Innovative investments strengthen foundation and position company for continued growth
Jacksonville, Florida, May 10, 2022 (GLOBE NEWSWIRE) — Everything Blockchain, Inc. (OTCMKTS: OBTX), a technology company that enables real-world use of blockchain to solve critical business issues, today reported its financial results for the year, which ended January 31, 2022.
- Generated $2.5 million revenue in fiscal 2022, up from $0.1 million in fiscal 2021
- Adjusted revenue was $11.9 million in fiscal 2022, up 4x from $3.0 million in fiscal 2021
- Recorded net income of $2.3 million in fiscal 2022, up from a net loss of $50.0 million in fiscal 2021
- Adjusted EBITDA was $5.2 million in fiscal 2022, up from adjusted EBITDA of $1.1 million in fiscal 2021
- Completed a series of four transformative acquisitions
- Changed company name to better reflect expansive business opportunity in blockchain
- Took lead position in Ethereum fork PulseChain alongside Overwatch Partners, Everything Blockchain’s major shareholder
- Expanded board with appointment of two independent directors in anticipation of uplisting to a senior exchange
- Strengthened and expanded management team with C-level additions, adding COO, CIO, CSO, CTO, and CRO
“Our team’s execution of our strategy in fiscal 2022 gives Everything Blockchain an extremely strong foundation from which to accelerate growth and profitability,” said Eric Jaffe, Chief Executive Officer of Everything Blockchain, Inc. “The combination of strategic acquisitions and investments, as well as support from forward-looking customers, investors and partners, places us in a great position to realize our vision of disrupting the technology market as it is today.”
The acquisitions Everything Blockchain completed in fiscal 2022 provide the company with a growing suite of innovative and novel business offerings. These offerings are being incorporated under three distinct sub-brands: EB Advise, EB Build, and EB Control. EB Advise provides expert consulting services across all aspects of blockchain to assist customers exploring the use of blockchain to solve real-world business problems. EB Build, the company’s patent-pending blockchain platform, will serve as the backbone of Everything Blockchain’s proprietary blockchain and zero-trust ecosystem. EB Control provides a zero-trust data access solution for individuals and organizations seeking continuous control of their data across its lifespan.
“We continue to successfully integrate our acquisitions into Everything Blockchain’s operations, strategies, and marketing,” said Bill Regan, Chief Financial Officer of Everything Blockchain, Inc. “We are well positioned for growth in the quarters ahead and expect to capitalize on rapidly expanding opportunities as blockchain technology becomes an integral part of more and more industries.”
To further accelerate its growth plans, the company plans to raise up to $8 million from accredited investors through its Series C Preferred stock. To date, Everything Blockchain has received $1.5 million in capital through a strategic investor working with the company to advance its products and services in the Middle East and North Africa (MENA) region. One of the company’s largest shareholders, Christian “Rackham” Rishel, (www.rackham.com), a partner in Overwatch Partners with Everything Blockchain’s Chairman of the Board Michael Hawkins, has indicated participation in the Series C Preferred Stock financing, taking a larger stake in the company by closing out the financing round, which is expected to close during the second quarter.
Everything Blockchain, Inc.’s financials for FY21 and FY22 are as follows.
|For the Years Ended January 31,|
|Cost of sales||231||–|
|Selling, general and administrative||4,183||49,975|
|Depreciation and amortization||96||–|
|Total operating expenses||4,279||49,975|
|Loss from operations||(2,029||)||(49,913||)|
|Other income (expense), net||5,181||614|
|Income (loss) before income taxes||3,152||(49,299||)|
|Income tax expense||835||–|
|Net income (loss)||$||2,317||$||(49,299||)|
Everything Blockchain, Inc.’s adjusted financials for FY21 and FY22 are as follows.
|For the Years Ended|
|Adjusted cost of sales||4,648||423|
|Adjusted gross profit||$||7,207||$||2,595|
About Everything Blockchain, Inc.
Everything Blockchain, Inc. (OTCMKTS: OBTX) envisions a future where every transaction is trusted and blockchain is used to meet ESG goals, support cities of the future, build and control the transparency of supply chains and ensure the rights of data ownership sustain forever. The company’s patent-pending advances in blockchain engineering deliver the essential elements needed for real-world business use: speed, security, and energy efficiency. Current sub-brands include: EB Advise, EB Block and EB Control. For more information, please visit https://www.everythingblockchain.io/
Forward Looking Statements
This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan” or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of blockchain and zero trust- based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate.
Adjusted Revenue Statement
This news release contains non-GAAP financial information with respect to adjusted revenues and Adjusted EBITDA. Adjusted Revenue is defined by the Company as revenue adjusted for cryptocurrency activities. Adjusted EBITDA, which is a non-GAAP financial measure, is defined by the Company as net income (loss) plus net interest income, income tax (benefit) expense, depreciation and amortization, and stock-based compensation, and related party transactions recorded in equity for the year ended January 31, 2021. Adjusted Revenue and Adjusted EBITDA presented by other companies may not be comparable to our presentation since each company may define these terms differently. The Company has included these non-GAAP financial measures because management reviews them on a regular basis and uses them to evaluate and manage the performance of the Company’s operations. Management believes that these non-GAAP financial measures provide useful information to investors as a supplement to our GAAP financial statements. However, these measures should be evaluated only in conjunction with the comparable GAAP financial measures and should not be viewed as alternative or superior measures of GAAP results.
CONTACT: Media Contact Taylor Hadley [email protected] 978-877-2113