AirIQ Announces March 31, 2022 Year End Results Reports Double Digit Growth and Fifth Consecutive Year of Increased Recurring Revenue

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[{"type":"text","content":"AirIQ Announces March 31, 2022 Year End Results Reports Double Digit Growth and Fifth Consecutive Year of Increased Recurring RevenueTORONTO, ON / ACCESSWIRE / July 14, 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 year ended March 31, 2022, reporting its fifth consecutive year of recurring revenue growth.\"We are very pleased to once again report increases in many of our key metrics this year including year over year increases of 10% in recurring revenue, 67% in hardware revenues, 18% in total revenues, 7% in gross profit and 26% in net income\", said Mike Robb, President and Chief Executive Officer of AirIQ. \"It has been challenging these past two years due to the fallout from COVID, microchip and product shortages and the 3G network shutdown by one of our wireless carrier providers\", stated Mr. Robb, \"however the Company has not only weathered these hurdles but continued to deliver recurring revenue growth and profitability for our shareholders\", continued Mr. Robb.All dollar amounts set out herein are in Canadian dollars.Highlights for the year are as follows:Annual Highlights (for the year ended March 31, 2022 compared to March 31, 2021):Recurring revenue of $3,503,788 for the year ended March 31, 2022 increased by 10% or $315,144 compared to $3,188,644 for the prior year period. Recurring revenue represented 80% of total revenue compared to 86% in the prior year.Hardware and other revenue of $865,771 for the year ended March 31, 2022 increased by 67% or $346,340 compared to $519,431 for the prior year quarter. Hardware revenue represented 20% of total revenue compared to 14% in the prior year period.Total revenue of $4,369,559 for the year ended March 31, 2022 increased by 18% or $661,484 compared to $3,708,075 for the prior year period.Gross profit of $2,679,197 for the year ended March 31, 2022 increased by 7% or $185,137 compared to $2,494,060 for the prior year period.Gross margin of 61% for the year ended March 31, 2022 decreased by 6% compared to 67% for the prior year period.Net income of $566,773for the year ended March 31, 2022 increased 26% or $117,290 compared to $449,483 for the prior year period.Cash balance of $1,899,508 for the year ended March 31, 2022 increased by 4% or $70,948 compared to $1,82...

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