CEO, Cliff Emmons, and COO, Karen McNemar discuss the recently announced financial results for its second quarter ended June 30, 2022.
Cliff Emmons, CEO of IIOT-OXYS, Inc. (Oxys) stated, “Our revenue for the quarter ended June 30, 2022 exceeded the total revenue for 2021, as was anticipated in our Quarterly Report on Form 10-Q for the first quarter of 2022. We continue to gain traction with strategic partners, customers, and potential customers in our key two markets: Smart Manufacturing / Industry 4.0 and Structural Health Monitoring (SHM). These are both high growth markets. Market research shows the worldwide Industry 4.0 market in 2021 was $64.9 billion USD and is projected to be $165.5 billion USD by 2026 (20.6% CAGR).1 Also, the worldwide Structural Health Monitoring industry was $2.0 billion USD in 2021 and will reach $4.0 billion USD by 2027 (CAGR of 14.6%).2 Through our collaborations with Aretas Sensor Networks, we have access to a third market, Indoor Air Quality Monitors, which was estimated at $3.7 billion USD in 2020 and projected to reach $6.4 billion USD in 2027, growing at 8.2% CAGR.3”
Some Key Accomplishments in 2022 YTD include:
Our Structural Health Monitoring business continues to gather momentum, receiving a contract extension with a New England State’s DOT for Bridge Monitoring announced in the first quarter for monitoring throughout the second quarter, which generated this quarter’s revenue. A proposal for monitoring and equipment upgrades for the 2022 to 2023 fiscal year was submitted in the second quarter, and we anticipate its formal approval in the second half of 2022. We received verbal approval to continue invoicing monitoring fees into third quarter, while awaiting formal written approval.
The Canadian Indoor Air Quality Sensor and IIoT Platform company, Aretas Sensor Networks, with whom we entered an NDA in the first quarter, continues to progress well. In addition to the initial collaborative agreement signed in the first quarter, we signed an algortihm development contract in the second quarter which will generate revenue in our third quarter. We continue to explore additional collaborations that we expect to move forward with this year.
Our CEO, Cliff Emmons, and COO, Karen McNemar, both renewed their employment contracts in June, ensuring stable experienced leadership focused on long-term growth.
“We believe the underlying strengths of the Company are gathering momentum for expected growth. We will keep a steady focus on prospecting, submitting proposals, and securing Proof of Concepts (POCs). It is anticipated that the momentum of the second quarter’s revenue will continue into the third quarter and the second half of the year. We expect that our third quarter revenue will match or exceed this quarter’s revenues, and revenue for the second half of 2022 will exceed that generated in the first half of 2022. In total, we expect that total revenue for 2022 will exceed that of 2019” concluded Mr. Emmons.