ToughBuilt Industries, Inc.

Good day and welcome to the Tufts Build Industries first quarter 2023 earnings call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. And to withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Mr. Martin Galstian, Chief Financial Officer. Please go ahead, sir.

Good morning, and thank you all for joining us today to discuss Tufto's first quarter 2023 financial and operating results. Again, my name is Martin Gostian, and I am the Chief Financial Officer of Tufto. Joining me on today's call is Michael Panosian, President and Chief Executive Officer of Tufto. Michael will begin today's discussion by providing operation and financial highlights from the first quarter. I will then review our financial performance. Michael will conclude the discussion with our growth plan for the upcoming fiscal year and beyond. Before turning the call over to Michael, I would like to remind you that any forward-looking statements made by management are covered under the U.S. Private Security Litigation Reform Act of 1995 and are subject to the changes, risks, and uncertainties described in the press release and in our U.S. security filings. In addition, during the course of the call, we may refer to non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States and that may be different from non-GAAP financial measures used by other companies. Investors are encouraged to review Tufco's current report on Form 8K furnished with the SEC for Tufco reasons for including those non-GAAP financial measures in its earnings release and presentation. The reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures are contained in our earnings press release issued earlier today, unless otherwise noted therein. I will now turn the call to Michael.

Thank you, Martin, and thank you all for joining us today. The first quarter of 2023 was very strong for Tuftsville, resulting in revenues of $20 million and approximately 17% year-over-year revenues. increase compared to the same quarter for 2022 gross profit for the first quarter was 3.6 million and 18 improvement over the first quarter of 2022 the increase in gross profit was primarily driven by the increased demand for our products around the world enabling us to take advantage of economies of scale with our increased product offerings and corresponding revenue growth In the first quarter of this year, we introduced innovative new lines of pliers, wrenches, and screwdriver, which combined represents more than 100 new SKUs. Additionally, we expanded our South American distribution agreement with Sodimac, the largest home improvement and construction supplier in South America, with the initial launch of 15 SKUs in-store and 23 SKUs on Sodimac online marketplace. Online sales through Amazon were also strong in the first quarter with 3.8 million in gross sales, representing a 10% improvement from the same period in 2022. In the first quarter, we continued our expansion goals and both increased product offerings and increased distribution. We are enthusiastic to currently be servicing over 18,500 large and mid-sized storefronts and online portals worldwide with a total catalog of over 550 SKUs. As a result of strong global market demand for our brand and products, we expect to experience continued year-over-year growth in retail and online revenue in 2023. I will now turn the call back to Martin to cover our financial results in greater details. Martin?