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AirIQ Inc (2)
Symbol IQ
Shares Issued 29,517,574
Close 2024-02-21 C$ 0.45
Market Cap C$ 13,282,908
Recent Sedar Documents

AirIQ talks revenue, omits Q3 2024 P&L from NR

2024-02-22 12:48 ET - News Release

Mr. Mike Robb reports

AIRIQ ANNOUNCES THIRD QUARTER RESULTS COMPANY REPORTS DOUBLE-DIGIT GROWTH IN RECURRING REVENUE

AirIQ Inc. has released its financial results for the three and nine months ended Dec. 31, 2023, reporting increases in recurring revenue and working capital.

Third quarter highlights (for the three months ended Dec. 31, 2023, compared with Dec. 31, 2022):

  • Recurring revenue of $1,091,055 increased by 10 per cent compared with $990,490. This represented 91 per cent of total revenue compared with 73 per cent.
  • Total revenue of $1,199,353 decreased by 11 per cent compared with $1,353,426.
  • Gross profit of $769,453 decreased by 1 per cent compared with $778,256.
  • Cash balances of $2,985,849 increased by 46 per cent compared with $2,044,346. The increased cash balances were leveraged to generate $29,116 of interest income, an increase of 136 per cent compared with $12,329.
  • Working capital of $3,573,334 increased by 25 per cent compared with $2,860,366.

"We are pleased to report continued growth in our recurring revenues and improvements to our working capital this quarter," said Mike Robb, president and chief executive officer of AirIQ. "The company continues to invest heavily into its sales and marketing initiatives in order to build the groundwork for driving further growth in recurring revenue organically. Furthermore, the company's healthy cash balance, in conjunction with our line of credit, positions us well to pursue acquisitions as part of our growth strategy, all of which will lead 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.

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 and nine months ended Dec. 31, 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 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 celebrated its 26th anniversary of its founding in 1997 and is a pioneer in Internet of Things-based 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 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.

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