Envela Reports Second Quarter 2023 Financial Results

DALLAS, TX / ACCESSWIRE / August 2, 2023 / Envela Corporation (NYSE American:ELA) ("Envela" or the "Company"), today reported financial results for its second quarter ended June 30, 2023. The Company posted revenue for the June quarter of $50.3 million, and quarterly earnings per diluted share of $0.06.

John Loftus, Chairman and CEO of Envela said, "We had a good quarter and we delivered strong results. We believe we are well positioned to continue advancing our business in 2023 and remain confident that the strategic course we have set for the Company. We maintain an optimistic outlook for the future, and our unwavering commitment to delivering ongoing value to our stakeholders remain steadfast."

Retail Expansion Commentary
"Our primary objective is to recognize and capitalize on strategic opportunities, and we are extremely excited about the prospects that lie ahead of us. Additionally, we firmly believe our track record demonstrates our ability to perform well in both favorable and challenging times. We are confident that our retail expansion strategies will not only generate increased revenue, but also enhance our market position, and ultimately provide strong returns for our investors. Supported by our solid foundation of financial health, we are still in the early stages of expanding our store footprint. We aim to elevate our brand and create something extraordinary, and we strongly believe that we have only scratched the surface of what we can achieve," said John Loftus.

About Envela
Envela is the North American re-commerce leader, enabling a better world through the circular economy. It empowers buyers and sellers to extend the useful lives of specialty and durable goods; and seize retail, recycling, and reverse-logistics supply-chain opportunities. This financially benefits consumers and manufacturers alike. Envela operates primarily via two re-commerce business segments, DGSE and ECHG. DGSE (direct-to-consumer portfolio) operates retail stores and online sites offering premium brands and luxury hard assets. ECHG (commercial-services portfolio) offers custom re-commerce solutions to meet the needs of diverse clients, including Fortune 500 companies.

At Envela, we Reuse, Recycle, and Reimagine. To learn more, visit Envela.com and follow our social media channels on Twitter, Instagram, Facebook, and LinkedIn.

Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, including statements regarding acquisitions, financial outlook, and the potential future success of business lines and strategies. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, market conditions and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.

Investor Relations Contact:
Investor Relations
1901 Gateway Drive | Irving, TX 75038
investorrelations@envela.com

Envela Corporation
Condensed Consolidated Statements of Operations

These financials are to be viewed with Form 10-Q and accompanying notes filed with the Securities and Exchange Commission on August 2, 2023. The accompanying notes to Form 10-Q are an integral part of these consolidated financial statements.

Envela Corporation
Condensed Consolidated Balance Sheets

These financials are to be viewed with Form 10-Q and accompanying notes filed with the Securities and Exchange Commission on August 2, 2023. The accompanying notes to Form 10-Q are an integral part of these consolidated financial statements.

Envela Corporation
Condensed Consolidated Statement of Cash Flows

These financials are to be viewed with Form 10-Q and accompanying notes filed with the Securities and Exchange Commission on August 2, 2023. The accompanying notes to Form 10-Q are an integral part of these consolidated financial statements.

SOURCE: Envela Corporation