This CBD And Hemp Co. Reports 82% YoY Increase In 2023 Revenue, Thanks To Its 'International Appeal'
Portfolio Pulse from Jelena Martinovic
Endexx Corporation (OTC:EDXC) reported an 82% year-over-year increase in 2023 revenue, totaling $3.9 million, driven by its expansion into international markets, notably Italy, which accounted for 48% of total revenues. Despite the revenue growth, the company experienced a gross loss of $879,709, a significant shift from the previous year's gross profit of $1.2 million. Operating expenses decreased to $4.3 million from $5.1 million, but the loss from operations and net loss attributable to shareholders widened. Endexx's total assets decreased, and total current liabilities increased. The company's shares were down 2.44% at $0.02 per share.
April 19, 2024 | 2:46 pm
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Endexx Corporation reported significant revenue growth but also increased losses and liabilities in 2023. Shares fell 2.44% to $0.02.
The reported 82% increase in revenue for Endexx Corporation indicates strong sales performance, particularly in international markets. However, the transition from a gross profit to a gross loss, increased operating loss, and net loss, alongside a decrease in total assets and an increase in liabilities, suggest financial strain. These factors, combined with the immediate negative reaction in share price, indicate a short-term negative impact on EDXC's stock. The significant reliance on international markets like Italy for revenue growth is a positive sign of expansion but also introduces volatility and risk, especially considering the global economic climate.
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