Endexx Corporation Announces Q2 2024 Financial Results and Strategic Updates
Endexx (OTCQB: EDXC) reported its Q2 2024 financial results, showing a 33.42% decrease in revenue to $2,181,012 and a 34.16% decrease in gross profit to $1,246,677 compared to Q1 2024. However, the company's net loss improved by 55.27% to $905,615. Interim CEO Brad Listermann highlighted improved cash management, with net cash used in operating activities improving by 53.44% and cash at the end of the period increasing by 187.15%. The company is focusing on the growing vaping industry, positioning its HYLA brand of organic, plant-based, zero-nicotine vape products. Strategic initiatives include exploring roll-up acquisitions, enhancing direct-to-consumer efforts, and expanding distribution channels, with potential partnerships in progress with major retailers and convenience store chains.
Endexx (OTCQB: EDXC) ha riportato i risultati finanziari per il secondo trimestre del 2024, evidenziando una decurtazione del 33,42% nei ricavi, che ammontano a $2.181.012 e una decurtazione del 34,16% nel profitto lordo, che raggiunge i $1.246.677 rispetto al primo trimestre del 2024. Tuttavia, la perdita netta dell'azienda è migliorata del 55,27%, scendendo a $905.615. L'amministratore delegato ad interim, Brad Listermann, ha sottolineato un miglioramento nella gestione dei flussi di cassa, con un utilizzo netto di cassa nelle attività operative che è migliorato del 53,44% e il cash al termine del periodo che è aumentato del 187,15%. L'azienda si sta concentrando sulla crescente industria del vaping, posizionando il suo marchio HYLA di prodotti per il vaping organici, a base vegetale e senza nicotina. Le iniziative strategiche includono l'esplorazione di acquisizioni a rotolo, il potenziamento degli sforzi di vendita diretta ai consumatori e l'espansione dei canali di distribuzione, con potenziali partnership in fase di sviluppo con importanti rivenditori e catene di negozi di convenienza.
Endexx (OTCQB: EDXC) informó sobre sus resultados financieros del segundo trimestre de 2024, mostrando una disminución del 33,42% en los ingresos a $2.181.012 y una disminución del 34,16% en la ganancia bruta a $1.246.677 en comparación con el primer trimestre de 2024. Sin embargo, la pérdida neta de la empresa mejoró en un 55,27% a $905.615. El CEO interino, Brad Listermann, destacó la mejora en la gestión del efectivo, con un uso neto de efectivo en actividades operativas que mejoró en un 53,44% y el efectivo al final del período que aumentó en un 187,15%. La compañía se está enfocando en la creciente industria del vapeo, posicionando su marca HYLA de productos de vapeo orgánicos, a base de plantas y sin nicotina. Las iniciativas estratégicas incluyen la exploración de adquisiciones por consolidación, la mejora de los esfuerzos de venta directa al consumidor y la expansión de los canales de distribución, con asociaciones potenciales en desarrollo con grandes minoristas y cadenas de tiendas de conveniencia.
Endexx (OTCQB: EDXC)는 2024년 2분기 재무 결과를 보고하며 매출이 33.42% 감소해 $2,181,012에 이르고, 총 이익이 34.16% 감소해 $1,246,677에 달한다고 발표했습니다. 그러나 회사의 순손실은 55.27% 개선되어 $905,615에 도달했습니다. 임시 CEO인 브래드 리스터만은 현금 관리 개선을 강조하며, 운영 활동에서 사용하는 순현금이 53.44% 개선되었고, 기간 말 현금 잔고가 187.15% 증가했다고 밝혔습니다. 이 회사는 성장하는 Vaping 산업에 집중하고 있으며, 유기농, 식물 기반, 제로 니코틴의 HYLA 브랜드 Vape 제품을 포지셔닝하고 있습니다. 전략적 이니셔티브에는 롤업 인수 탐색, 소비자 직접 판매 노력 강화 및 유통 채널 확장이 포함되며, 주요 소매업체 및 편의점 체인과의 잠재적 파트너십도 진행 중입니다.
