Endexx FY22 Revenue Grows 229% YoY, Here Is What You Need To Know

Endexx Corporation EDXC released its audited fiscal 2022 annual report, revealing revenue of $2.1 million, an increase of 229% compared to $650,515 in fiscal 2021.

Fiscal 2022 Financial Highlights

• Gross profit was $1.2 million compared to gross loss of $344,078 in fiscal 2021.

• Loss from operations was $3.9 million compared to $5.4 million in fiscal 2021.

• Net loss was $5.1 million compared to net loss of $6.8 million in fiscal 2021.

• Cash at the end of the year was $656,776

“Consolidating the financials of Hyla into Endexx had an immediate impact on the growth of the company in fiscal 2022. This is reflected as 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, “Expanding into international markets with Hyla products increased our retail footprint dramatically in fiscal 2023 Q1 and Q2 and put the company back into an exponential growth trajectory. We now have delivered to five of the top eight “mass retailers” in the US and Hyla has brought us an additional 13 countries with thousands of new distribution points. We anticipate continued growth and challenges in fiscal 2023 with our hemp-derived CBD products and skincare line. However, with the addition of HYLA to our product offerings, we are gearing up for our best year ever in top-line revenues growth and store expansion worldwide. Plant-based, non-nicotine alternatives in the consumer product market have an extremely compelling outlook for Endexx going forward. We believe we have a good possibility that revenues will grow exponentially in this fiscal year continuing into fiscal 2024 and 2025.”

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