Endexx Corp. announced that it swung to a profit in the 2022 financial year driven by its acquisition of a 51% controlling interest in Hyla US, reduced production costs, and a decrease in inventory impairment.
For the year, the provider of innovative plant-based wellness and nutrition products posted a profit of $1,193,110 compared to a loss of $344,078 in the 2021 financial year.
Additionally, Endexx said its revenue grew 229% year-over-year in 2022 which it attributed to its Hyla acquisition, new sales channels, and its marketing efforts.
The company posted revenue of $2,138,010 for fiscal 2022, up from $650,515 in the previous year.
Endexx CEO Todd Davis said the company’s Hyla acquisition had an immediate impact on its growth during 2022.
“Expanding into international markets with Hyla products increased our retail footprint dramatically in fiscal 2023 1Q and 2Q and put the company back into an exponential growth trajectory,” Davis said in a statement.
"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. 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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