The XYO Network (Coinbase: $XYO), which claims to be the “first” blockchain geospatial oracle network backed with cryptography, has 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 as compared to the previous fiscal year, reporting approximately $7.6 million.”
As noted in an update shared with CI, the “record-breaking” year of growth and profitability for XYO and parent company XY Labs “marks an all-time high profit for the company 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 developers claim that it is “one of the largest blockchain networks with more than 4 million users.”
In addition, the XYO-enabled COIN app rewarding users “with digital assets in exchange for verifying data grew to millions of users.”
Notable Financial Figures are as follows:
- Adjusted EBITDA increased by $2,570,602 in the year ended December 31, 2021 compared to the year ended December 31, 2020.
- Revenue increased by $5,404,002, or 71% in the twelve months ended December 31, 2021 from December 31, 2020.
- Cost of Sales decreased by $1,153,975, or 84% in the twelve months ended December 31, 2021 from December 31, 2020.
- COIN contributed net revenues of $12,881,748 in the year ended December 31, 2021, which constitutes 99% of total net sales for the same period.
Arie Trouw, Co-Founder of XYO and CEO of XY Labs, stated:
“We’re thrilled to announce a record year of financial performance and growth for XYO. After record-breaking results last year and considerable growth of our COIN app, we are 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 claims that it is “the first people-powered, decentralized project that connects the real physical world directly with blockchains.”
Its “decentralized” network of devices “anonymously collect and validate 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 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.”
XYO / 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 around the world “can participate on the network and even get monetarily rewarded for doing so.”