Business
Exxe Group Reports Revenue and Net Income for December 2022 Quarter
Exxe Group Reports Revenue and Net Income for December 2022 Quarter.
About this update from Exxe Group Inc.
[{"type":"text","content":"3Q2023 revenues were $13,464,338; and profits were $4,287,255Nine-month FY-2023 revenues were $38,154,606; and profits were $11,790,323Long-term debt was $49,356,045, a decrease of $7.2 million since 1Q2023Total debt was $68,312,081, a decrease of $11.9 million since 1Q2023NEW YORK, NY / ACCESSWIRE / February 21, 2023 / Exxe Group, Inc. (OTC PINK:AXXA), ("Exxe" or the "Company") a diversified fintech company, is pleased to announce its three-month and nine-month results for the period ended December 31, 2022.Financial HighlightsRevenues for the nine-month period ending December 31, 2022 (3Q2023) was $38,154,606 as compared to $33,900,534, in the same period last year, an increase of 12.5%. Net income was $11,790,323 as compared with $7,611,676 which was an increase of 55%.Third Quarter (3Q2023) revenues were $13,464,338 as compared with $14,181,451 for the same period a year ago. Net profit for the Quarter was $4,198,372 as compared with $3,390,829 for the same period in 3Q2022.At the end of the period ending September 30, 2022 (2Q2023), Exxe Group recorded revenue of $12,956,036 as compared with $13,464,338 in 3Q2023. The Quarter-over-Quarter change is $508,302 or 3.9%.Debt ReductionLong-term debt for the period ending December 31, 2022, was $49,356,045 as compared to $56,525,384 in the same period last year, a reduction of $7,169,339 or 14.5%.Total debt for the period ending December 31, 2022 was $68,312,081 as compared to $80,163,412 in the same period last year, a reduction of $11,851,331 or 17.3%.Financial SummaryExxe Group continues to work on developing its capital efficiency, improving its capital structure, and building out the economy of its ecosystem. Net changes continue to lower debts, result in better deployment of capital into revenue-generating projects, and improvements to the underlying health of the operating companies as the balance sheet is deleveraged.The success of the strategy is evidenced by changes in cash on the balance sheet which increased from $258,877 in 1Q2023 to $561,600 in 3Q2023; a 10%, or $1,187,978 reduction in inventory from $12,357,957 in 1Q2023 to $11,169,979 in 3Q2023; and decreases in long-term debt by $7,169,339, and total debt by $11,851,331.Business HighlightsExxe Group continues to see increases across its revenue-generating verticals. In the period between Octobe...