Business
AirIQ Announces December 31, 2022 Quarterly Results
Company Reports Double-Digit Growth in Recurring Revenue and Net Income TORONTO, ON / ACCESSWI...
About this update from Airiq Inc.
[{"type":"text","content":"AirIQ Announces December 31, 2022 Quarterly ResultsCompany Reports Double-Digit Growth in Recurring Revenue and Net IncomeTORONTO, ON / ACCESSWIRE / February 16, 2023 / AirIQ Inc. (\"AirIQ\") (TSXV:IQ), a leader in IoT based asset management solutions for over 25 years, today announced its financial results for the three months ended December 31, 2022, reporting increases in revenues, gross profit, net income and working capital.Third Quarter Highlights (for the three months ended December 31, 2022 compared to December 31, 2021)Recurring revenue of $990,490 increased by 10% or $87,445 compared to $903,045.Total revenue of $1,353,426 increased by 33% or $337,495 compared to $1,015,931.Gross profit of $778,256 increased by 18% or $118,316 compared to $659,940.Net income of $164,993 increased 92% or $78,847 compared to $86,146.\"Once again we are pleased to report increases in all of our key metrics this quarter compared to the prior year, including increases of 10% in recurring revenue and 92% in net income\", 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 BidDuring the three and nine months ended December 31, 2022, the Company repurchased for cancellation 146,000 and 360,500, respectively, common shares pursuant to the Normal Course Issuer Bid (\"NCIB\") for a total purchase price of approximately $38,093 and $97,539 or $0.26 and $0.27 per share, respectively, and paid broker fees of approximately $344 and $984 for such repurchase, respectively.Financial Statements & MDAThe 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 inter-company balances and transactions have been eliminated on consolidation.The Company's unaudited consolidated condensed interim financial statements for the three months ended December 31, 2022 and 2021 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 da...