SPO Global Inc. Announces Strong 1st Quarter Financial Operations and Performance

Rhea-AI Summary

SPO Global Inc, a leading food processing machinery company, has announced impressive financial operations and performance for Q1 2023. Revenue grew by 11.25% and gross profit increased to $1,025,071. The company has approximately $2,121,000 in cash for research and development.

Positive

• Revenue grew by 11.25%
• Gross profit increased to $1,025,071
• Approximately $2,121,000 in cash for research and development

Negative

• None.

SHANGDONG, CHINA / ACCESSWIRE / May 17, 2023 / SPO Global Inc, (OTC PINK:SPOM) ("SPO Global Inc" or the "Company"), which operates Shandong Fangyuan Huizhong Intelligent Equipment Co., Ltd.(SFHI).

SFHI, a leading food processing machinery company, is pleased to announce its impressive financial operations and performance for the first quarter of 2023. These results underscore the company's commitment to financial excellence and its ability to navigate a dynamic market environment while delivering value to its stakeholders.

Financial Highlights:

1. Revenue Growth: Revenues grew by 11.25% driven by our exceptional sales team and high demand for our equipment.
2. Profitability: Gross profit for the period ended March 31, 2023 was $1,025,071 vs. $447,623 for the quarter ended March 31, 2022.
3. Cash Flow and Liquidity: The company continues to manage its collection of accounts receivable allowing it to have approximately $2,121,000 in cash which in part will be used for research and development of implementing artificial intelligence into the machines we manufacture.

Jeff Peng the Company's CEO said that "Attending the 108th National Sugar and Liquor Commodities Fair was an exhilarating experience for our team at SFHI. We were thrilled to connect with industry leaders, showcase our innovative products/services, and forge valuable partnerships. The positive feedback and overwhelming response we received from attendees further validate our position as a market leader. This trade show has not only bolstered our brand visibility but has also opened doors to new opportunities and reinforced our commitment to delivering excellence. We are excited to leverage the momentum gained from this event to drive continued growth and success for our company, and we are determined to have our best year ever and pave the way for higher standards in the way food is processed and packaged."

About SPO Global Inc. (OTC PINK:SPOM):
SPO Global Inc. recently signed a merger agreement with a leading food machinery company, Shandong Fangyuan Huizhong Intelligent Equipment Co., Ltd. (SFHI).
Company Disclaimers: As a Public Traded Company, within the guidelines of Federal and State Securities Law, SPO Global, Inc. may not avail itself of the Safe Harbor provisions as identified in the Private Securities Litigation Reform Act of 1995. However, SPO Global, Inc. provides the following disclaimer and warning to protect our shareholders, prospective investors and the public at large by alerting them to the risks and uncertainties involved with any investment, and the need to perform their own due diligence and assessment.

Forward-Looking Statements: This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Securities and Exchange Commission.

Company Contact:
Jeff Peng
liangjianpeng2018@gmail.com

SOURCE: SPO Global, Inc.

View source version on accesswire.com:
https://www.accesswire.com/755444/SPO-Global-Inc-Announces-Strong-1st-Quarter-Financial-Operations-and-Performance

FAQ

What is the financial performance of SPO Global Inc for Q1 2023?

SPO Global Inc has announced impressive financial operations and performance for Q1 2023. Revenue grew by 11.25% and gross profit increased to $1,025,071.

How much cash does SPO Global Inc have for research and development?

SPO Global Inc has approximately $2,121,000 in cash for research and development.