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AirIQ Inc (2)
Symbol IQ
Shares Issued 29,367,574
Close 2023-08-23 C$ 0.33
Market Cap C$ 9,691,299
Recent Sedar Documents

AirIQ earns $349,399 in Q1 2024

2023-08-24 12:35 ET - News Release

Mr. Mike Robb reports

AIRIQ ANNOUNCES JUNE 30, 2023 QUARTERLY RESULTS

AirIQ Inc. has released its financial results for the three months ended June 30, 2023, reporting increases in revenues, gross profit, net income and working capital.

First quarter highlights (for the three months ended June 30, 2023, compared with June 30, 2022):

  • Record recurring revenue of $1,100,050 increased by 16 per cent or $149,144 compared with $950,906.
  • Total revenue of $1,754,946 increased by 42 per cent or $523,360 compared with $1,231,586.
  • Gross profit of $971,849 increased by 31 per cent or $229,029 compared with $742,820.
  • Record net income of $349,399 increased 34 per cent or $87,689 compared with $261,710.

"We are pleased to report record recurring revenue and net income for the quarter along with increases in all of our key metrics this quarter compared to the prior year," said Mike Robb, president and chief executive officer of AirIQ. "The company's continued focus on delivering recurring revenue growth has produced double-digit growth leading to a strong base for future growth and profitability for our shareholders," continued Mr. Robb.

All dollar amounts set out herein are in Canadian dollars.

Normal course issuer bid

On June 23, 2023, the company announced the renewal of its normal course issuer bid to purchase up to 1,468,379 common shares representing 5 per cent of the company's then current issued and outstanding common shares through the facilities of the TSX Venture Exchange during the period commencing June 23, 2023, and ending on June 22, 2024. As of Aug. 23, 2023, the company has not repurchased any shares for cancellation pursuant to the renewal bid.

Financial statements and management's discussion and analysis

The company's unaudited consolidated condensed interim 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.

The company's unaudited consolidated interim financial statements for the three months ended June 30, 2023, and 2022, including notes thereto, and management's discussion and analysis 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 the SEDAR+ website. The company's financial statements include the accounts of AirIQ and its subsidiaries, AirIQ U.S. Holdings, AirIQ U.S. and AirIQ. All intercompany balances and transactions have been eliminated on consolidation.

About AirIQ Inc.

AirIQ is celebrating over 25 years of being a pioneer in Internet of Things-based asset management solutions since its founding in 1997. 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 that 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.

We seek Safe Harbor.

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