Record revenue of $2.3 million for fiscal 2022 reflects 43% year-over-year growth.
The company expects revenues for the first quarter ending August 31, 2022 to exceed $3.4 million, a substantial increase over the same prior year period, primarily due to the acquisition of assets previously announced from AXIL & Associated Brands.
LOS ANGELES, Aug. 25, 2022 (GLOBE NEWSWIRE) — Reviv3 Procare Company (OTCQB: RVIV), an emerging global e-commerce brand in the hair care, hearing protection and enhancement products industry , today announced its financial and operating results for the year ended May 31, 2022.
2022 Year End Financial Summary
- Revenue increased 43% to $2,336,257 compared to $1,633,609 the previous year, primarily due to our direct-to-consumer channel marketing initiatives.
- Fiscal 2022 gross margin increased to $1,507,671, or 64.5% of revenue, compared to gross margin of $1,033,908 for fiscal 2021.
- The net loss for fiscal year 2022 was $182,903, compared to a net loss of $297,755 for fiscal year 2021.
“For fiscal 2022, our revenue increased by approximately $700,000, or 43%, to more than $2.3 million. Despite rising costs due to supply chain disruptions and inflationary pressures, we reduced our operating expense margins as a percentage of net revenue to 73.6% from 82.9% for the period comparable in 2021. Our net loss decreased by approximately 39% to $182,903.
Looking ahead, our acquisition of AXIL assets finalized in June 2022 has an immediate impact on our business. The combination of our existing team and the many talented people at AXIL continues to drive greater efficiency in our operational and marketing efforts. As a result, we expect our Q1 2023 revenue to exceed $3.4 million and look forward to sharing our full Q1 2023 financial results in the coming weeks. We are thrilled to welcome Weston Harris and his team to Reviv3,” said Jeff Toghraie, CEO of Reviv3.
“As previously disclosed in our Form 8-K filed with the SEC on July 7, 2022, for fiscal years 2021 and 2020, AXIL & Associated Brands reported revenues of over $13 million and $9 million respectively,” said Weston Harris, Founder of AXIL and Chief Innovation Officer of Reviv3. “This business combination allows Reviv3 to explore a host of new opportunities and resources that we believe will significantly enhance new product initiatives, financial performance and growth potential. We look forward to updating our customers and shareholders on exciting new developments in the weeks and months ahead. »
About Reviv3 Procare Company
Reviv3 Procare Company (OTCQB: RVIV) is an emerging global consumer e-commerce company. The company is a direct-to-consumer distributor of premium hair care and skin care products under its in-house brand Reviv3 Procare and hearing enhancement and protection products, including earplugs, earmuffs and headphones, under the AXIL brand – selling products in the United States, Canada, European Union and throughout Asia. To learn more, please visit the Company’s website at www.reviv3.com and, for the AXIL brand, visit www.goaxil.com.
This press release contains a number of forward-looking statements within the meaning of the federal securities laws. The use of words such as “plans”, “expects”, “intends”, “plans”, “will”, “may”, “should”, “could”, “would”, “Guidance”, “Outlook”, “Confident that”, and “Believes”, among others, generally identify forward-looking statements.
These forward-looking statements are based on currently available information and management’s current beliefs, projections and expectations, and are subject to a number of important risks and uncertainties, many of which are beyond management’s control. and may affect the results, performance or achievements of Reviv3. differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, among others: (i) Reviv3’s ability to increase net sales as expected and operate as expected; (ii) our ability to generate sufficient revenue to support Reviv3’s operations and to raise additional funds or obtain other forms of financing as needed on acceptable terms, or at all; (iii) potential difficulties or delays that Reviv3 may encounter in implementing its cost reduction and efficiency initiatives, including the integration of the AXIL brand; (iv) Reviv3’s ability to compete effectively against other hair care and skin care companies and hearing enhancement and protection companies; (v) the concentration of Reviv3’s customers, potentially increasing the negative impact on Reviv3 by changing buying or selling habits; (vi) changes in laws or regulations in the United States and/or other major markets, such as China, in which Reviv3 operates, including, without limitation, with respect to taxes, tariffs, trade policies or product safety, which may increase Reviv3’s product costs and other costs of doing business, and reduce Reviv3’s revenues; and (vi) the impact of market instability and general economic conditions on Reviv3’s business, financial condition and share price, including cost inflationary pressures, decline in discretionary consumer spending, supply chain disruptions and constraints, labor shortages, ongoing economic disruptions, including the effects of the Ukraine-Russia conflict and the continued impact of COVID-19, and other downturns in the business cycle or economy. There can be no assurance as to any of these, and prospective investors are urged to carefully consider these factors when evaluating any forward-looking statements. Other important factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the company’s filings with the United States Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Except as required by law, Reviv3 undertakes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
Selected preliminary financial results for the quarter ending August 31, 2022 in this press release are preliminary, do not constitute a complete statement of financial results for this quarter, and are provided prior to the completion of all review and disclosure procedures. internal and external audit and, therefore, are subject to adjustment. Actual results may differ from these estimates, and the variations could be material. Among the factors that could cause or contribute to material differences between the Company’s actual results and the expectations indicated by the forward-looking statements are risks and uncertainties, which include, but are not limited to: changes in the financial results of the Company for the quarter ending August 31, 2022 due to the completion of financial close procedures, final adjustments and other developments that may occur between now and the finalization and issuance of the Company’s financial statements for quarter and other risks and uncertainties described above and in the Company’s filings with the Securities and Exchange Commission.