AXIL Brands, Inc. ("AXIL," "we," "us," "our," or the "Company") (NYSE:AXIL), an emerging global consumer products company for AXIL® hearing protection and enhancement products and Reviv3® hair and skin care products, today announced financial and operational results for the third quarter ended February 29, 2024.
Highlights for the Quarter Ended February 29, 2024
- Net Sales (revenue) increased 14.4% to approximately $6.47 million in the third quarter, as compared to the prior year period.
- Gross profit as a percentage of sales was 71.5% in the third quarter, as compared to 74.6% for the prior year period.
- Operating expenses as a percentage of net revenue were 73.1% in the third quarter, compared to 70.7% for the prior year period.
- Loss before provision for income taxes was $46,345 and benefit provision from income taxes was $827,436 in the third quarter.
- Reported third quarter net income of $781,091 or $0.04 on a fully diluted basis compared to $162,048 or $0.01 for the prior year period.
Key Updates Since AXIL's Last Quarterly Earnings Release
- As part of our rebranding the Company changed its name to AXIL Brands, Inc. and stock ticker symbol to "AXIL".
- Completed uplist to the NYSE American Stock Exchange.
- In March 2024, AXIL repurchased 207,748,250 shares of Series A preferred stock equivalent, in the aggregate, to 10,387,413 shares of the Company's common stock on an as converted basis resulting in the reduction of approximately 83% of the Company's outstanding Series A preferred shares or approximately 55% of the Company's total outstanding shares on a fully diluted basis.
"We are extremely pleased with our business performance and the significant objectives achieved during this quarter. Our successful listing on the NYSE American stock exchange and recent repurchase of our Series A preferred shares enhances our ability to execute our enterprise growth strategy and unlock value for our shareholders." Commented Jeff Toghraie, Chairman and Chief Executive Officer. "Looking ahead, we remain committed to expansion into new markets, optimizing operations and creating sustainable long term growth."