Annual revenue: $63.2 million, gross profit: $30.2 million, net income p/s: $(0.0045)
4Q2024 revenue: $15.7 million, gross profit: $6.6 million, net income p/s: $0.0014
Total liabilities decreased to $31.2 million in 4Q2024 from $46 million in 3Q2024
NEW YORK, July 25, 2024--(BUSINESS WIRE)--Exxe Group, Inc. (OTC PINK: AXXA), ("Exxe" or the "Company"), releases its full-year results for 2024 and Fourth Quarter results for the period ending March 31, 2024.
Key Financial Highlights Annual revenue growth: Increased by $10.1 million, or 19%, from $53.1 million in FY2023 to $63.2 million in FY2024.
Fourth Quarter revenue growth: Increased by $739,612, or 4.9%, from $14.9 million in 4Q2023 to $15.7 million in 4Q2024.
Revenue per share for 4Q2024: $0.0014 compared to $0.0058 in 4Q2023, primarily due to a one-time loss of $3.4 million from the disposal of non-core assets.
Long-term debt reduction: Decreased by $21.9 million, or (51.2%), from $44.9 million in 4Q2023 to $23.0 million in 4Q2024.
Total liabilities reduction: Decreased by $31.4 million, or (49.8%), from $62.6 million in 4Q2023 to $31.2 million in 4Q2024.
Significant Events On March 31, 2024, Exxe Group completed several key transactions and events that reflect the evolution of its business and favorably position the Company for future growth. We reclassified certain assets, including acquisitions and investments, and optimized our operations to facilitate an overall company audit.
A core transaction was the disposition of our subsidiary, Myle-One Beteiligungen AG, to minority interest holders while forming a joint venture. This reduced the carrying costs of certain assets, significantly decreasing debts and interest, and retained benefits for our shareholders through alternative agreements and contracts.
In addition, Exxe Group formed agreements to acquire services from multiple existing and new service providers. Collectively, the services agreements allow Exxe to provide platform services to client companies under joint venture agreements, including licenses and territory distribution rights.
Exxe Group acquired territory distribution licensing rights for businesses in industries such as fintech, media, architectural and interior design, furniture, medical products, medical devices, and automotive repair and products. We also acquired rights in additional, currently undisclosed industry segments.
These steps were designed to accelerate the execution of Exxe's business plan. Our ultimate goal is to leverage these initiatives to enhance value and deliver significant benefits to our investors.
Finally, Exxe secured an agreement with a broker-dealer to implement a share buyback strategy.
Subsequent Events and Audits Exxe Group has set a corporate-level audit as a management objective. We engaged an audit prep company and an auditing firm to advise us on achieving this goal.
As of July 12, 2024, Exxe Group completed the preparation of two years of books for Designarchive AG as requested by the auditor. Management is focused on simplifying the process to facilitate overall company audits, marking a significant milestone in our strategy.
Management Comments Dr. Eduard Nazmiev, Exxe Group CEO, stated: "Exxe Group made several strategic moves over the reporting period. Our optimized operations around licensing and contracts generated over $63 million in annual revenues and $15.7 million in quarterly revenues. Looking ahead, the evolution of our core capabilities and competencies enhances our business positioning and operations. These changes set the stage for diverse revenue and profit growth in multiple sectors, and an enhanced balance sheet that represents our service-based status. Moreover, these moves position Exxe for corporate-level audits."
About Exxe Group Exxe Group is a multidisciplinary technology company that develops, acquires, and delivers diversified service suites through its proprietary, innovative platform. We offer these suites and applications via a Software-as-a-Service (SaaS) model to enhance operations and productivity for digital and brick-and-mortar businesses. Core competencies include fintech-based financial management, media and design marketing, management consulting, strategic advisory, and AI-based systems. Exxe operates in a broad range of segments, including fintech, real estate, agritech, software, AI, medical products, media and design, automotive products, and automotive repair. Revenue and profit are generated via license, software, and service contracts related to our platform and core competencies.
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.
