Exxe Group Announces Record Revenue and Net Income Exxe Group generated record quarterly results for both revenue and net income for the period. Revenue for 1Q22 was $13,279,551 as compared with $8,154,139 for the same period a year ago, and $11,022,713 for 1Q22 which ended just ninety days earlier. As noted in the table above, revenue increased by 62.9% year-over-year and 20.5% sequentially. Net income was $2,894,289 versus $1,249,894 last year and $1,831,875 in 1Q22. The substantial year-over-year and sequential changes in net income were 131.5% and 58%, respectively.
For the six month period, revenue grew by 68% to $24,302,264, up from $14,460,418, while net income jumped by 83% to $4,726,164, up from $2,582,241.
The Company enjoyed a big rise in gross profit and gross profit margin. Gross profit grew by over 146% to $5.9M versus $2.4M in 2Q21, which resulted in a gross profit margin of 45.1% versus 29.8%. While operating expenses also grew dramatically to reflect the increase in revenue, operating margin of over 25% percent compared with the 19% margin for the year-ago period. It should be noted that operating margins of 25% or greater are typically associated with firms largely engaged in fintech, online, and health care businesses, which is a clear management emphasis. Thus, Exxe believes that these enhanced gross profit and operating performances could continue, given the migration and evolution of Exxe's key assets toward a digital, online focus. In general, this performance also demonstrates that the Company's private equity business model is effective while surpassing internal expectations.
Exxe also enjoyed large increases in assets and shareholder's equity for the fiscal September 2022 quarter. Current assets of $22,655,640 jumped by 40.5%, up from $16,128,818, total assets of $242,014,088 grew by 17.5%, up from $206,022,467 and shareholder's equity enjoyed a 24.4% increase to $156,514,713 compared with $125,847,453 in 2Q21.
https://www.accesswire.com/673067/exxe-group-announces-record-revenue-and-net-income-for-september-30th-2022-quarter