Endexx Announces Fiscal First Quarter 2022 Endexx Q1 Year over Year Sales Increase 85%

Rhea-AI Summary

Endexx Corporation (EDXC) reported financial results for the first quarter ending December 31, 2021, revealing a revenue increase to $274,591, compared to $148,786 for the same period in 2021. The company added 2,800 new retail locations during this quarter, reflecting ongoing growth despite supply chain challenges impacting production. CEO Todd Davis highlighted the success of their 'Muscle and Joint' products, indicating a strong demand. However, potential delays in production due to ingredient availability may affect future operations.

Positive

• Revenue increased by 83.7% year-over-year, from $148,786 to $274,591.
• Added 2,800 new mass retail stores, indicating strong market expansion.
• The 'Muscle and Joint' balm and cream products are top sellers.

Negative

• Ongoing supply chain issues may continue to delay production runs.

CAVE CREEK, AZ, April 27, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Endexx Corporation (OTC: EDXC), a provider of innovative Hemp-derived wellness and nutritional products, today announced its Form 10Q, first quarter ending December 31, 2021.  Endexx continues to rebound and grow following two years of pandemic and economic challenges. Ongoing supply chain issues impacted packaging and individual ingredient availability and may continue to delay some production runs in key product sets during 2022/2023.  Continued signs of recovery are evident, as Endexx added 2,800 new mass retail stores in the first quarter. Endexx reported $274,591 in revenues in its first quarter of fiscal 2022 versus $148,786 in the first quarter of fiscal 2021. 

2022 First Quarter Highlights: 

Increased F/D/M shelf space 

·       Endexx added 1,800 Mass Retail Drug stores in Core business

·       Endexx added 1,000 Mass Retail stores in Men’s Skin Care and Grooming

“The first quarter showed continued rebound and growth in revenues,” stated CEO Todd Davis.  Davis added, “As the business mix is balancing from ecommerce and specialty stores sales dominance to a stronger presence in Mass Retail in 2022, we continue to expand store count and shelf space with 2,800 new doors and are excited that our ‘Muscle and Joint’ balm and cream products are firmly the top two SKUs in volume and sales in their first six months on shelf.” 

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001109486/000149315222010841/form10-q.htm

www.endexx.com & www.cbdunlimited.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.

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 Corporation's first quarter earnings for fiscal 2022?

Endexx Corporation reported first quarter revenues of $274,591 for the fiscal year 2022, up from $148,786 in the same quarter the previous year.

How many new retail stores did Endexx add in the first quarter of fiscal 2022?

Endexx added a total of 2,800 new retail stores in the first quarter of fiscal 2022.

What supply chain issues is Endexx facing?

Endexx is experiencing supply chain challenges that impact packaging and ingredient availability, potentially delaying some product production.

What are the main product highlights for Endexx in this quarter?

The 'Muscle and Joint' balm and cream products have become the top two SKUs in volume and sales within their first six months on shelf.