Endexx (OTCQB: EDXC) a publié ses résultats financiers pour le deuxième trimestre 2024, montrant une diminution de 33,42 % des revenus à 2 181 012 $ et une diminution de 34,16 % du bénéfice brut à 1 246 677 $ par rapport au premier trimestre 2024. Cependant, la perte nette de l'entreprise s'est améliorée de 55,27 % pour atteindre 905 615 $. Le PDG par intérim, Brad Listermann, a souligné l'amélioration de la gestion de la trésorerie, avec un flux de trésorerie net utilisé dans les activités opérationnelles s'améliorant de 53,44 % et une augmentation de la trésorerie à la fin de la période de 187,15 %. L'entreprise se concentre sur l'industrie en croissance du vaping, positionnant sa marque HYLA de produits de vaping organiques, à base de plantes et sans nicotine. Les initiatives stratégiques incluent l'exploration d'acquisitions par consolidation, l'amélioration des efforts de vente directe aux consommateurs et l'élargissement des canaux de distribution, avec des partenariats potentiels en cours de développement avec des grands détaillants et des chaînes de magasins de proximité.
Endexx (OTCQB: EDXC) hat seine Finanzzahlen für das zweite Quartal 2024 veröffentlicht, die einen Rückgang der Einnahmen um 33,42% auf 2.181.012 $ und einen Rückgang des Bruttogewinns um 34,16% auf 1.246.677 $ im Vergleich zum ersten Quartal 2024 zeigen. Dennoch hat sich der Nettoverlust des Unternehmens um 55,27% auf 905.615 $ verbessert. Interim-CEO Brad Listermann hob das verbesserte Cash-Management hervor, bei dem der in der Betriebstätigkeit verwendete Netto-Cashflow um 53,44% verbessert wurde und der Cash-Bestand zum Ende des Zeitraums um 187,15% gestiegen ist. Das Unternehmen konzentriert sich auf die wachsende Vaping-Industrie und positioniert seine HYLA-Marke für organische, pflanzenbasierte Produkte ohne Nikotin. Zu den strategischen Initiativen gehören die Erkundung von Roll-Up-Akquisitionen, die Verbesserung der Direktvertriebsmaßnahmen und die Erweiterung der Vertriebskanäle, wobei potenzielle Partnerschaften mit großen Einzelhändlern und Convenience-Store-Ketten in Arbeit sind.
- Net loss reduced by 55.27% compared to Q1 2024
- Cash at end of period increased by 187.15%
- Total assets increased by 18.92%
- Net cash used in operating activities improved by 53.44%
- Potential partnership with a 300-store retailer for 4,200 unit shipment
- Exploring roll-up acquisitions and strategic partnerships for growth
- Revenue decreased by 33.42% compared to Q1 2024
- Gross profit decreased by 34.16% compared to Q1 2024
- Company still operating at a net loss of $905,615 in Q2 2024
CAVE CREEK, AZ , Aug. 06, 2024 (GLOBE NEWSWIRE) -- Endexx Corporation (OTCQB: EDXC), a leading provider of innovative plant-based wellness and nutritional products, today announced its financial results for the second quarter of 2024 and provided an update on strategic developments.
Q2 2024 Financial Overview
- Revenue:
$2,181,012 (a33.42% decrease from Q1 2024) - Gross Profit:
$1,246,677 (a34.16% decrease from Q1 2024) - Net Loss:
$905,615 (an improvement of55.27% compared to Q1 2024)
From the Desk of Brad Listermann, Interim CEO
Dear Shareholders,
As your Interim CEO, I am committed to transparency and proactive communication as we navigate this transitional phase. Our Q2 2024 filing reflects the challenges and opportunities we are currently facing. Below is a detailed overview of our Q2 performance, key developments, and strategic direction.
Bright Spots in Q2
- Improved Cash Management:
- Net Cash Used in Operating Activities: Improved by
53.44% , reflecting better cash flow management. - Cash End of Period: Increased by
187.15% , enhancing our liquidity position.
