Business
Exxe Group's Motors Division Reports Sixth Consecutive Record Quarterly Revenue
Exxe Group's Motors Division Reports Sixth Consecutive Record Quarterly Revenue.
About this update from Exxe Group Inc.
[{"type":"text","content":"---Combined revenue of $4,866,700 for the Sept 2022 period is a new quarterly record for M Moto Dhe---First half of fiscal 2023 revenue and EBIT up 111.8% and 45% compared with first-half fiscal 2022---Top-line growth led by M Moto automotive segment's B2B eCommerce tech platform success---Additional markets, new technologies, and new geographies poised to drive future revenue growthNEW YORK, NY / ACCESSWIRE / November 9, 2022 / Exxe Group, Inc. (OTC PINK:AXXA), ("Exxe" or the "Company") a diversified fintech company, is pleased to announce that its motors division, led by M Moto, has generated record quarterly revenue for the period ended September 30, 2022. It should be noted that this performance marks the sixth consecutive quarter of record top-line growth for this division.Financial HighlightsThe division generated record quarterly revenue of $4,886,700 as compared with $2,753,837 for the same period a year ago, representing a 77.4% increase. The M Moto segment served as the sales driver, with the top line nearly doubling to the 95.6% level. Total EBIT of $1,611,112 was a healthy increase from the $1,433,814 recorded a year ago.Combined revenue and EBIT from M Moto and the DHE segments rose sequentially on a quarterly basis led by M Moto's 21.5% jump in sales, which jumped from $3,399,401 to $4,125,700. Total fiscal first-half results were especially striking given that revenue of $9,651,332 and EBIT of $3,058,692 were a 111.8% and 45% rise from first fiscal results from last year. Since the division generated over $11.5 million in total revenue for the full year in fiscal 2022, or just $2 million more than this year's first-half results, management believes that the full-year revenue performance is poised to be substantially greater than prior results.Business HighlightsM Moto offers a scalable eCommerce platform for the placement of high-end engine repair orders to leading companies in the engine repair business in Europe, primarily Germany. Business is driven via orders from its large network of partner repairers and partner workshops and M Moto management also offers its partners expertise and professional skills. The company has enjoyed success due to its state-of-the-art technology platform, expertise in the industry, and swift product shipment/turnaround.Going forward, management plans to add new ...