Exxe Group Reports Record Revenues and Profits for the Quarter Ending June 30, 2021

Rhea-AI Summary

Exxe Group (OTC PINK:AXXA) reported record revenues of $11.02 million and net income of $1.8 million for 1Q2022, marking a 43% increase from $7.68 million in 1Q2021. This performance surpassed the previous record of $10.2 million set in 4Q2021.

Total assets rose to $233.78 million, a 16.3% increase year-over-year. The agribusiness revenue benefitted from rising commodity prices while automotive revenues saw a slight decline. CEO Eduard Nazmiev emphasized continued demand recovery in Swiss markets.

Positive

• Record quarterly revenue of $11.02 million, up 43% from $7.68 million in 1Q2021.
• Net income increased to $1.83 million, a 97.6% rise from $926,860 in 1Q2021.
• Total assets grew 16.3% to $233.78 million compared to $200.96 million in the previous year.

Negative

• Automotive segment revenues decreased from $1.97 million in 4Q2021 to $1.84 million, attributed to seasonal demand fluctuations.

• Exxe reports record quarterly revenue of $11.02M and profits of $1.8M
• 1Q2022 revenues increased 43% to $11.02M versus $7.68M in 1Q2021
• 1Q2021 revenue of $11.02M surpassed the record $10.2M Quarter in 4Q2021

NEW YORK, NY / ACCESSWIRE / August 17, 2021 / Exxe Group, Inc. (OTC PINK:AXXA), a diversified fintech company, reports financial results for the Quarter ending June 30, 2021.

Key Metrics

	1Q2022 ($)	1Q2021 ($)	Percentage Change
Total Current Assets	20,488,291	14,309,104	43.2
Total Assets	233,780,831	200,958,076	16.3
Shareholder Equity	150,432,624	122,709,682	22.6
Quarterly Revenue	11,022,713	7,677,080	43.6
Quarterly Net Income / Loss	1,831,875	926,860	97.6

Performance Snapshot

AXXA's quarterly revenues grew 43% in 1Q2022 to $11,022,713 as compared to $7,677,080 in the same period last year. Net income for 1Q2022 was $1,831,875 as compared to net income of $926,860 in the same period last year, an increase of 97.6%.

AXXA generated $11,022,713 gross revenues in 4Q2021 surpassing the $10,176,590 record set in 4Q2021; a 8.3% sequential Quarter-over-Quarter growth.

Gross revenue per share for 1Q2022 was $0.0196 as compared to $0.0172 in the same period last year, an increase of 14%.

Total assets were $233,780,831 in 1Q2021 as compared to $200,958,076 in the same period last year, an increase of $32,822,755 or 16.3%.

Highlights

Exxe Group's Agribusiness revenue increased as commodity prices for corn, barley and wheat prices rose during the Company's First Quarter. World food prices in June 2021 as measured by the UN's Food and Agriculture Organization (FAO) Food Price Index was 124.6 as compared to 119.1 at the end of March. This is an increase of 4.6% during the Quarter.

Exxe Group saw a slight downtick in automotive demand. AXXA's automotive segment reported Quarterly revenues of $1,842,895 as compared to $1,974,569 in 4Q2021. The change was primarily due to expected seasonal demand.

MMeditech GmbH which sources and sells high-use consumables to the Swiss medical supply market reported Quarterly revenues of $998,454 as compared to $745,099 in 4Q2021.

Eduard Nazmiev, Ph.D., CEO and President of Exxe Group commented: "Exxe Group saw a continued uptick in demand and revenues from our Swiss based businesses as their local markets continue to recover. We are pleased to report that Exxe ended 1Q2022 with record gross revenues of $11.02M and profits of $1.8M. The Company continues to work toward full revenues for 1Myle and expects to report progress in the coming weeks."

About Exxe Group, Inc.

Exxe Group is a diversified fintech corporation focusing on acquisitions in the following sectors: real estate, sustainable technology, media, agribusiness, and financial services. Exxe Group is an acquisition-driven company. The Company strategy is to acquire controlling equity interests in undervalued companies and undertake an active role in improving their performance - accelerating their growth by providing both access to capital and management expertise. For additional information go to www.exxegroup.com

CONTACT: Exxe Group IR: info@exxegroup.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'ongoing,' 'plan,' 'potential,' 'predict,' 'project,' 'should,' 'will,' 'would,' or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release.

SOURCE: Exxe Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/660102/Exxe-Group-Reports-Record-Revenues-and-Profits-for-the-Quarter-Ending-June-30-2021

FAQ

What were Exxe Group's revenues for 1Q2022?

Exxe Group reported revenues of $11.02 million for 1Q2022.

How much did Exxe Group's net income increase in 1Q2022?

Net income for Exxe Group increased by 97.6% to $1.83 million in 1Q2022.

What is the stock symbol for Exxe Group?

The stock symbol for Exxe Group is AXXA.

How did total assets change for Exxe Group in 1Q2022?

Total assets increased by 16.3% to $233.78 million year-over-year.

What challenges did Exxe Group face in its automotive segment?

Exxe Group's automotive segment reported a decline in revenues due to expected seasonal demand.