Exxe Group Reports Record Revenues for Quarter Ending December 31, 2020

Rhea-AI Summary

Exxe Group, Inc. (OTC PINK:AXXA) reported record revenues of $9.3M for 3Q2021, a 103% increase from $4.6M in 3Q2020. Total revenues for the first nine months of FY-2021 reached $23.7M, prompting a revised annual revenue forecast from $30.8M to $32.7M. The company witnessed 110% growth in total current assets, reaching $15.7M, and net income rose significantly to $2.4M, a 1,523% increase year-over-year. Strategic initiatives include the acquisition of M Meditech GmbH and a rebranding of Vinza to 1Myle as a cryptocurrency exchange.

Positive

• 3Q2021 revenues of $9.3M, a record surpassing previous high of $8.2M in 2Q2021.
• Revenue up 103% from $4.6M in 3Q2020.
• Total revenues for the first nine months of FY-2021 at $23.7M, a 183% increase from $8.4M year-on-year.
• Net income increased to $2.4M from $147K in 3Q2020, a rise of 1,523%.
• Total current assets rose 110% to $15.7M compared to $7.4M in 3Q2020.
• Annual revenue forecast raised by 6% from $30.8M to $32.7M.

Negative

• None.

• 3Q2021 revenues of $9.3M surpass record $8.2M set in 2Q2021
• $9.3M 3Q2021 revenues increase 103% from $4.6M in 3Q2020
• Record $23.7M revenue generated in first nine months of FY-2021
• AXXA raises FY-2021 annual revenue estimate by 6% from $30.8M to $32.7M

NEW YORK, NY / ACCESSWIRE / February 23, 2021 / Exxe Group, Inc. (OTC PINK:AXXA), a fintech company focused on synergistic diversified acquisitions, reports financial results for its third fiscal quarter ending December 31, 2020.

Quarterly Highlights

• Acquisition of M Meditech GmbH to service the Swiss medical supplies market
• Rebranding of Vinza Limited to 1Myle, repositioning 1Myle as a Bitcoin and crypto exchange services operator and a focused high-frequency arbitrageur
• Completion of all 1Myle license amendment and name registration processes with the Exchanges it is working on

Key Metrics

	3Q2021 ($)	3Q2020 ($)	Percentage Change
Total Current Assets	15,655,337	7,437,255	110%
Total Assets	215,442,113	180,216,920	19%
Shareholder Equity	131,844,474	110,624,190	19%
Revenue	9,263,526	4,547,502	103%
Net Income / Loss	2,390,875	147,272	1,523%

Performance Snapshot

AXXA generated $9,263,526 gross revenues in 3Q2021 surpassing the $8.2M record set in 2Q2021; a 13% sequential Quarter-over-Quarter growth. Compared to the same period last year, 3Q revenue increased 103% from $4,547,502. Net income for the period was $2,390,875 as compared to net income of $147,272 in 3Q2020, an increase of 1,523%.

AXXA's revenues for the first nine months of FY-2021 were $23,723,944 and grew 183% as compared to $8,373,694 in the same period last year.

Gross revenue per share for the first nine months of FY-21 was $0.048 as compared to $0.021 in the same period last year, an increase of 128%.

Total assets were $215,442,113 in 3Q2021 as compared to $180,216,920 in the same period last year, an increase of $35,225,193 or 19%.

Agribusiness was Exxe Group's single largest revenue contributor as commodity prices for corn, barley, and wheat prices rose during the Third Quarter. The Company also saw solid revenue increases in its e-commerce automotive segment in the German and Swiss markets.

Eduard Nazmiev, Ph.D., CEO, and President of Exxe Group commented: "Exxe Group is pleased to report record total gross revenues of $23.7M and gross revenue per share of $0.048 for the first three Quarters of FY-21. Based on continued strength in the markets in which we operate AXXA is raising its FY-21 annual revenue forecast by 6% from $30.8M to $32.7M."

Subsequent Events

Exxe Group reports that its UK-based 1Myle bitcoin and cryptocurrency exchange services operation began limited trading operations on January 25, 2021. 1Myle is currently generating revenues through its professional community network and the plan is proceeding in-line with internal expectations.

The Company reports that one of its early-stage Venture Capital technology investments received $250,000 Second Round funding from a major international technology funder on February 4, 2021.

Exxe Group anticipates issuing additional updates prior to the end of the current Quarter on March 31, 2021.

About Exxe Group, Inc.

Exxe Group is a diversified fintech corporation focusing on acquisitions in the following sectors: real estate, sustainable and digital 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
855-285-2285

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.

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FAQ

What were Exxe Group's revenues for 3Q2021?

Exxe Group reported revenues of $9.3M for 3Q2021, a record for the company.

How much did AXXA's revenue increase compared to 3Q2020?

AXXA's revenue increased by 103% from $4.6M in 3Q2020.

What is the updated annual revenue forecast for AXXA for FY-2021?

The updated annual revenue forecast for AXXA for FY-2021 is $32.7M.

How did AXXA's net income change in 3Q2021?

AXXA's net income increased to $2.4M in 3Q2021, compared to $147K in 3Q2020.

What acquisition did AXXA announce in its recent report?

AXXA announced the acquisition of M Meditech GmbH to expand into the Swiss medical supplies market.