Endexx Corporation Issues Correction and Highlights Revenue Growth
CAVE CREEK, AZ, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Endexx Corporation (OTC: EDXC), a leading provider of innovative plant-based health and wellness products, today issued a correction to its previously reported financial results and highlighted the significant revenue growth achieved in recent months.
Correction to Financial Report
In the Q2 2024 Shareholder Report, the revenue for Q2 2024 was incorrectly stated as $3,275,735, which represents the revenue for the six-month period ending March 31, 2024. The correct revenue figure for Q2 2024 (the three months ending March 31, 2024) is $2,181,012.
Financial Highlights
Despite the initial reporting error, Endexx Corporation is pleased to announce:
1. Revenue Growth: The company achieved a revenue of $3,275,735 for the six-month period ending March 31, 2024, demonstrating robust growth and expanding market presence.
2. Gross Profit: The gross profit for Q2 2024 was $1,246,677, reflecting effective cost management and improved profitability.
3. Net Loss Reduction: The net income for Q2 2024 was $506,837, representing a significant improvement compared to the previous quarter’s net loss of $828,902.
"We are committed to maintaining transparency and accuracy in our financial reporting," said Brad Listermann, Interim CEO of Endexx Corporation. "We apologize for any confusion caused by the reporting error and are pleased to highlight our continued growth and financial improvements. Our focus remains on delivering value to our shareholders through innovative products and strategic market expansion."
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.
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.
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
424-250-0042
