Endexx Announces Fiscal 2022 Year-End Financial Results

Rhea-AI Summary

Endexx Corporation (OTC: EDXC) reported a significant 96% increase in top-line revenue for fiscal 2022, achieving $503,009 in gross profit compared to a loss of $344,078 the previous year. The company successfully reduced operating expenses by 23% ($1,162,007). Key milestones included launching a Men’s Skincare and Grooming line in national retailers like Target and CVS, growing retail presence from 4,000 to over 8,000 stores, and acquiring a 51% interest in HYLA™, specializing in plant-based vape products. CEO Todd Davis anticipates continued revenue growth and market expansion into fiscal 2024 and 2025.

Positive

• 96% increase in top-line revenue in fiscal 2022.
• Achieved a gross profit of $503,009 compared to a loss in the prior year.
• Reduced operating expenses by 23%, a total of $1,162,007.
• Expanded retail presence from 4,000 to over 8,000 stores.
• Launched new product lines in major retailers like Target and CVS.

Negative

• None.

CAVE CREEK, AZ, Jan. 17, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Endexx Corporation (OTC: EDXC), a provider of innovative Hemp-derived wellness and nutritional products, today announced its fiscal 2022 annual results. Endexx restructured itself in August/September 2022 to optimize growth potential and expand its product offerings internationally for Fiscal 2023. The company showed a 96% increase in top-line revenue in fiscal 2022, while generating a gross profit of $503,009 in fiscal 2022 compared to a loss of $344,078 in the prior year. Endexx was able to reduce operating expenses by 23%, a reduction of $1,162,007.

Endexx 2022 Milestones and Highlights

Increased F/D/M shelf space:

Men’s Skincare and Grooming line launched in select Target and CVS stores nationwide.

Endexx grew from 4,000 Mass Retail stores to over 8,000 in fiscal 2022.

Endexx launched its premium Plant-Derived Skincare line on Amazon.com with reach to 13 countries.

Endexx garnered “top 2” in sales of CBD products in Mass Retail Pharmacy outlets in 2022 according to Nielsen Ratings.

Endexx expanded its retail footprint nationwide with its top selling balm and cream products in the “pain aisle” at Walgreens.

Endexx acquired a 51% interest in HYLA™ US, a company that specializes in non-nicotine, plant-based vape and consumable products for domestic and international markets.

“Fiscal 2022 reflected 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, “Expansion of the national mass retail footprint put the company back on its growth path. We now have 5 of the top 8 “Mass Retailers” in the US as our customers. We anticipate continued top-line revenue growth, continued store expansion, and some of the challenges that we saw in Fiscal 2022 to moderate with our Hemp-Derived CBD products and skincare line. Non-nicotine, plant-based alternatives in the consumer product market provide for an extremely compelling outlook for Hyla US going forward. We believe Hyla’s revenues will grow exponentially this fiscal year, continuing into fiscal 2024 and 2025.”

www.endexx.com & www.cbdunlimited.com  

www.tryhyla.com

About Endexx Corporation

Endexx Corporation, through its operating division CBD Unlimited, develops and distributes all-natural CBD products derived from cannabis sativa plant (Hemp), containing less than 0.01% THC. Its products range from oils, capsules, topicals, and pet products, all with the shared purpose of therapeutic and pain relief for humans and pets. Phyto-Bites are CBD soft chews for animal use that are formulated to promote health and support the reduction of separation anxiety, pain, and inflammation. The science behind these products involves over half a decade of clinical research in the field and lab work to provide accuracy in dosage and delivery of optimal absorption per serving.

About Hyla US

Endexx Corporation owns 51% of Hyla US Holdco Limited, which produces and sells organic, plant-based, all-natural, zero-nicotine vape products. Each HYLA device contains a natural guarana extract that is blended with proprietary botanical formulas. Hyla’s products bear the Underwriters Laboratories global safety certification and are CE approved.

Safe Harbor Notice

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the company’s business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The company undertakes no obligation to update any forward-looking statements.

Contact:

For further investor and media information, contact:
Endexx Corporation
Todd Davis
Chairman & CEO
Endexx@endexx.com
480-595-6900

FAQ

What were Endexx's fiscal 2022 revenue results?

Endexx reported a 96% increase in top-line revenue for fiscal 2022.

How did Endexx improve its gross profit in fiscal 2022?

Endexx achieved a gross profit of $503,009 in fiscal 2022, compared to a loss of $344,078 in the previous year.

What actions did Endexx take to reduce expenses?

Endexx reduced its operating expenses by 23%, totaling $1,162,007.

What new products did Endexx launch in fiscal 2022?

Endexx launched a Men’s Skincare and Grooming line in select Target and CVS stores.

What is the future outlook for Endexx?

CEO Todd Davis anticipates continued revenue growth and expansion into fiscal 2024 and 2025.