SAN DIEGO–XY – The Findables Company, a leading device tracking company and developer of the XYO Network, the technology bringing blockchain to the real world, today reported financial results for the first half of the year, ending June 30, 2018.
Revenue for the first six months of 2018 was approximately $15 million, as compared with approximately $442,000 for the same six-month period the prior year. Stronger U.S. and global product demand contributed to the growth.
The company’s investment in Research and Development over the first six months of 2018 increased to $249,000, or 153% greater than the prior year level over the same period. The additional investment was focused on building out infrastructure and applications to support the XYO Network.
- The first half of 2018 was defined by high sales growth and continued development of the XYO Network blockchain platform
- Sales for the six-month period ending June 30, 2018 were $15.0 million, up $14.6 million, on a year-over-year basis
- Approximately $13 million in sales were attributable to the pre-sale and main sale of XYO tokens
- Net Income increased $7.6 million year-over-year, up from a loss of $2 million over the same period in 2017
- Generated positive cash flows despite significant investment in infrastructure and human capital, with a net increase of $1.2 million in cash and equivalents
“We’re happy with the business growth and progress so far in 2018, and look forward to a successful close to this year as we seek to create the world’s first viable Location of Things (LoT) ecosystem,” noted Arie Trouw, co-founder and Chief Executive Officer at XY. “We remain focused on building out the XYO Network, strengthening our industry partnerships, and engaging even more with our beloved global XYO community, as we plan for our first user conference, Spatial, next month here in San Diego.”
The full 1-SA report for the first half of 2018 is available on the Securities and Exchange Commission (SEC) website here:https://www.sec.gov/Archives/edgar/data/1577351/000119312518284062/d591010d1sa.htm
Tickets for XYO Network’s first cryptocurrency, geolocation and blockchain event, Spatial, are on sale now at: https://spatial.xyo.network. Only 500 tickets are available – get yours today.
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 statement in this press release because of new information, future events or other factors.