Reviv3 Delivers Continued Strong Growth in Third Quarter Fiscal 2023

  • Q3 revenues up 1,087% year-over-year to $5.6 million
  • Gross profit increased to $4.2 million, up from $0.34 million in prior year period
  • Gross profit margin increased to 75%, up from 72% in the prior year period
  • Net income before provisions for income tax improved to $0.22 million, up from a loss of $0.09 million in the prior year period

LOS ANGELES, April 13, 2023 (GLOBE NEWSWIRE) -- Reviv3 Procare Company (OTCQB: RVIV), an emerging global e-commerce brand in hair care products industry and hearing protection and enhancement products, announced its financial and operational results for third quarter of fiscal year 2023.

“We delivered solid third quarter results, generating revenues of $5.6 million, representing 1,087% year-over-year growth, as we continue to focus on opportunities in our AXIL brand hearing protection and enhancement business,” commented Chairman and Chief Executive Officer Jeff Toghraie. “Our enterprise and international strategies are showing tangible results with accelerated expansion of our dealer network and partnerships in Europe. I thank our entire team for their tireless efforts as we mark our third consecutive profitable quarter and remain optimistic that our momentum will continue as we further execute our objectives.”

First Quarter Fiscal 2023 Financial Summary

Revenues for the three months ended February 28, 2023 and 2022 were $5,656,461 and $476,384 respectively, representing a 1,087% increase for the comparable period. The increase was primarily a result of the increasing sales of hearing protection and enhancement products.

Cost of sales for the three months ended February 28, 2023 was $1,437,976 compared to $134,609 in the prior year period. Cost of sales as a percentage of sales for the periods were 25% and 28%, respectively.

Gross profit for the third quarter ended February 28, 2023 was $4,218,485 compared to $341,775 in the prior year quarter. Gross profit as a percentage of sales for the three months ended February 28, 2023, was 75% as compared to 72% for the same comparable period in 2022.

Net cash flows provided by operating activities for the nine months of 2023 was $2,319,976 compared to $90,873 used in the comparable 2022 period.

As a result of the above, for the third quarter ended February 28, 2023 the Company reported a net income of $221,595 before provisions for income taxes compared to a net loss of $99,314 for the comparable period in the prior year.

About Reviv3 Procare Company

Reviv3 Procare Company (OTCQB: RVIV) is an emerging global e-commerce consumer products company. The Company is a direct-to-consumer marketer of premium hair and skincare products under its in-house Reviv3 Procare brand and hearing enhancement and protection products, including ear plugs, ear muffs and ear buds, under the brand AXIL - selling products in the United States, Canada, the European Union and throughout Asia. To learn more, please visit the Company's website at and, for the AXIL brand, visit

Forward-Looking Statements
This press release contains a number of forward-looking statements within the meaning of the federal securities laws. The use of words such as "anticipates," "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 beliefs, projections, and current expectations, and are subject to a number of significant risks and uncertainties, many of which are beyond management’s control and may cause Reviv3’s results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things: (i) Reviv3's ability to grow net sales as anticipated and perform in accordance with guidance; (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 Reviv3 may experience in implementing its cost savings and efficiency initiatives, including integrating the AXIL brand; (iv) Reviv3's ability to compete effectively with other hair and skincare companies and hearing enhancement and protection companies; (v) the concentration of Reviv3's customers, potentially increasing the negative impact to Reviv3 by changing purchasing or selling patterns; (vi) changes in laws or regulations in the United States and/or in 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 earnings; and (vii) the impact of unstable market and general economic conditions on Reviv3's business, financial condition and stock price, including inflationary cost pressures, decreased discretionary consumer spending, supply chain disruptions and constraints, labor shortages, ongoing economic disruption, including the effects of the Ukraine-Russia conflict and ongoing impact of COVID-19, and other downturns in the business cycle or the economy. There can be no assurance as to any of these matters, and potential investors are urged to consider these factors carefully in evaluating the forward-looking statements. Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s filings with the U.S. Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Except as required by law, Reviv3 does not assume any obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

The preliminary selected financial results for the quarter ended February 28, 2023 in this press release are preliminary, are not a comprehensive statement of financial results for such quarter, and are provided prior to completion of all internal and external review and audit procedures and, therefore, are subject to adjustment. Actual results may vary from these estimates, and the variations may be material. Among the factors that could cause or contribute to material differences between the Company’s actual results and expectations indicated by the forward-looking statements are risks and uncertainties that include, but are not limited to: changes to the Company’s financial results for the quarter ended February 28, 2023 due to the completion of financial closing procedures, final adjustments and other developments that may arise between now and the time that the Company’s financial statements for the quarter are finalized and publicly released and other risks and uncertainties described above and in the Company’s filings with the Securities and Exchange Commission.

