SAN DIEGO--(BUSINESS WIRE)--XY Labs, the company behind XYO (Coinbase: $XYO), the world's first blockchain geospatial oracle network backed with cryptography, today reported record financial results for the full fiscal year ending December 31, 2021. Among its 2021 achievements, the company doubled in revenue for the full fiscal year, reporting approximately $13 million in revenue compared to the previous fiscal year, reporting approximately $7.6 million.
The record-breaking year of growth and profitability for XYO and parent company XY Labs marks an all-time high profit, which reported new records for token price, trading volume, and market cap. In recent months, the XYO token has been listed on global exchanges, including Coinbase, Gate.io, and Crypto.com, with the XYO market cap stretching to over one billion dollars – an increase of approximately 24,900% over the $4 million market cap on the same date the previous year. XYO is one of the largest blockchain networks with over 4 million nodes signed up. In addition, the XYO-enabled COIN app rewarding users with digital assets in exchange for verifying data grew to millions of users.
Key Financial Figures at a Glance
- EBITDA increased by $10.6 million to $5.8 million in the year ended December 31, 2021, compared to the year ended December 31, 2020.
- Revenue increased by $5.6 million or 73% in the year ended December 31, 2021, from December 31, 2020.
- Cost of Sales decreased by $1.1 million, or 64% in the year ended December 31, 2021, from December 31, 2020.
"We're thrilled to announce a record year of financial performance and growth for XYO," said Arie Trouw, Co-Founder of XYO and CEO of XY Labs. "After record-breaking results last year and considerable growth of our COIN app, we're reaching a new and exciting phase of our development as an organization and the expanding universe of solutions we provide or enhance. By further focusing on our technology, profitability, and development growth, XYO is positioned for continued record success."
Founded in 2018, XYO Network is the first people-powered, decentralized project that connects the real physical world directly with blockchains. Its decentralized network of devices anonymously collects and validates geospatial data (data with a geographic component), temperature and humidity, and even speed, among other forms. Use cases range from bank verifying identity and location verified reviews to the custody of supply chains and COVID-19 contact tracing.
The full 1-K report for the fiscal year ending December 31, 2021, is available on the Securities and Exchange Commission (SEC) website here: https://www.sec.gov/Archives/edgar/data/1577351/000119312522136699/d348799dpartii.htm
About XYO and XY Labs
XY Labs is a technology company based in California with a mission to create software and location-data-driven devices to build a global data network focused on people's Dataist relationship to the physical world. XY Lab's products include the COIN app, and the company launched XYO. With over 4 million nodes brought online for the XYO network, users worldwide can participate in the network and even get monetarily rewarded for doing so.
