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AirIQ Announces June 30, 2022 Quarterly Results; Company Reports Double-Digit Growth in Revenue and Net Income
TORONTO, ON / ACCESSWIRE / August 18, 2022 / AirIQ Inc. ("AirIQ") (TSXV:IQ), a leader in IoT...
About this update from Airiq Inc.
[{"type":"text","content":"AirIQ Announces June 30, 2022 Quarterly Results; Company Reports Double-Digit Growth in Revenue and Net IncomeTORONTO, ON / ACCESSWIRE / August 18, 2022 / 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 June 30, 2022, reporting increases in revenues, gross profit, net income and working capital.\"Once again we are pleased to report increases in our key metrics this quarter compared to the prior year, including increases of 19% in recurring revenue and 49% in net income\", said Mike Robb, President and Chief Executive Officer of AirIQ. \"The Company continues to focus on delivering recurring revenue growth and profitability for our shareholders\", continued Mr. Robb.All dollar amounts set out herein are in Canadian dollars.Highlights for the quarter are as follows:First Quarter Highlights (for the three months ended June 30, 2022 compared to June 30, 2021)Recurring revenue of $950,906 increased by 19% or $149,072 compared to $801,834 for the prior year.Recurring revenue represented 77% of total revenue compared to 74% in the prior year.Total revenue of $1,231,586 increased by 14% or $149,791 compared to $1,081,795 for the prior year.Gross profit of $742,820 increased by 12% or $79,885 compared to $662,935 for the prior year.Gross margin of 60% decreased by 1% compared to 61% for the prior year.EBITDAS of $300,496 increased by 7% or $19,639 compared to $280,857 for the prior year.Net income of $261,710 increased 49% or $86,894 compared to $174,816 for the prior year.Cash balance of $1,894,101 increased by 3% or $52,879 compared to $1,841,122 for the prior year.Working capital of $2,490,791 increased by 3% or $65,313 compared to $2,425,478 for the prior year. (Working capital has been calculated by netting current assets, excluding current costs of deferred revenues, and current liabilities, excluding deferred revenue that are non-cash items.)Business ReviewThe Company is focusing its efforts and resources on revenue growth and profitability by continuing to offer leading-edge technology solutions for existing and new customers. We continue to focus on recurring revenues, gross profits and improving cash-flows to build a sustainable business.Normal Course Issuer BidOn June 6, 2022, the Company filed a Notice of Int...