Business
AirIQ Announces March 31, 2021 Year End Results - Reports Fourth Consecutive Year of Recurring Revenue Growth
TORONTO, ON / ACCESSWIRE / July 15, 2021 / AirIQ Inc. ("AirIQ") (TSXV:IQ), a supplier of wir...
About this update from Airiq Inc.
[{"type":"text","content":"AirIQ Announces March 31, 2021 Year End Results - Reports Fourth Consecutive Year of Recurring Revenue GrowthTORONTO, ON / ACCESSWIRE / July 15, 2021 / AirIQ Inc. (\"AirIQ\") (TSXV:IQ), a supplier of wireless asset management services, today announced its financial results for the year ended March 31, 2021, reporting a fourth consecutive year of recurring revenue growth.\"We are very pleased to report that the Company achieved a year-over-year increase of 8% in recurring revenue despite the COVID-19 pandemic. We also continued to achieve operating and net income profitability and remained operational cash flow positive through this very difficult period\", said Mike Robb, President and Chief Executive Officer of AirIQ. \"Hardware sales were significantly impacted due to the pandemic this past year as a large hardware order received in the previous year was not repeated this year; however, post year end that customer is already starting to place similar type hardware orders\", continued Mr. Robb. \"I am very pleased with our results and our future opportunities as businesses return to normal operations from the COVID-19 pandemic\", stated Mr. Robb.All dollar amounts set out herein are in Canadian dollars.Highlights for the year are as follows:Annual HighlightsRecurring revenue of $3,188,644 for the year ended March 31, 2021 increased by 8% or $244,613 compared to $2,944,031 for the prior year. Recurring revenue represented 86% of total revenue compared to 58% in the prior year.Hardware revenue of $519,431 for the year ended March 31, 2021 decreased by 75% or $1,576,913 compared to $2,096,344 for the prior year. Hardware revenue represented 14% of total revenue compared to 42% in the prior year.Total revenue of $3,708,075 for the year ended March 31, 2021 decreased by 26% or $1,332,300 compared to $5,040,375 for the prior year.Gross profit of $2,494,060 for the year ended March 31, 2021 decreased by 2% or $63,287 compared to $2,557,347 for the prior year.Gross margin of 67% for the year ended March 31, 2021 increased by 16% compared to 51% for the prior year.EBITDAS of $942,989 for the year ended March 31, 2021 increased by 4% or $36,119 compared to $906,870 for the prior year.Net income of $449,483 for the year ended March 31, 2021 decreased 37% or $264,016 compared to $713,499 for the prior year.Cash balance of $1,828,560 for th...