This CBD And Hemp Co. Reports 82% YoY Increase In 2023 Revenue, Thanks To Its 'International Appeal'

Zinger Key Points
  • Endexx reported 2023 revenues totaled $3.9 million, compared to $2.1 million in 2022, representing an 82% year-over-year increase.
  • The Arizona-based company has expanded its presence in international markets, which resulted in revenue increase.

Endexx Corporation EDXC reported on Thursday an increase in 2023 revenue and expansion into new global markets.

The Arizona-based company has expanded its presence in international markets. In its recent press release it highlighted revenue contributions from Italy, which accounted for 48% of total revenues.

Continued strong performance in the U.S. and Russia further demonstrated Endexx’s broad international appeal, the company said.

See also: CBD & Hemp Company’s 1013% YoY Revenue Increase, Will Raise More Money For ‘Aggressive Marketing’

FY 2023 Financial Highlights

  • Revenues totaled $3.9 million, compared to $2.1 million in 2022, representing an 82% year-over-year increase.
  • Gross loss was 879,709 compared to a gross profit of $1.2 million in the prior year.
  • Total operating expenses amounted to $4.3 million, down from $5.1 million in 2022.
  • Loss from operations grew to $5.2 million, from roughly $4 million in the prior year.
  • Net loss attributable to Endexx shareholders amounted to $6.5 million, up from $4.9 million in 2022.
  • As of Sept. 30, the company had $10.3 million in total assets, down from $13.3 million in 2022.
  • Total current liabilities amounted to $27.1 million, compared to $18.4 million in the prior year.

Outlook

Endexx stated that it remains "committed to sustaining its growth trajectory and enhancing shareholder value through strategic marketing, continuous product innovation, and expanding its international market presence. The company remains focused on leveraging its robust financial position to explore new opportunities and achieve its strategic goals."

EDXC Price Action

Endexx's shares traded 2.44% lower at $0.02 per share at the time of writing on Friday morning.

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

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Posted In: CannabisEarningsNews2023 earnings report2023 financialsCBDinternational cannabis market
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