Business
AirIQ Announces June 30, 2021 Quarterly Results
Reports 19% Increase in Revenues Over the Same Period Last Year TORONTO, ON / ACCESSWIRE...
About this update from Airiq Inc.
[{"type":"text","content":"AirIQ Announces June 30, 2021 Quarterly ResultsReports 19% Increase in Revenues Over the Same Period Last YearTORONTO, ON / ACCESSWIRE / August 19, 2021 / AirIQ Inc. (\"AirIQ\") (TSXV:IQ), a leader in wireless asset management services, today announced its financial results for the three months ended June 30, 2021, reporting a 3% increase in recurring revenue and a 106% increase in hardware revenues, resulting in a total revenue increase of 19% compared to the same period the prior year; as well as an 11% increase in gross profit compared to the three months ended June 30, 2020.\"We are very pleased with the increase in revenues and gross profit\", said Mike Robb, President and Chief Executive Officer of AirIQ, \"as those key metrics continue to be the Company's focus to increase profitability\", continued Mr. Robb. \"The 106% increase in hardware revenue resulted from another large order from one of our major rental companies, as previously announced. In addition, the Company continues to concentrate on developing leading-edge technology solutions for our customers to drive further revenue growth\", stated Mr. Robb.All dollar amounts set out herein are in Canadian dollars.Highlights for the year are as follows:First Quarter Highlights (for the three months ended June 30, 2021 compared to June 30, 2020)Total revenue of $1,081,795 for the three months ended June 30, 2021 increased by 19% or $168,970 compared to $912,825 for the prior year period.Hardware and other revenue of $279,961 for the three months ended June 30, 2021 increased by 106% or $143,766 compared to $136,195 for the prior quarter.Recurring revenue of $801,834 for the three months ended June 30, 2021 increased by 3% or $25,204 compared to $776,630 for the prior year period.Gross profit of $662,935 for the three months ended June 30, 2021 increased by 11% or $62,825 compared to $600,110 for the prior year period.Gross margin of 61% for the three months ended June 30, 2021 decreased by 5% compared to 66% for the prior year period.EBITDAS of $280,857 for the three months ended June 30, 2021 decreased by 1% or $3,182 compared to $284,039 for the prior year period.Net income of $174,816 for the three months ended June 30, 2021 decreased 3% or $6,470 compared to $181,286 for the prior year period.Cash balance of $1,841,122 for the three months ended June 30, 2021 decreas...