Highlights:

• Revenue for the fourth quarter of 2022 increased 20% to $29.6 million compared to $24.7 million for the fourth quarter of 2021. The revenue increase was…