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August 16 , 2021 TOUGHBUILT INDUSTRIES INC ToughBuilt Industries Announces Second Quarter 2021 Results • Significant year - over - year growth of 132 % to $ 15.9 million Backlog remains robust across all product lines Lake Forest , CA , Aug. 16 , 2021 ( GLOBE NEWSWIRE ) Tough Built Industries , Inc. ( " ToughBuilt " ) ( NASDAQ : TBLT ; TBLTW ) , today reported financial results for the second quarter ended June 30 , 2021 . Second Quarter 2021 Financial Highlights : • Revenues for the second quarter of 2021 increased 132 % to $ 15.9 million , compared to $ 6.8 million in the second quarter of 2020. The significant increase in revenue was primarily the result of wide acceptance of our products in the tool industry by new customers , combined with follow - on sales orders of metal goods and soft goods from our existing customers . • Gross profit increased 41 % to $ 3.4 million , compared to $ 2.4 million in the second quarter of 2020. Gross profit margins for the quarter were 21.2 % , compared to 34.8 % in the year ago period . The decline in margins for Q2 was primarily due to industry wide supply chain disruptions , which have led to historically high shipping costs , as well as substantial increases in inventory levels during Q2 . Operating expenses were $ 10.7 million , compared to $ 4.6 million in the second quarter of 2020. The increase in operating expense was primarily driven by higher SG & A expenses due to an expanded workforce from approximately 30 to 121 global employees and contractors , increased R & D expenses , and marketing costs . Net loss attributable to common stockholders was $ 7.4 million , or $ 0.09 per share , as compared to a net loss of $ 2.5 million , or $ 0.11 per share in the second quarter of 2020 . • Cash and cash equivalents was $ 20.2 million as of June 30 , 2021 . " Our second quarter 2021 revenue increased significantly year - over - year and sequentially to $ 15.9 million , driven by strong demand from leading retailers in the US and abroad across all product lines . Additionally , we recorded record Amazon sales in the first half of 2021 , which is a positive signal that our brand continues to resonate with the end user . We strengthened relationships with our U.S. and Canada - based retail partners , and , at the same time , penetrated new large retailers in European markets , ” commented Michael Panosian , Tough Built's Chief Executive Officer . " Shortly after the quarter end , we launched our two - in one scraper / utility knife , bringing a never - before - seen innovation to a previously static hand