Mr. Jean Charles Phaneuf reports

INFINITII AI REPORTS 25% SALES INCREASE, 11% EXPENSES DECREASE FOR F2024-Q1

Upon completion of its annual general meeting (AGM) yesterday, today Infinitii AI Inc. released financial highlights for the period ended Sept. 30, 2023. A complete set of Sept. 30, 2023, consolidated financial statements and management's discussion and analysis has been filed at SEDAR+.

Management's quarterly commentary and new revenue initiatives

"In the first quarter of 2024 Infinitii AI increased revenue 25 per cent while decreasing expenses by 11 per cent compared with the same quarter of last year, continuing a trend established in FY2023 of double-digit software licence revenue gains alongside judicious use of cash," said chief executive officer Jean Charles Phaneuf, adding that the cash required by the company's operating activities decreased by 37 per cent compared with the same period in the previous year.

"To accelerate revenues in 2024, we presented two corporate initiatives at our Nov. 29 AGM," continued Mr. Phaneuf. "Infinitii AI is creating a professional services division to speed up adoption of our products by customers that lack our data science and AI expertise for time-series data applications. This new business unit will allow us to increase our footprint within the water industry and grow into new smart systems verticals as we identify opportunities that leverage our intellectual property.

"Our AGM presentation also included an innovation showcase to demonstrate upcoming capabilities for the smart industry sector," stated Mr. Phaneuf. "Our latest developments are designed to expand real-time predictive data intelligence capability from macro views of infrastructure operations to micro views of individual pieces of mission-critical equipment commonly found in energy and manufacturing industries."

Financial highlights and year-over-year results for fiscal Q1 2024

• For the period ended Sept. 30, 2023, the company generated $534,144 in revenues compared with $426,026 for the period ended Sept. 30, 2022, a 25-per-cent increase driven by the successful renewal of an Infinitii Flowworks data services contract with Miami-Dade County and boosted monthly revenue from the 33-month, $1.5-million contract with Peel Region won in January of 2023 through a strategic partnership with SCG Flowmetrix.
• Monthly average revenue from contracted and subscription customers increased by 21 per cent compared with the period ended Sept. 30, 2022.
• Operating expenses of $785,839 for the three-month period ended Sept. 30, 2023, declined 11 per cent compared with $883,330 in the three-month period ended Sept. 31, 2022, which has been the pattern for the past fiscal year.
• During the three-month period ended Sept. 30, 2023, the cash required by the company's operating activities of $329,904 decreased by 37 per cent compared with the same period in the previous year.
• The fiscal Q1 2024 operating loss was $251,695, the second-lowest quarterly operating loss for the company in eight years.

About Infinitii AI inc.

Trusted since 2014 to provide environmental monitoring to many of the largest water infrastructure utilities in the United States and Canada, Infinitii AI has evolved into a machine-learning software leader that serves water utility customers in cities and municipalities including Toronto, Seattle, Miami-Dade county, Montreal, Boston, Dallas, region of Peel, York region and Los Angeles county, among others. The company services customers via a trusted partner network that includes engineering and IT services companies like AECOM, Core & Main, Kerr Wood Leidal Ltd., K2 Geospatial, and SCG Flowmetrix.

Infinitii AI software performs real-time analysis, checks flow monitoring status, sets alarms through a single interface, accepts all types of data from any source, and offers predictive (what will happen) and prescriptive (what should happen) analytics. Whether it is real time, historic, wireless, satellite, SCADA or public data sets including USGS, NOAA and weather forecasts -- it does not matter where the data originates, Infinitii AI transforms raw data into actionable information.

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