Endexx Announces Fiscal Second Quarter 2022

Rhea-AI Summary

Endexx Corporation (OTC: EDXC) reported a significant 73% year-over-year increase in revenues for Q2 2022, totaling $254,686 compared to $146,507 in Q2 2021. For the first half of the fiscal year, revenues rose by 79% to $529,277. The growth is attributed to the addition of 2,800 new mass retail locations. CEO Todd Davis noted challenges from the pandemic and inflation on smaller wholesale clients, but emphasized strength in mass retail operations. Endexx is also planning a Regulation A capital raise to support expansion and reduce liabilities.

Positive

• Q2 2022 revenues increased by 73% year-over-year, reaching $254,686.
• First half revenues showed a 79% increase to $529,277 compared to the same period last year.
• Expansion into 2,800 new mass retail stores is driving revenue growth.
• Endexx is on track with SEC filings, audited financials, and quarterly reports.
• Plans for a Regulation A capital raise to support growth and reduce liabilities.

Negative

• Pandemic and inflation have negatively impacted wholesale 'Mom and Pop' and 'Independent' stores.
• Company faces uncertainty and risks associated with growth management and competition.

Endexx Q2 Year over Year quarterly sales increase 73%

CAVE CREEK, AZ, May 16, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Endexx Corporation (OTC: EDXC), a provider of innovative Hemp-derived wellness and nutritional products, today announced its Form 10Q, Second quarter ending March 31, 2022.  Endexx continues to rebound and show growth in mass retail sales. The pandemic significantly impacted Endexx’s wholesale clients as many were forced to close their doors. The added 2800 new mass retail stores in the first quarter are now generating an increase in revenues in the second quarter. Endexx reported $254,686 in revenues in its second quarter of fiscal 2022 versus $146,507 in the second quarter of fiscal 2021, a 73% increase. Additionally, six-month numbers showed an increase of 79% with $529,277 in the first 2 fiscal quarters of 2022 over $295,293 in the same period of fiscal 2021.

Endexx Invites Shareholders to Q2 update conference call:

Please register below to attend the event that will occur on May 17th, 2022 at 5pm EST.

https://audience.mysequire.com/webinar-view?webinar_id=7a684464-e6f3-4585-a15e-552a7c5f283e

“The second quarter showed continued expansion in revenues in Mass Retail stores,” stated CEO Todd Davis. Davis added, “The Pandemic and Inflation is still showing significant impact on our wholesale “Mom and Pop” and “Independent” stores, while presence in Mass Retail in 2022 is showing strength.”

Endexx is back on track with all SEC Filings, Audited Financials and Quarterly Reports after delays in the beginning of 2022. Despite 2020/2021 industry setbacks and other recent challenges, the company believes it's in a stronger position than ever. Endexx is ready to execute expansion investment through a Regulation A(Tier 2) round for an infusion of capital to support expansion growth, production and marketing, while reducing our liabilities and moving the structure of the company towards up listing capabilities. This includes applying again to the OTCQB and preparing the way for a potential NASDAQ or NYSE exchange listing in the future. With continued growth in the big box retail stores, the company is also  positioned as a candidate for a potential buyout from larger companies seeking market share in the Hemp/CBD consumer product space. We thank our shareholders for their continued support and believe the future looks very promising as we implement the next stage of revenue growth. Click on SEC filing below.

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001109486/000149315222013023/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 is Endexx's revenue growth in Q2 2022?

Endexx reported a 73% year-over-year revenue growth in Q2 2022, totaling $254,686.

How much revenue did Endexx generate in the first half of fiscal 2022?

In the first half of fiscal 2022, Endexx generated $529,277 in revenue, a 79% increase from the previous year.

What is Endexx planning to support its expansion?

Endexx plans to conduct a Regulation A capital raise to support its expansion and reduce liabilities.

How many new mass retail stores did Endexx add in Q1 2022?

Endexx added 2,800 new mass retail stores in the first quarter of 2022.