Mr. Michael Robb reports

AIRIQ ANNOUNCES MARCH 31, 2025 YEAR END RESULTS REPORTS DOUBLE DIGIT RECURRING REVENUE GROWTH

AirIQ Inc. has released its financial results for the year ended March 31, 2025, reporting its ninth consecutive year of recurring revenue growth.

"We are very pleased to report that recurring revenue increased by 10 per cent compared to the previous year," said Mike Robb, president and chief executive officer of AirIQ. "The company has reported recurring revenue growth for the ninth straight year, representing an increase of over 100 per cent during that period. Our investments in sales and marketing during the past year are also beginning to demonstrate a positive return. Subsequent to year-end, additional customer wins have resulted in our annualized recurring revenue having now surpassed the $5.5-million threshold. We anticipate that continued sales and marketing success will generate even greater rates of growth in revenue and profitability in the future," continued Mr. Robb.

Highlights for the year are as follows.

Annual highlights (for the year ended March 31, 2025, compared with the year ended March 31, 2024):

• Recurring revenue of $4,800,008 increased by 10 per cent or $431,609, compared with $4,368,399 for the prior year. Recurring revenue represented 87 per cent of total revenue, compared with 79 per cent in the prior-year period.
• Gross profit of $3,395,765 increased by 1 per cent or $41,674, compared with $3,354,091 for the prior-year period.

Fourth quarter highlights:

• Record quarterly recurring revenue of $1,228,461 increased by 12 per cent or $131,300 compared with $1,097,161 for same quarter in the prior year, and increased by 2 per cent or $28,842 compared with $1,199,619 from the prior quarter.

Business review

Normal course issuer bid

In thousands of Canadian dollars

The company filed a notice of intention to make a normal course issuer bid with the TSX Venture Exchange commencing June 27, 2024, and ending on June 26, 2025. Pursuant to the bid, the company proposed to purchase through the facilities of the TSX-V up to 1,468,004 common shares, representing approximately 5 per cent of the then issued and outstanding common shares of the company. The company's broker for the bid is Hampton Securities Ltd.

During the year ended March 31, 2025, the company purchased 422,000 common shares for cancellation under the bid for a total of $148 or 35 cents per common share (March 31, 2024 -- 140,000 common shares were purchased for cancellation for a total of $51 or 36 cents per common share), plus an additional $2 in broker fees were paid for the repurchase of the shares (March 31, 2024 -- $1). Three hundred sixty-nine five hundred common shares were cancelled during the year and the remaining 52,500 common shares were cancelled on May 1, 2025.

Subsequent events

Normal course issuer bid

Subsequent to March 31, 2025, the company had repurchased an aggregate of 289,000 common shares for cancellation under the current bid.

The company had also announced the renewal of its normal course issuer bid on June 24, 2025, to purchase up to 1,455,829 common shares, representing 5 per cent of the company's then current issued and outstanding common shares, through the facilities of the TSX-V during the period commencing June 27, 2025, and ending on June 26, 2026. As of July 9, 2025, under the renewal bid, the company has purchased one million shares for cancellation.

As of the time of issuance of this news release, the company has a total of 29,116,574 common shares issued and outstanding.

Selected annual information

Overview

The company's audited consolidated financial statements include the accounts of AirIQ and its subsidiaries, AirIQ U.S. Holdings Inc., AirIQ U.S. Inc. and AirIQ LLC. All intercompany balances and transactions have been eliminated on consolidation.

Financial statements and MD&A (management's discussion and analysis)

The company's audited consolidated financial statements for the years ended March 31, 2025, and March 31, 2024, including notes thereto, and the MD&A for the same period are being filed with the Canadian securities regulatory authorities on today's date, and will be available on the company's website and on SEDAR+. The company's financial statements include the accounts of AirIQ and its subsidiaries, AirIQ U.S. Holdings, AirIQ U.S. and the limited liability company. All intercompany balances and transactions have been eliminated on consolidation.

About AirIQ Inc.

AirIQ was founded in 1997 and is a pioneer in IoT-based (Internet of things) asset management solutions. AirIQ's solutions allow commercial businesses to reliably, effectively and efficiently monitor assets in near real time. The company develops iOS and Android mobile and Web-based applications, and cloud-based solutions, which stand alone or that can be readily integrated with existing software. AirIQ solutions are mixed fleet capable and provide fleet reporting, maintenance, compliance, safety and analytics utilizing multiple hardware options, including a fully integrated video telematics camera solution and a battery powered solution for non-powered assets.

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