Business
AirIQ Announces March 31, 2020 Year End Results - 209% Increase in Net Income
TORONTO, ON / ACCESSWIRE / July 16, 2020 / AirIQ Inc. ("AirIQ") (TSXV:IQ), a supplier of wir...
About this update from Airiq Inc.
[{"type":"text","content":"AirIQ Announces March 31, 2020 Year End Results - 209% Increase in Net IncomeTORONTO, ON / ACCESSWIRE / July 16, 2020 / AirIQ Inc. (\"AirIQ\") (TSXV:IQ), a supplier of wireless asset management services, today announced its financial results for the year ended March 31, 2020, reporting a 209% increase in net income, more than triple from the previous year, a 21% increase in gross profit and a 37% increase in total revenue when compared to the previous year\"We are very pleased with our results for the 2020 fiscal year,\" said Michael Robb, President and Chief Executive Officer of AirIQ. \"We finished the year strong in the fourth quarter with recurring revenue and net income increases of 9% and 614%, respectively, when compared to the same quarter in the prior year,\" continued Mr. Robb.Highlights for the year are as follows:Annual Highlights Recurring revenue of $2,944,031 for the year ended March 31, 2020 increased by 8% or $221,968 compared to $2,722,063 for the prior year. Recurring revenue represented 58% of total revenue compared to 74% in the prior year.Hardware revenue of $2,096,344 for the year ended March 31, 2020 increased by 118% or $1,136,482 compared to $959,862 for the prior year. Hardware revenue represented 42% of total revenue compared to 26% in the prior year.Total revenue of $5,040,375 for the year ended March 31, 2020 increased by 37% or $1,358,450 compared to $3,681,925 for the prior year.Gross profit of $2,557,347 for the year ended March 31, 2020 increased by 21% or $449,979 compared to $2,107,368 for the prior year.Gross margin of 51% for the year ended March 31, 2020 decreased by 6% compared to 57% for the prior year.EBITDAS of $906,870 for the year ended March 31, 2020 increased by 88% or $424,046 compared to $482,824 for the prior year.Net income of $713,499 for the year ended March 31, 2020 increased 209% or $482,241 compared to $231,258 for the prior year.In October 2019 the Company increased its credit facility with Royal Bank of Canada to $750,000 to better situate itself in the event of potential merger and acquisition opportunities.Fourth Quarter Highlights:Recurring revenue of $739,911 for this quarter increased by 9% or $64,185 compared to $675,726 for same quarter in the prior year, and decreased slightly by $2,203 compared to $742,114 for the prior quarter.Net income of $249,815 for the quar...