Endexx Corp. (OTC:EDXC) has reported a jump in revenues for the second quarter and the first half of its current financial year, boosted by the acquisition of vape business Hyla.
For its second quarter ending March 31, 2023, Endexx saw consolidated unaudited revenue grow by 865% year-over-year (YOY) to US$2,457,354, up from US$254,686 in the second quarter of the previous fiscal year.
Endexx also reported consolidated revenues of US$2,949,063 in its first six months of fiscal 2023, a 557% YOY increase compared to US$529,277 in the same period of fiscal 2022.
For the same comparative periods in the first half, gross profits rose to US$586,512 from US$175,530, an increase of 234% YOY. Endexx is completing its audited consolidation of Hyla into Endexx.
The Q2 boost came as Hyla and Endexx’s CBD Unlimited unit reported revenue that had grown nearly 9-fold.
The company said the strength of international and domestic sales of Hyla’s organically processed, plant-based, all-natural, zero-nicotine vape products is increasing as the market for nicotine-based vape products is under regulatory scrutiny, both internationally and in the USA.
Over ten thousand points of distribution have been added to the distribution complex in the first six months of fiscal 2023, it noted.
“Endexx’s acquisition of the controlling interest of Hyla has generated its greatest revenue increase in the company’s history,” Endexx CEO Todd Davis said in a statement.
He added: “International distribution and expansion has set the stage for a massive revenue expansion for Endexx over the coming quarters and years ahead.”
Endexx is a Consumer Products (CPG) company specializing in plant-based formulations and innovative delivery systems. Its focus is on developing the most innovative and effective products using all-natural plant-based ingredients.
Contact the author at jon.hopkins@proactiveinvestors.com