Reviv3 Procare Delivers Record Second Quarter Fiscal 2023 Revenue and Earnings

  • Record second quarter 2023 revenues of $6.7 million, up 1,264% year-over-year.
  • Gross profit increased to $5.0 million compared to $0.4 million for the prior year quarter.
  • Net cash generated from operating activities of $2.2 million with a net increase in cash of over $3.6 million for the first six months of 2023.
  • Net income before provisions for income tax of $987,944 compared to $28,201 in the prior year quarter.

LOS ANGELES, Jan. 10, 2023 (GLOBE NEWSWIRE) --  Reviv3 Procare Company (OTCQB: RVIV), an emerging global e-commerce brand for hair care products and hearing protection and enhancement products, today announced its financial and operational results for second quarter of fiscal year 2023.

Second Quarter Fiscal 2023 Financial Summary

The company reported revenues of $6,731,999 in the second quarter of 2023 compared to $493,816 for the prior comparable period representing a 1,264 percent increase, primarily due to the acquisition of the hearing protection and hearing enhancement business.

Cost of sales for the second quarter of 2023 increased to $1,692,965 compared to $112,800 in the prior year quarter. Cost of sales as a percentage of was sales 25 percent compared to 23 percent in the prior comparable period.

Gross profit for the second quarter of 2023 increased to a record $5,039,034 compared to $381,016 in the prior year quarter. Gross profit as a percentage of sales was 75 percent compared to 77 percent for the prior comparable period.

Net cash flows provided by operating activities for the six months ended November 30, 2022 was $2,196,195 compared to $28,060 used in the prior comparable period.

As a result of the above, we reported a net income of $987,944, before provisions for income taxes, compared to $28,201 for the comparable three months in the prior year.

Management Commentary

“We delivered solid results with record second quarter revenues of $6.7 million and earnings before provisions for income tax of $987,944 marking our second consecutive quarter of profitability with revenues exceeding $10 million for the first half of our fiscal year,” commented Chairman and Chief Executive Officer Jeff Toghraie.

“These results reflect the strength of our hearing protection and enhancement products sold under the AXIL brand across our retail network and digital marketing channels. Despite the challenging economic conditions and ongoing supply chain disruptions our team continues to execute our marketing and operational initiatives. Looking ahead, we expect to introduce a number of impactful new products and strategic partnerships to further enhance our ability to expand market share and generate free cash flow in 2023 and beyond,” Concluded Toghraie.

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, earmuffs 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, generate free cash flow, 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) Reviv3’s ability to successfully execute its marketing, operational and strategic initiatives, including entering into strategic partnerships or other collaborations, and to expand its market share; (vi) Reviv3’s ability to successfully introduce, and achieve market acceptance of, new products; (vii) the concentration of Reviv3's customers, potentially increasing the negative impact to Reviv3 by changing purchasing or selling patterns; (viii) 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 (ix) 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, including any potential recession. 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.

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


    November 30,
    May 31,
CURRENT ASSETS:                
Cash   $ 4,018,170     $ 373,731  
Accounts receivable, net     791,325       105,921  
Inventory, net     2,113,678       323,388  
Prepaid expenses and other current assets     380,095       -  
Total Current Assets     7,303,268       803,040  
OTHER ASSETS:                
Property and equipment, net     159,627       29,145  
Intangible assets, net     421,423       -  
Right of use asset     -       45,453  
Other assets     20,087       16,277  
Goodwill     2,152,215       -  
Total Other Assets     2,753,352       90,875  
TOTAL ASSETS   $ 10,056,620     $ 893,915  
CURRENT LIABILITIES:                
Accounts payable   $ 1,322,240     $ 435,713  
Contract liabilities- current     817,606       -  
Notes payable     208,688       156,300  
Due to related party     136,844       25,452  
Other current liabilities     1,450,495       89,538  
Total Current Liabilities     3,935,873       707,003  
LONG TERM LIABILITIES:                
Equipment payable     450       2,200  
Contract liabilities- long term     573,483       -  
Total Long Term Liabilities     573,933       2,200  
Total Liabilities     4,509,806       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 November 30 and May 31, 2022, respectively     25,000       -  
Common stock, $0.0001 par value: 450,000,000 shares authorized; 116,556,165 and 41,945,881 shares issued, issuable and outstanding as of November 30 and May 31, 2022, respectively     11,656       4,195  
Additional paid-in capital     9,899,298       5,472,084  
Accumulated deficit     (4,389,140 )     (5,291,567 )
Total Stockholders’ Equity     5,546,814       184,712  


    For the Three Months Ended     For the Six Months Ended  
    November 30,     November 30,     November 30,     November 30,  
    2022     2021     2022     2021  
Sales   $ 6,731,999     $ 493,816     $ 10,969,357     $ 1,333,088  
Cost of sales     1,692,965       112,800       2,647,669       476,696  
Gross profit     5,039,034       381,016       8,321,688       856,392  
OPERATING EXPENSES:                                
Marketing and selling expenses     3,098,898       269,051       5,076,874       620,673  
Compensation and related taxes     509,339       777       790,027       11,608  
Professional and consulting expenses     213,205       55,686       679,655       119,554  
General and administrative     232,597       60,739       590,736       124,268  
Total Operating Expenses     4,054,039       386,253       7,137,292       876,103  
INCOME (LOSS) FROM OPERATIONS     984,995       (5,237 )     1,184,396       (19,711 )
OTHER INCOME (EXPENSE):                                
Gain on debt settlement     -       35,000       50,500       35,000  
Interest income     4,704       7       6,541       18  
Interest expense and other finance charges     (1,755 )     (1,569 )     (3,213 )     (3,145 )
Other Income (Expense), Net     2,949       33,438       53,828       31,873  
INCOME BEFORE PROVISION FOR INCOME TAXES     987,944       28,201       1,238,224       12,162  
Provision for income taxes     261,044       -       335,797       -  
NET INCOME   $ 726,900     $ 28,201     $ 902,427     $ 12,162  
NET INCOME PER COMMON SHARE:                                
Basic   $ 0.01     $ 0.00     $ 0.01     $ 0.00  
Diluted   $ 0.00     $ 0.00     $ 0.00     $ 0.00  
Basic     115,226,893       41,945,881       108,779,476       41,945,881  
Diluted     368,933,486       41,945,881       341,429,203       41,945,881  

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