IIOT-OXYS, Inc., a company specializing in Industrial Internet of Things (IIoT) solutions, has released its Form 10-Q report for the third quarter of 2023. The report provides a detailed overview of the company's financial performance and operational highlights, reflecting its ongoing efforts in the Structural Health Monitoring (SHM) and Smart Manufacturing verticals.
Financial Highlights
- Revenues: $19,714 for the three months ended September 30, 2023, compared to $23,003 for the same period in 2022. For the nine months ended September 30, 2023, revenues were $98,286, a significant increase from $39,503 in 2022, reflecting a 149% growth.
- Gross Profit: $14,843 for the three months ended September 30, 2023, compared to $17,863 for the same period in 2022. For the nine months ended September 30, 2023, gross profit was $67,956, up from $33,853 in 2022.
- Net Loss: $(45,291) for the three months ended September 30, 2023, compared to $(42,295) for the same period in 2022. For the nine months ended September 30, 2023, net loss was $(474,098), an improvement from $(743,600) in 2022.
- Net Loss Attributable to Common Stockholders: $(62,674) for the three months ended September 30, 2023, compared to $(49,204) for the same period in 2022. For the nine months ended September 30, 2023, net loss attributable to common stockholders was $(523,901), compared to $(775,217) in 2022.
- Net Loss Per Share Attributable to Common Stockholders - Basic and Diluted: $(0.00) for both the three and nine months ended September 30, 2023 and 2022.
Business Highlights
- Revenue Segments: The company reported revenue from its DOT Bridge Monitoring Contract and overall Structural Health Monitoring (SHM) vertical, which serves as the foundation of its revenue stream. The current monitoring revenue is expected to continue through the fourth quarter of 2023.
- Geographical Performance: The company is engaged in discussions with its main contractor to the Department of Transportation (DOT) for extensions and expansions, indicating potential future business in mid-2024. There is also potential for local municipalities in the current northeast state to contribute revenue in 2024.
- Sales Units: The Smart Manufacturing vertical is benefiting from progress on a CNC SaaS contract that commenced in June 2023 and will continue through the fourth quarter of 2023. This has generated additional sales leads for potential paid CNC POCs and additional SaaS contracts.
- New Product Launches: The company has released initial public endorsements and promotional videos for its CNC SaaS contract, with additional videos planned for release in the fourth quarter of 2023.
- Future Outlook: The company expects revenue to moderate in the fourth quarter of 2023 due to limited funding for sales and marketing efforts. However, potential future revenue growth is possible, pending adequate funding for sales and marketing efforts. The company is also considering options such as pursuing suitable companies to merge with or acquire if unable to raise adequate funds.
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