Epazz Reports 13.5% Increase in Revenue, 71.8% Increase in EBITDA and Positive Net Income for Q2 2023, Fueled by AI Business Software
CHICAGO. IL, Aug. 16, 2023 (GLOBE NEWSWIRE) — via NewMediaWire – Epazz Inc. (OTCPINK: EPAZ), a mission-critical provider of drone technology, blockchain mobile apps and cloud-based business software solutions, announced today its reported revenue of $580,530 for the second quarter of 2023 compared to $511,633 for the second quarter of 2023. Additionally, the company reported a positive EBITDA of $132,563, compared to an EBITDA of $37,372, an increase of 71.8%. These earnings were fueled by the use of artificial intelligence (AI) engines being added to its cloud business software products.
Epazz’s software products continue to generate revenue. The company has been upgrading its technology with AI engines to assist its customers with better ways of operating their organizations. Epazz will continue to expand the use of AI in its software programs. AI software increases productivity and decreases operational costs, and it helps customers understand who the best candidate to hire is and how to solve operational problems.
The company anticipates new sources of revenue from drone technology, and smart glasses will affect its revenue in the coming months as drones are deployed and smart glasses are implemented into training programs. Epazz will reinvest the operating income to obtain drone government contracts. Additional business development personnel will be hired, and operations will begin in foreign countries. Epazz already has a joint venture with NightSun for Native American tribes and is working on other joint ventures in Brazil, South Africa and Ukraine.
Epazz began developing AI software in 2019 with its drone software program. This led to the development of the ZenaDrone 1000.
Because drone technology is in the manufacturing stage, the product development cost will decrease. “We are increasing our revenues and decreasing our costs, thereby creating a positive EBITDA and now positive net income,” said Shaun Passley, Ph.D., CEO of Epazz Inc.
About ZenaDrone Inc.
ZenaDrone is dedicated to improving intelligent, unmanned aerial vehicle technology and incorporating machine-learning software and AI. It was created to revolutionize the hemp-farming sector, later evolving into a smart, multifunctional industrial surveillance, inspection and monitoring solution. ZenaDrone is deploying drones for Drone as a Service (DaaS) operations.
About Epazz Inc.
Epazz Inc. is a mission-critical provider of metaverse solutions, blockchain cryptocurrency, mobile apps and cloud-based software. It specializes in providing customized cloud applications to corporate firms, higher-education institutions and the public sector. Epazz develops metaverse business solutions that enable people to collaborate in real time through virtual reality. Epazz is upgrading its business solutions to be fully integrated into the metaverse; it will be manufacturing low-cost smart glasses for the metaverse.
Safe Harbor
Certain statements contained in this press release are “forward-looking statements,” as defined by the “Safe Harbor” statement in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by their use of forward-looking terms such as “may,” “expect,” “intend,” “estimate,” “anticipate,” “believe” and “continue” (or the negative variations thereof). Such forward-looking statements are subject to risk, uncertainties and other factors that could cause actual results to differ materially from those the statements imply. Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results may differ materially from those such forward-looking statements contemplate. Epazz assumes no obligation, does not intend to update these forward-looking statements and has no duty to update or correct information that third parties not paid for by Epazz prepare.
Investors are encouraged to review Epazz’s public filings on SEC.gov, including its unaudited and audited financial statements, its registration statement, Form 10-Ks and Form 10-Qs, which contain general business information about the company’s operations, operations results and the risks associated with the company and its operations. Penny stock picks need to be researched. Do your homework. Please review all our filings.
For more information, please contact the following:
Epazz Inc.
Investor Relations
investors@epazz.net
312-955-8161
www.epazz.com/investors.aspx
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