Endexx Announces Fiscal 2022 Year-End Financial Results
CAVE CREEK, AZ - (NewMediaWire) - January 17, 2023 - Endexx Corporation (OTC: EDXC), a provider of innovative Hemp-derived wellness and nutritional products, today announced its fiscal 2022 annual results. Endexx restructured itself in August/September 2022 to optimize growth potential and expand its product offerings internationally for Fiscal 2023. The company showed a 96% increase in top-line revenue in fiscal 2022, while generating a gross profit of $503,009 in fiscal 2022 compared to a loss of $344,078 in the prior year. Endexx was able to reduce operating expenses by 23%, a reduction of $1,162,007.
Endexx 2022 Milestones and Highlights
Increased F/D/M shelf space:
Men’s Skincare and Grooming line launched in select Target and CVS stores nationwide.
Endexx grew from 4,000 Mass Retail stores to over 8,000 in fiscal 2022.
Endexx launched its premium Plant-Derived Skincare line on Amazon.com with reach to 13 countries.
Endexx garnered “top 2” in sales of CBD products in Mass Retail Pharmacy outlets in 2022 according to Nielsen Ratings.
Endexx expanded its retail footprint nationwide with its top selling balm and cream products in the “pain aisle” at Walgreens.
Endexx acquired a 51% interest in HYLA™ US, a company that specializes in non-nicotine, plant-based vape and consumable products for domestic and international markets.
“Fiscal 2022 reflected a year of expansion and recovery after two years of economic challenges associated with the economy and the pandemic,” stated CEO Todd Davis. Davis added, “Expansion of the national mass retail footprint put the company back on its growth path. We now have 5 of the top 8 “Mass Retailers” in the US as our customers. We anticipate continued top-line revenue growth, continued store expansion, and some of the challenges that we saw in Fiscal 2022 to moderate with our Hemp-Derived CBD products and skincare line. Non-nicotine, plant-based alternatives in the consumer product market provide for an extremely compelling outlook for Hyla US going forward. We believe Hyla’s revenues will grow exponentially this fiscal year, continuing into fiscal 2024 and 2025.”
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.
About Hyla US
Endexx Corporation owns 51% of Hyla US Holdco Limited, which produces and sells organic, plant-based, all-natural, zero-nicotine vape products. Each HYLA device contains a natural guarana extract that is blended with proprietary botanical formulas. Hyla’s products bear the Underwriters Laboratories global safety certification and are CE approved.
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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