Endexx Year Over Year Annual Revenues Grew 229%
CAVE CREEK, AZ, June 12, 2023 (GLOBE NEWSWIRE) — via NewMediaWire — Endexx® Corporation (OTC: EDXC), a provider of innovative plant-based wellness and nutritional products, today announced the filing of its amended, consolidated, audited fiscal 2022 annual report. Endexx reported the consolidated 10-K audited revenue has grown 229% percent “Year over Year” (YOY) from USD $650,515 for fiscal 2021 to USD $2,138,010 for fiscal 2022, a $1,487,495 or (229%) increase. The amended, consolidated, audited financial statements, including Hyla™ and CBD Unlimited™, report that gross revenue figure. The improvement in gross revenue for fiscal 2022 is attributable to additional revenue realized from the acquisition of Hyla, improved market conditions, new sales channels and improved marketing efforts in promoting the Company’s products. The Company showed a 229% increase in top-line revenue in fiscal 2022, while improving gross profit of $1,193,110 in fiscal 2022 from an equivalent line-item gross loss of $344,078 last year, which represents a positive turn-around of $1,537,188. The YOY in gross profit was attributable to the acquisition of Hyla and to improvements in production costs, and a decrease in inventory impairment between the years.
Endexx 2022 Milestones and Highlights:
- Endexx acquired the controlling interest (51%) of Hyla USA Holdco Limited.
- Endexx grew from 4,000 Mass Retail stores to over 8,000.
- Endexx garnered top 2 selling CBD pain products in Mass Retail Pharmacy in 2022, according to Nielsen Ratings.
- Endexx’s acquisition of HYLA US accelerated its product offerings and revenues in the plant-based, non-nicotine vape and consumable domestic and international markets.
“Consolidating the financials of Hyla into Endexx had an immediate impact on the growth of the Company in Fiscal 2022. This is reflected as a year of expansion and recovery after two years of economic challenges associated with the economy and the pandemic,” stated CEO Todd Davis. Davis added, “Expanding into international markets with Hyla products increased our retail footprint dramatically in Fiscal 2023 Q1 and Q2 and put the Company back into an exponential growth trajectory. We now have delivered to five of the top eight “Mass Retailers” in the US and Hyla has brought us an additional 13 countries with thousands of new distribution points. We anticipate continued growth and challenges in Fiscal 2023 with our Hemp-Derived CBD products and skincare line. However, with the addition of HYLA to our product offerings, we are gearing up for our best year ever in top-line revenues growth and store expansion worldwide.” Mr. Davis continued, “Plant-based, non-nicotine alternatives in the consumer product market have an extremely compelling outlook for Endexx going forward. We believe we have a good possibility that revenues will grow exponentially in this fiscal year continuing into fiscal 2024 and 2025.”
www.endexx.com & www.cbdunlimited.com
About Endexx Corporation
Endexx Corporation develops and distributes all natural, plant-derived wellness products and topical skincare products. Its products vary from balms, creams, lotions, butters, masks, scrubs, and oils, all with the shared purpose of healthy skin and grooming wellness. The science behind these products involves a decade of clinical research in the field and lab work to provide functional formulation with ingredients for optimal absorption and support of skin health. www.endexx.com
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We caution that any forward-looking statements (as such term is defined in the U.S. Private Securities Litigation Reform Act of 1995) contained in this press release or made by us, our management, or our spokespeople involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Forward-looking statements include, without limitation, statements regarding our future operating results, the implementation and impact of our strategic plans, and our ability to meet environmental, social, and governance goals. Words such as “estimate,” “commit,” “target,” “goal,” “project,” “plan,” “believe,” “seek,” “strive,” “expect,” “anticipate,” “intend,” “potential” and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, could affect our financial performance and cause actual results to differ materially from those expressed or implied in any forward-looking statements.
Except as may be required by law, we assume no obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events, even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. More information on potential factors that could affect our results is included “Risk Factors” in our amended Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on June 9, 2023.
For further information, please contact:
Endexx Corporation
Endexx@endexx.com
480-595-6900
