Endexx Announces Record Fiscal Second Quarter 2023
May 22nd, 2023
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Endexx Consolidated Q2 Year-over-Year Quarterly Sales Increased 865%
CAVE CREEK, AZ, May 22, 2023 (GLOBE NEWSWIRE) — via NewMediaWire – Endexx® Corporation (OTC: EDXC), a provider of innovative plant-based wellness and nutritional products, today announced the filing of its Form 10-Q for its second quarter ending March 31, 2023. Endexx reported the consolidated second quarter unaudited revenue has grown 865% “Year-over-Year” (YOY) from USD $254,686 in the second quarter of last fiscal year to USD $2,457,354 in the second quarter of the current fiscal year, a $2,202,668 (865%) increase. The Q2 unaudited consolidated financial statement, including Hyla™ and CBD Unlimited™, reports that revenue has grown nearly 9x. The strength of international and domestic sales of Hyla’s organically processed, plant-based, all-natural, zero-nicotine vape products is increasing as the market for nicotine-based vape products is under regulatory scrutiny, both internationally and in the USA. Over ten thousand points of distribution have been added to the distribution complex in the first six months of fiscal 2023. Endexx also reported USD $2,949,063 in consolidated revenues in its first six months of fiscal 2023 compared to USD $529,277 in the same period of fiscal 2022, a 557% increase. For the same comparative periods, gross profits increased from USD $175,530 to USD $586,512, an increase of USD $410,782 or (234%).
“Endexx’s acquisition of the controlling interest of Hyla has generated its greatest revenue increase in the company’s history,” stated CEO Todd Davis. Davis added, “International distribution and expansion has set the stage for a massive revenue expansion for Endexx over the coming quarters and years ahead.”
Endexx is completing its audited consolidation of Hyla into Endexx.
About Endexx Corporation
Endexx® is a Consumer Products (CPG) company specializing in plant-based formulations and innovative delivery systems, focused on creating “Better Products for a Better You”©. Our focus is on developing the most innovative and effective products using all-natural plant-based ingredients. Our companies: CBD Unlimited™ and Hyla™ harness the power of plants and deliver clean ingredient formulations with innovative technology systems.
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.
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