AirIQ Announces Quarterly Results as of June 30, 2022; Company reports double-digit growth in revenue and net profit


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TORONTO, ON/ACCESSWIRE/August 18, 2022/ AirIQ Inc. (“AirIQ”) (TSXV:IQ), a leader in IoT-based asset management solutions for more than 25 years, today announced its financial results for the quarter ended March 30 June 2022, showing an increase in revenues, gross profit, net profit and working capital.

“Once again, we are delighted to report increases in our key metrics this quarter over the prior year, including increases of 19% in recurring revenue and 49% in net income,” said Mike Robb. , President and CEO of AirIQ. “The Company continues to focus on growing recurring revenue and profitability for our shareholders,” continued Mr. Robb.

All dollar amounts set forth herein are in Canadian dollars.

Highlights of the quarter are as follows:

Highlights of the first quarter (for the three months ended June 30, 2022 compared to June 30, 2021)

  • Recurring revenues of $950,906 increased by 19% or $149,072 compared to $801,834 the previous year.
  • Recurring revenues represented 77% of total revenues compared to 74% the previous year.
  • Total revenues of $1,231,586 increased by 14% or $149,791 compared to $1,081,795 the previous year.
  • Gross profit of $742,820 increased by 12% or $79,885 compared to $662,935 the previous year.
  • Gross margin of 60% decreased by 1% compared to 61% the previous year.
  • EBITDA of $300,496 increased by 7% or $19,639 compared to $280,857 the previous year.
  • Net earnings of $261,710 increased by 49% or $86,894 compared to $174,816 for the previous year.
  • The cash balance of $1,894,101 increased by 3% or $52,879 compared to $1,841,122 for the previous year.
  • Working capital of $2,490,791 increased by 3% or $65,313 compared to $2,425,478 the previous year. (Working capital was calculated by offsetting current assets, excluding current costs of deferred revenue, and current liabilities, excluding deferred revenue which are non-cash items.)

Activity Report

The Company is focusing its efforts and resources on revenue growth and profitability by continuing to provide cutting-edge technology solutions to existing and new customers. We continue to focus on recurring revenue, gross profit and improved cash flow to build a sustainable business.

Normal Course Issuer Bid

On June 6, 2022, the Company filed a notice of intention to make a normal course issuer bid (the “Offer”) to purchase up to 1,486,403 common shares representing 5% of the common shares then issued and outstanding of the Company through the facilities of the TSX Venture Exchange (“TSXV”) during the period beginning on June 6, 2022 and ending on June 5, 2023. The Company’s broker for the offering is Hampton Securities Limited.

During the quarter ended June 30, 2022, the Company purchased for cancellation 158,000 common shares under the Offer for an aggregate purchase price of approximately $43,734, or $0.28 per share, and paid brokerage fees of approximately $250 for this redemption.

During the three months ended June 30, 2021, the Company repurchased for cancellation 198,500 common shares under a prior normal course issuer bid filed with the TSXV for a total of $53,595 or $0.27 per common share and paid $1,985 in brokerage fees to redeem those shares. shares.

Stock option plan

A total of 150,000 common shares of AirIQ were issued from authorized capital following the exercise of stock options under the company’s plan during the quarter ended June 30, 2021 , for a total consideration of $22,500. No options were exercised during the quarter ended June 30, 2022.

At the time of this press release, the Company has a total of 29,570,074 common shares issued and outstanding.

Insight

The Company’s unaudited condensed consolidated interim financial statements include the accounts of AirIQ and its subsidiaries, AirIQ US Holdings, Inc., AirIQ US, Inc. and AirIQ, LLC. All inter-company balances and transactions have been eliminated on consolidation.

Financial statements and MDA

The Company’s condensed consolidated interim financial statements for the three months ended June 30, 2022 and 2021, including the notes thereto, and the management’s discussion and analysis for the same period are filed with the Canadian securities authorities on the date of today and will be available on the Company’s website (www.airiq.com) and on the System for Electronic Document Retrieval and Analysis (“SEDAR”) website (www.sedar.com ). The Company’s financial statements include the accounts of AirIQ and its subsidiaries, AirIQ US Holdings, Inc., AirIQ US, Inc. and AirIQ, LLC. All inter-company balances and transactions have been eliminated on consolidation.

About AirIQ

AirIQ (TSXV:IQ) celebrates its 25th anniversarye anniversary of its founding in 1997 and is a pioneer in IoT-based asset management solutions. AirIQ’s solutions enable commercial enterprises to reliably, effectively and efficiently monitor assets in near real-time. The company develops iOS and Android mobile and web applications, as well as cloud-based solutions that are standalone or can be easily integrated with existing software. AirIQ solutions are compatible with mixed fleets and provide fleet reporting, maintenance, compliance, security and analytics using multiple hardware options, including a fully integrated telematics video camera solution and a battery-powered solution for unpowered assets. For more information about AirIQ, please visit the company’s website at www.airiq.com or follow us on LinkedIn, Facebook, Twitter and Instagram.

Forward-looking statements

This press release contains forward-looking information based on management’s best estimates and the current operating environment. These forward-looking statements relate to, but are not limited to, AirIQ’s operations, expected financial performance, business prospects and strategies. Forward-looking information generally contains statements containing words such as “hope”, “target”, “anticipate”, “believe”, “expect”, “plan” or similar words suggesting future results. These statements are based on certain important factors or assumptions which were applied in drawing a conclusion or making a forecast or projection as set forth in the forward-looking statements, including AirIQ’s perception of historical trends, current conditions and developments. expected future and other factors. management considers appropriate in the circumstances. These forward-looking statements speak as of the date they are made and are subject to a number of known and unknown risks, uncertainties and other factors, which could cause actual results or events to differ materially from expressed, anticipated or implied futures. by such forward-looking statements. These factors include, but are not limited to, market and competitive changes, technological and competitive developments, and potential downturns in general economic conditions. Therefore, actual results may differ materially from those expressed in these forward-looking statements. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans regarding the future. Readers are cautioned that this information may not be suitable for other purposes. Except as required by law, AirIQ disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of such information, future events or otherwise.

for more information please contact:

AirIQ Inc.,
Michel Robb, President and Chief Executive Officer,
(905) 831-6444
[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THE SOURCE: AirIQ Inc.

See the source version on accesswire.com:
https://www.accesswire.com/712551/AirIQ-Announces-June-30-2022-Quarterly-Results-Company-Reports-Double-Digit-Growth-in-Revenue-and-Net-Income

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