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AirIQ Announces December 31st, 2021 Quarterly Results; Reports Record Monthly Recurring Revenue (MRR) of $300,000
TORONTO, ON / ACCESSWIRE / February 17, 2022 / AirIQ Inc. ("AirIQ") (TSXV:IQ), a leader in w...
About this update from Airiq Inc.
[{"type":"text","content":"AirIQ Announces December 31st, 2021 Quarterly Results; Reports Record Monthly Recurring Revenue (MRR) of $300,000TORONTO, ON / ACCESSWIRE / February 17, 2022 / AirIQ Inc. (\"AirIQ\") (TSXV:IQ), a leader in wireless asset management services, today announced its financial results for the three months ended December 31, 2021, reporting a 13% increase in total revenue, a 10% increase in recurring revenue, a 4% increase in gross profits and a 21% increase in net income compared to the same period the prior year.\"We are very pleased that our monthly recurring revenue has hit an all-time high, exceeding $300,000 per month this quarter,\" stated Michael Robb, President and Chief Executive Officer of AirIQ. \"We continue to invest in sales and marketing to drive the Company's recurring revenue growth in the future. The Company continued to deliver strong results this quarter including a cash balance of over $2 million and no debt,\" said Mr. Robb. \"Our goal of achieving the Rule of 40 continues to be a key objective for the Company with a score of 29 this quarter. The Rule of 40 is the sum of recurring revenue percentage growth and EBITDA margin,\" continued Mr. Robb.All dollar amounts set out herein are in Canadian dollars.Highlights for the year are as follows:Third Quarter Highlights (for the three months ended December 31, 2021 compared to December 31, 2020)Recurring revenue of $903,045 for the three months ended December 31, 2021 increased by 10% or $80,367 compared to $822,678 for the prior year period. Recurring revenue represented 89% of total revenue compared to 91% in the prior year's period.Hardware and other revenue of $112,886 for the three months ended December 31, 2021 increased by 47% or $35,718 compared to $77,168 for the prior year period. Hardware revenue represented 11% of total revenue compared to 9% in the prior year period.Total revenue of $1,015,931 for the three months ended December 31, 2021 increased by 13% or $116,085 compared to $899,846 for the prior year period.Gross profit of $659,940 for the three months ended December 31, 2021 increased by 4% or $24,506 compared to $635,434 for the prior year period.Gross margin of 65% for the three months ended December 31, 2021 decreased by 6% compared to 71% for the prior year period.EBITDAS of $191,725 for the three months ended December 31, 2021 decreased by 4% o...