XY – The Persistent Company Announces 2018 Full-Year Audited Financial Report and Results
SAN DIEGO--(BUSINESS WIRE)--May 7, 2019--XY - The Persistent Company, parent company to XYO, the geospatial cryptonetwork, today reported financial results for the full fiscal year ending December 31, 2018.
Revenue for the full fiscal year 2018 was approximately $21.6 million, as compared to approximately $1 million in revenue for the prior fiscal year. In 2018, the Company launched the Geomining Kit product, which contributed to strong revenue growth in hardware sales. Additionally, the Company introduced the “XYO” blockchain protocol, and conducted a Token Sale. The sale of XYO Tokens and the significant increase in sales of XY Findables products in the U.S. and abroad contributed to growth.
- 2018 was defined by high sales growth and continued development of the XYO Network blockchain platform;
- Gross profits for the period ending December 31, 2018 were $16 million, up $15.7 million, on a year-over-year basis;
- Approximately $15.9 million in sales were attributable to the sale of XYO tokens;
- Net Income increased $1.7 million year-over-year, up from a loss of $2 million over the same period in 2017;
- The Company raised approximately $6 million, net of issuance costs, through a Reg A+ offering. The primary uses of this capital were R&D and Marketing expenses to support the development of the XYO Network.
“We’re pleased with our solid business growth and progress over the course of 2018, and look forward to an even more successful 2019 as we build out a global, fully distributed geospatial cryptonetwork and ecosystem of IoT devices,” commented Arie Trouw, Co-Founder and CEO at XY and XYO. “We remain focused on a few key areas: building out our technology and a decentralized ‘Dataist’ network, deepening our industry partnerships, and engaging even more fully with our global XYO Community.”
The full 1-K report for the fiscal year ending December 31, 2018 is available on the Securities and Exchange Commission (SEC) website here: https://www.sec.gov/Archives/edgar/data/1577351/000119312519133301/d689828dpartii.htm
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and may be identified by words such as “anticipates,” “believes,” “seeks,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “could,” “will,” “would,” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release relate to, among other items, the company’s future or assumed development of the XYO Network and market adoption of that network. These statements involve a high degree of risk and uncertainty, are predictions only and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the company’s products and services, the ability to complete software development plans in a timely manner, changes in relationships with third parties, product mix sold by the company and other factors described in the company’s most recent periodic and other filings with the Securities and Exchange Commission, including its Offering Circular on Form 1-A, 2017 Annual Report on Form 1-K and semi-annual reports on Form 1-SA. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company undertakes no obligation to update or review any forward-looking statements in this press release because of new information, future events or other factors.
About XY - The Persistent Company
Since 2012, XY has been on a mission to decentralize the world’s location data. XY is the company’s consumer-facing brand of Bluetooth and GPS findable devices. XY has become a leading technology in the device tracking vertical and has introduced a real-world network of Bluetooth and GPS/Cellular Beacons that interact every day in the real world.
Since 2012, with a Dataist focus, XYO has developed trusted IoT technology that connects the digital world with the physical one. In 2018, the company unveiled the XYO Network, the world’s first geospatial blockchain network backed by cryptography. With more than 1 million location-verifying beacons around the planet, XYO technology rivals the GPS network, and radically transforms the world’s leading industries. Partners include mapping giant Esri, FedEx Research Institute, Re/Max Mexico and Spaceflight Industries. XYO Advisors come from leading organizations including National Geographic and the World Economic Forum. For more information, visit us at www.xy.company and https://xyo.network.
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CONTACT: Larry Smalheiser
Head of Communications
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS DATA MANAGEMENT HARDWARE INTERNET NETWORKS SOFTWARE OTHER TECHNOLOGY SATELLITE SEMICONDUCTOR MOBILE/WIRELESS
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PUB: 05/07/2019 09:00 AM/DISC: 05/07/2019 09:01 AM