Business
AirIQ Announces June 30, 2023 Quarterly Results
Company Reports Record Recurring Revenue and Net Income TORONTO, ON / ACCESSWIRE / August 24,...
About this update from Airiq Inc.
[{"type":"text","content":"AirIQ Announces June 30, 2023 Quarterly ResultsCompany Reports Record Recurring Revenue and Net IncomeTORONTO, ON / ACCESSWIRE / August 24, 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 June 30, 2023, reporting increases in revenues, gross profit, net income and working capital.First Quarter Highlights (for the three months ended June 30, 2023 compared to June 30, 2022)Record recurring revenue of $1,100,050 increased by 16% or $149,144 compared to $950,906.Total revenue of $1,754,946 increased by 42% or $523,360 compared to $1,231,586.Gross profit of $971,849 increased by 31% or $229,029 compared to $742,820.Record net income of $349,399 increased 34% or $87,689 compared to $261,710.\"We are pleased to report record recurring revenue and net income for the quarter along with increases in all of our key metrics this quarter compared to the prior year\", 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 BidOn June 23, 2023, the Company announced the renewal of its normal course issuer bid to purchase up to 1,468,379 common shares representing 5% of the Company's then current issued and outstanding common shares through the facilities of the TSXV during the period commencing June 23, 2023 and ending on June 22, 2024 (the \"Renewal Bid\"). As of August 23, 2023, the Company has not repurchased any shares for cancellation pursuant to the Renewal Bid.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 interim financial statements for the three months ended June 30, 2023 and 2022 including notes thereto, and Management's Discussion and Analysis for the same period are being filed with the Canadian securities regulatory authorities on ...