Endexx Corporation EDXC reported its quarterly earnings on Tuesday for the quarter ending March 31, 2023, revealing over $2.8 million in revenue compared to $254,686 in the same quarter of last year, representing a whopping 1013% year-over-year increase.
Todd Davis, the company's chairman and CEO, touted the quarterly results.
"Consolidating the audited financials and integrating Hyla's operations into Endexx, we've catapulted into an era marked by unprecedented growth, painting Fiscal 2023 as a canvas of resurgence and robust expansion amidst a two-year stagnation in the cannabis and hemp industry," Davis said.
See Also: Endexx FY22 Revenue Grows 229% YoY, Here Is What You Need To Know
Quarterly Financial Highlights
- Gross profit totaled $394,191 compared to $ 175,730 in the prior year.
- Total operating expenses amounted to $811,200, up from $751,677 in the same quarter of fiscal 2022.
- Loss from operations was $417,009, down from $575,947 in the same period of last year.
- Net loss was $1.52 million, down from $2.8 million in the corresponding quarter of 2022.
- As of March 31, the company had $155,013 in cash, down from $656,776 as of September 30, and $12.7 million in total assets, down from $13.8 million as of September 30.
What's Next
The management's plans include the "sustained and aggressive marketing of hemp cannabidiol products and raising additional capital through sales of equity or debt securities as may be necessary to pursue its business plans and sustain operations until such time as the company can achieve profitability," the company said in filing with the U.S. Securities and Exchange Commission (SEC).
The company develops hemp-derived, cannabidiol-based products through its CBD Unlimited subsidiary.
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