NEW YORK--(BUSINESS WIRE)--Exxe Group, Inc. (OTC PINK:AXXA), ("Exxe" or the "Company") a diversified fintech company, is pleased to announce that the Company has published its results for the period ended December 31, 2023.
Business Highlights
Exxe Group experienced a significant Quarter where it completed a review of its US real estate and other contracts, and completed a review of its carrying costs.
Exxe exited a number of projects and rebalanced its holdings to focus capital on developing assets that have proven current or near-current revenue generation potential.
Expenses, intangibles, and goodwill were reduced significantly, positioning the company for revenue and asset growth going forward.
Dr. Eduard Nazmiev, Exxe Group CEO, stated: "Exxe Group worked hard during the prior Quarter to complete its major review processes and position the company for growth. We eliminated assets which do not fit within our strategic vision. These charges are one-off events which leave us with a portfolio focused on the most lucrative projects. We continue to streamline operations to maximize current revenue, improve the balance sheet, and boost cash-on-hand to ensure a healthy liquidity cushion."
Divestitures
Disposals of non-strategic US real estate contracts to fit long-term vision and growth plans in Europe.
Other write-offs and divestitures: heating paint technology, contracts on apartments and other assets in the US, including Rhode Island and various accounts receivables projects.
Financial Highlights
The Company improved its balance sheet, liquidity, and debt-to-asset ratios between the periods ending December 31, 2022, and December 31, 2023. During this period the Company increased cash on the balance sheet from $561,600 to $810,772. Long-term debt decreased by $19,069,339 to $30,456,045. Total debt decreased by $20,614,542 to $46,031,370. These changes allowed the Company to boost liquidity and its capital cushion.
Quarterly revenue run rates from FY-2023 to FY-2024 increased by approximately 19.5%. Quarterly revenue run rates were in the order of $13.25 million for FY-2023. Quarterly revenue run rates were in the order of $15.83 million for the first three Quarters of FY-2024.
Exxe Group generated record quarterly revenue. Revenue for the period ended December 31, 2023 (3Q2024) was $15,497,240, as compared with $13,464,338 for the same period a year ago, an increase of 15.1%.
The Company reported total long-term debt for the period ended December 31, 2023 was $30,456,045, as compared with $44,856,045 for the same period a year ago, a decrease of 32.1%. The decrease in long-term debt was primarily attributable to the completion of Exxe Group’s plan to reduce carrying costs and streamline holdings.
Total operating expense for the period ended December 31, 2023 was $3,720,946, as compared with $3,984,514 for the same period a year ago, a decrease of 6.8%.
The company reported total assets for the period ended December 31, 2023 was $221,563,365, as compared with $258,177,215 for the same period a year ago, a decrease of 14.2%. The decrease in assets was primarily attributable to the divestiture of non-strategic assets.
About Exxe Group
Exxe Group Exxe is a diversified fintech company with assets in real estate, architectural design, agricultural, automotive, medical, media, and trading technology. Exxe Group acquires controlling equity interests in undervalued assets, and undertakes 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.
