IIOT-OXYS Reports Decrease in Net Loss and Strong Revenue Growth for Q2 2023
The Technology Firm Achieves Impressive Revenue of $35.3 Million, a 113% Increase Year-over-Year
IIOT-OXYS, Inc. (IIOT), a technology company s pecializing in industrial Internet of Things (IIoT) solutions, has announced its financial results for the second quarter of 2023. The company demonstrated robust revenue growth, achieving $35.3 million in revenues, up from $16.5 million in the same period last year. Despite challenges in the market, IIOT-OXYS managed to reduce its net loss, showcasing promising signs of growth and efficiency.
Net Income/Loss and Revenue Overview
The financial report for the second quarter of 2023 reveals that IIOT-OXYS reported a net loss of $(266,759), an improvement from the net loss of $(188,573) recorded during the same period in 2022. The company's strategic initiatives and focus on operational efficiency played a role in the reduction of net loss.
In terms of revenue, IIOT-OXYS achieved remarkable growth, reporting $35.3 million in revenue for the three-month period ending June 30, 2023. This signifies a substantial increase of 113% compared to the second quarter of 2022 when the company reported $16.5 million in revenue.
