Endexx Announces Fiscal First Quarter 2023 Endexx Q1 Year Over Year Quarterly Sales Increase 17%

Rhea-AI Summary

Endexx Corporation (OTC: EDXC) reported its fiscal first quarter results for 2023, showcasing a revenue increase to $320,369 from $274,591 year-over-year. In a promising development, HYLA shipments generated $456,400 from new product sales across four countries. While the company is seeing growth in the CBD wellness and skincare segments, supply chain challenges may affect production in 2023/2024. The CEO noted that HYLA's revenues are not yet consolidated into Endexx's financials, yet early successes are encouraging for future growth.

Positive

• Revenue increased to $320,369 in Q1 2023 from $274,591 in Q1 2022.
• HYLA generated $456,400 in revenue from international shipments in Q1.

Negative

• Supply chain issues may delay production runs in key product sets during 2023/2024.

HYLA Investment Soars Booking $456,000 in First 90 Days With Six Million in Purchase Orders

CAVE CREEK, AZ, March 01, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Endexx Corporation (OTC: EDXC), a provider of innovative Hemp-derived wellness and skincare products, announced its Form 10Q, fiscal first quarter ending December 31, 2022.  Endexx continues to grow its CBD wellness and Skincare revenues. Supply chain issues continue to impact production, packaging and individual ingredient availability and may continue to delay some production runs in key product sets during 2023/2024. Competition in the industry is dwindling as the economic impact over the last two years has financially distressed many companies in the Hemp and CBD industries.  Endexx reported $320,369 in revenues in its first quarter of fiscal 2023 versus $274,591 in the first quarter of fiscal 2022. 

2023 First Quarter Highlights: 

Endexx Investment in HYLA US

• HYLA shipped new product into four countries in Q1 realizing $456,400 in revenue
• HYLA sales are accelerating internationally and gaining early traction in the US
• HYLA has shipped into Italy generating revenues on purchase orders announced in Q1

“The first quarter showed continued growth in revenues in the CBD space and Skincare categories,” stated CEO Todd Davis.  Davis added, “Endexx is not currently consolidating the HYLA revenues into the Endexx financial statements. Endexx is excited and encouraged by the early success in its HYLA US investment.”

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's revenue figures for Q1 2023?

Endexx reported revenues of $320,369 for the first quarter of fiscal 2023.

How much revenue did HYLA generate in its first quarter?

HYLA generated $456,400 in revenue from new product shipments in Q1 2023.

Are HYLA's revenues included in Endexx's financial statements?

No, Endexx is not currently consolidating HYLA's revenues into its financial statements.

What challenges is Endexx facing in production?

Supply chain issues are impacting production, packaging, and ingredient availability, which may continue to cause delays.