- Exxe reports quarterly revenue of $11.7M and profits of $3.3M
- 1Q2023 revenues increased 6.5% to $11.7M versus $11.0M in 1Q2022
- 1Q2023 net income increased 77.5% to $3.3M versus $1.8M in 1Q2022
NEW YORK, NY / ACCESSWIRE / August 18, 2022 / Exxe Group, Inc. (OTC PINK:AXXA), ("Exxe" or the "Company") reports financial results for the Quarter ending June 30, 2022.
Exxe Group Key Metrics
1Q2023 ($) | 1Q2022 ($) | Percentage Change (%) | |
| Total Current Assets | 23,302,792 | 20,488,291 | 13.7 |
| Total Assets | 257,617,303 | 233,780,831 | 10.2 |
| Shareholder Equity | 176,751,228 | 150,432,624 | 17.5 |
| Quarterly Revenue | 11,734,232 | 11,022,713 | 6.5 |
| Quarterly Net Income / Loss | 3,252,375 | 1,831,875 | 77.5 |
Performance Snapshot
AXXA's quarterly revenues grew 6.5% in 1Q2023 to $11,734,232 as compared to $11,022,713 in the same period last year.
Net income for 1Q2023 was $3,252,375 as compared to net income of $1,831,875 in the same period last year, an increase of 77.5%.
Total assets were $257,617,303 in 1Q2023 as compared to $233,780,831 in the same period last year, an increase of $23,836,472 or 10.2%.
Quarterly Highlights
Since the beginning of Calendar Year 2022, Exxe Group has managed to favorably restructure over $20 million in debt with minimal impact on shareholders. This includes $10 million in debt which was restructured in May 2022.
Exxe Group's Agribusiness unit saw a solid Quarter for commodity prices for cereal crops such as corn and wheat. Peak pricing in grain commodities markets during the Quarter allowed Exxe to lock in favorable contracts.
Exxe Group saw an uptick in automotive demand. M-Moto reported Quarterly revenues of $3,399,401 as compared to $1,342,895 in 1Q2022, an increase of $2,056,506 or 153%. The change was primarily due to eased travel restrictions in Germany and Europe. Greater automobile usage directly feeds into more luxury engine overhaul and repair business for M-Moto.
MMeditech GmbH which sells high-use consumables to the Swiss medical supply market reported Quarterly revenues of $1,756,727 as compared to $998,454 in 1Q2022, an increase of $758,273 or 76%.
Dr. Eduard Nazmiev, Exxe Group CEO, stated: "Exxe Group thanks its shareholders for their support. We are pleased to report assets of $257.7 million, $11.7 million in revenues, the successful restructuring of $10 million in debt, and Quarterly profit of over $3 million."
Audit
Exxe management held several meetings during the Quarter to refine its audit strategy. Meetings included corporate counsel, auditors, a banking group, and investment companies. Exxe continues to target the audit of a single asset from its portfolio with the view to a divestiture or spin-off opportunity thereby monetizing the underlying asset(s).
Subsequent Events
Seven Horns Media business obtained sales rights for a new movie in July. Seven Horns is currently working on direct marketing and presales in the United States for this movie, as well as courting potential buyers in Asia. Seven Horns reports under the Diverse Media Events and Marketplaces business unit.
MarketMediaConnect (MMC), which specializes in digital marketing, advertising, design, and Search Engine Optimization (SEO), won a six-month SEO contract to market Crypto Exchange services, including bitcoin swaps services. The contract covers two countries: one in Asia, the other in Europe, and runs through the end of 2022. The contract has potential follow-on subject to performance, as well as increased scope potential. The parties are scheduled to discuss contract expansion terms in the November-December 2022 timeframe.
Exxe Group continues to make progress with its Metaverse Initiative. The Company is working on developing NFTs of luxury products and design spaces that can be integrated in the metaverse and the physical world. The Company held meetings with a potential Metaverse Real Estate partner for a joint venture or other partnership possibilities.
About Exxe Group
Exxe Group is a diversified fintech corporation focusing on acquisitions in the following sectors: private equity, real estate, sustainable technology, and financial services. Exxe Group is an acquisition-driven company. The Company strategy is to acquire controlling equity interests in undervalued companies and undertake an active role in improving their performance - accelerating their growth by providing both access to capital and management expertise.
For additional information please visit the Company's
Website: http://www.exxegroup.com/
Twitter: https://twitter.com/exxegroup
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties, and other factors that may cause our results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release.
CONTACT:
Exxe Group IR:
info@exxegroup.com
SOURCE: Exxe Group, Inc.
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https://www.accesswire.com/712620/Exxe-Group-Reports-Revenues-and-Profits-for-the-Quarter-Ending-June-30-2022
