Endexx Corporation has announced a 360% quarter-over-quarter improvement in its fourth-quarter 2021 revenue, as the company said it is establishing an upward trend that’s accelerating into fiscal 2022.
Endexx noted that it saw a 43% decline in its fiscal 2021 revenue, which it attributed to “multiple challenges” associated with the coronavirus pandemic and a slowdown in the retail markets during the first three quarters of its fiscal 2021.
“Endexx’s team collaborated and made challenging decisions in 2021 that kept the engine running and started the successful execution of its business plan in Q4, which is accelerating into Fiscal 2022,” Endexx Corporation CEO Todd Davis said in a statement.
READ: Endexx says three Blesswell facial products available at CVS Health stores
“We successfully placed the new line in 4,000 doors and watched the ‘Muscle and Joint’ balm and cream products become the top two SKUs (stock-keeping units) in volume and sales in their first 26 weeks on shelf,” Davis added.
The company said it has also taken steps to solidify its balance sheet, including reducing its long-term debt by 13.5%, which it expects will shrink annual debt interest by 50% and reducing its net loss by 26% as it executes on its long-term business objectives.
Endexx added that it has invested in product upgrades, cost reductions, and eCommerce during the past year, while doubling its retail footprint in mass retail drug stores.
The company also said it is executing a plan to up-list its stock to trade on the OTCQB and subsequently to the Nasdaq.
Endexx, through its operating division CBD Unlimited, develops and distributes all-natural CBD products derived from cannabis sativa plants containing less than 0.1% THC. Its products include oils, capsules, topicals, and pet products, all with the shared purpose of therapeutic and pain relief.
Contact Sean at sean@proactiveinvestors.com