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November 15 , 2021 TOUGHBUILT INDUSTRIES INC ToughBuilt Industries Announces Third Quarter 2021 Results • Record quarterly revenue of $ 17.2 million ; year - to - date revenue of $ 45.4 million • Company expects full year 2021 revenue in the range of $ 70-74 million , representing year - over - year growth of 77-87 % LAKE FOREST , Calif . , Nov. 15 , 2021 ( GLOBE NEWSWIRE ) -- ToughBuilt Industries , Inc. ( " ToughBuilt " ) ( NASDAQ : TBLT ; TBLTW ) , today reported financial results for the third quarter ended September 30 , 2021 . Tough Built's Chief Executive Officer , Michael Panosian , commented , “ We achieved record sales in the third quarter of 2021 and year - to - date revenue growth of 89 % on an adjusted * basis , driven by broad demand for our portfolio of products , international expansion , and accelerated order volume for our new two - in - one scraper / utility knife . Through our new retail partnerships , we expanded our available store count by approximately 1,400 in the quarter , which represents 14,400 total worldwide stores we are able to ship into . Furthermore , we enhanced our capabilities this past quarter with the hiring of several key new logistic professionals and additional engineers and designers . Already , our logistics team was able to secure favorable shipping contracts , in which we expect to realize cost savings and gross margin improvement in the coming quarters . " Mr. Panosian continued , " Additionally , we significantly increased inventory in the third quarter ahead of heavy order volume and shipments expected in the holiday season . Considering our visibility into the end of the year , we are providing guidance on a one - time basis of full year 2021 revenue growth of at least 77-87 % . " Nine Months Ended September 30 , 2021 Financial Highlights : • Revenues for the nine months ended September 30 , 2021 , were approximately $ 45.4 million , an increase of 65 % compared to the same period in 2020. On an adjusted * basis , year - over - year revenue growth was 89 % . The increase in revenue was primarily the result of wide acceptance of our products in the tool industry by new customers , and follow - on orders from existing customers . Three Months Ended September 30 , 2021 Financial Highlights : • Revenues for the third quarter of 2021 increased 3.3 % to $ 17.2 million , compared to $ 16.7 million in the third quarter of 2020. On an adjusted * basis , year - over - year revenue growth was 30 % . The increase in revenue was primarily the result of wide acceptance of our products in the tool industry by new customers , international expansion and accelerated orders for our two - in - one scraper / utility knife . • Gross profit decreased to approximately $ 5.4 million in the third quarter of 2021 ,