Media Relations:
Reviv3 PR Team
Tel: 888-638-8883

    February 28,
    May 31,
CURRENT ASSETS:                
Cash   $ 4,180,332     $ 373,731  
Accounts receivable, net     454,546       105,921  
Inventory, net     1,368,635       323,388  
Prepaid expenses and other current assets     437,031       -  
Total Current Assets     6,440,544       803,040  
OTHER ASSETS:                
Property and equipment, net     166,324       29,145  
Intangible assets, net     402,047       -  
Right of use asset     117,127       45,453  
Other assets     12,195       16,277  
Goodwill     2,152,215       -  
Total Other Assets     2,849,908       90,875  
TOTAL ASSETS   $ 9,290,452     $ 893,915  
CURRENT LIABILITIES:                
Accounts payable   $ 758,755     $ 435,713  
Contract liabilities- current     779,488       -  
Notes payable     186,911       156,300  
Due to related party     88,460       25,452  
Other current liabilities     1,039,727       89,538  
Total Current Liabilities     2,853,341       707,003  
LONG TERM LIABILITIES:                
Equipment payable     -       2,200  
Lease liability- long term     54,321       -  
Contract liabilities- long term     523,206       -  
Total Long Term Liabilities     577,527       2,200  
Total Liabilities     3,430,868       709,203  
Commitments and contingencies (see Note 10)     -       -  
STOCKHOLDERS’ EQUITY:                
Preferred stock, $0.0001 par value; 300,000,000 shares authorized; 250,000,000 and none shares issued and outstanding as of February 28, 2023 and May 31, 2022, respectively     25,000       -  
Common stock, $0.0001 par value: 450,000,000 shares authorized; 117,076,949 and 41,945,881 shares issued and outstanding as of February 28, 2023 and May 31, 2022, respectively     11,708       4,195  
Additional paid-in capital     10,049,968       5,472,084  
Accumulated deficit     (4,227,092 )     (5,291,567 )
Total Stockholders’ Equity     5,859,584       184,712  

    For the Three Months Ended     For the Nine Months Ended  
    February 28,     February 28,     February 28,     February 28,  
    2023     2022     2023     2022  
Sales   $ 5,656,461     $ 476,384     $ 16,625,818     $ 1,809,472  
Cost of sales     1,437,976       134,609       4,085,645       611,305  
Gross profit     4,218,485       341,775       12,540,173       1,198,167  
OPERATING EXPENSES:                                
Marketing and selling expenses     3,173,383       317,981       8,250,257       938,654  
Compensation and related taxes     348,349       3,521       1,138,376       15,129  
Professional and consulting expenses     229,140       56,846       908,795       176,400  
General and administrative     251,025       60,928       841,761       185,196  
Total Operating Expenses     4,001,897       439,276       11,139,189       1,315,379  
INCOME (LOSS) FROM OPERATIONS     216,588       (97,501 )     1,400,984       (117,212 )
OTHER INCOME (EXPENSE):                                
Gain on debt settlement     -       -       50,500       35,000  
Interest income     6,721       10       13,262       28  
Interest expense and other finance charges     (1,714 )     (1,823 )     (4,927 )     (4,968 )
Other Income (Expense), Net     5,007       (1,813 )     58,835       30,060  
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES     221,595       (99,314 )     1,459,819       (87,152 )
Provision for income taxes     59,547       -       395,344       -  
NET INCOME (LOSS)   $ 162,048     $ (99,314 )   $ 1,064,475     $ (87,152 )
NET INCOME (LOSS) PER COMMON SHARE:                                
Basic   $ 0.00     $ (0.00 )   $ 0.01     $ (0.00 )
Diluted   $ 0.00     $ (0.00 )   $ 0.00     $ (0.00 )
Basic     116,990,021       41,945,881       111,486,248       41,945,881  
Diluted     372,590,021       41,945,881       349,954,746       41,945,881  

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