- Net Cash Used in Operating Activities: Improved by
- Reduction in Net Loss:
- The net loss has been reduced significantly, indicating better management of expenses and operational efficiencies.
- Increased Assets:
- Total assets have increased by
18.92% , demonstrating a more robust asset base to support future growth.
- Total assets have increased by
Vaping Industry Growth and HYLA’s Potential
The vaping industry continues to evolve rapidly, driven by increasing consumer demand for healthier alternatives to traditional smoking. According to recent market research, the global vaping market is projected to grow at a compound annual growth rate (CAGR) of
HYLA’s Positioning:
- First-Mover Advantage: HYLA’s organic, plant-based, zero-nicotine vape products position us uniquely in the market. Our products are designed to meet the growing demand for healthier, non-tobacco alternatives.
- Strategic Partnerships: Under the leadership of Dustin Sullivan, VP of Sales, and working closely with Nick Mehdi of HYLA, our distribution and sales channels are expanding significantly. Key developments include:
- 300 Store Retailer: We are moving forward with shipping 4,200 units as soon as their deposit comes in. We expect the deposit shortly.
- Major Convenience Store Chain: We have sent samples to the buyer and are following up on feedback.
- Regional Franchise Network: Scheduled meeting with a key contact facilitated through our network connections.
- Regional Grocer: Planning outreach after their corporate office move.
- National Convenience Distributors and Others: Opening online submissions to major distributors including several prominent convenience store chains.
Strategic Initiatives
- Exploring Roll-Up Acquisitions and Strategic Partnerships: We are actively exploring acquisition targets and strategic partnerships to grow HYLA significantly. These efforts aim to consolidate our market position and expand our product offerings.
- Direct-to-Consumer (DTC) Initiatives: Enhance our website to list products with updated specifications and resolve shipping challenges within the industry.
- Marketing Efforts: Collaborating with marketing experts in key regions (e.g., NYC and Chicago) to bolster our social media presence and participate in events and festivals.
Looking Ahead
While we navigate through these changes, the long-term outlook remains positive. Our focus is on leveraging our strengths, optimizing operations, and capitalizing on market opportunities. Your support and trust are invaluable as we continue to build a robust and resilient Endexx.
Thank you for your continued investment and confidence in our company.
Sincerely,
Brad Listermann, Interim CEO, Endexx Corporation
About Endexx Corporation
Endexx Corporation develops and distributes all-natural, plant-derived wellness products and topical skincare products. Its products, ranging from balms, creams, lotions, kinds of butter, masks, scrubs, and oils, are aimed at promoting healthy skin and grooming wellness. The science behind these products involves a decade of clinical research, ensuring functional formulations with ingredients for optimal absorption and skin health support. www.endexx.com
About HYLA
HYLA, a division of Endexx, markets proprietary non-nicotine, guarana, and L-Dopa-based vape products in various flavors. The HYLA device is a first-of-its-kind non-nicotine vape product in the United States, offering up to 4,500 puffs per device. HYLA is currently distributed in 10 countries, with distribution agreements in an additional nine countries. www.tryhyla.com
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
We caution that any forward-looking statements (as such term is defined in the U.S. Private Securities Litigation Reform Act of 1995) contained in this press release or made by us, our management, or our spokespeople involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Forward-looking statements include, without limitation, statements regarding our future operating results, the implementation and impact of our strategic plans, and our ability to meet environmental, social, and governance goals. Words such as “estimate,” “commit,” “target,” “goal,” “project,” “plan,” “believe,” “seek,” “strive,” “expect,” “anticipate,” “intend,” “potential,” and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, could affect our financial performance and cause actual results to differ materially from those expressed or implied in any forward-looking statements.
Except as may be required by law, we assume no obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events, even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. More information on potential factors that could affect our results is included in “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission.
Contact:
Endexx Corporation
IR@Endexx.com
424-250-0042
www.endexx.com
www.cbdunlimited.com
www.tryhyla.com
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