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AirIQ Announces March 31, 2023 Year End Results Reports Seventh Consecutive Year of Recurring Revenue Growth
TORONTO, ON / ACCESSWIRE / July 13, 2023 / AirIQ Inc. ("AirIQ") (TSXV:IQ), a leader in IoT based...
About this update from Airiq Inc.
[{"type":"text","content":"AirIQ Announces March 31, 2023 Year End Results Reports Seventh Consecutive Year of Recurring Revenue GrowthTORONTO, ON / ACCESSWIRE / July 13, 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 year ended March 31, 2023, reporting its seventh consecutive year of recurring revenue growth.\"We are very pleased to report that recurring revenue increased by 13% compared to the previous year.\" said Mike Robb, President and Chief Executive Officer of AirIQ. \"The Company has reported recurring revenue growth for the seventh straight year representing an increase of over 100% during that period. The Company's growth in recurring revenues has provided a strong base for future growth and profitability for our shareholders\".\"Over the past seven years - we have been consistently profitable and generated positive cash flows from operations, which has allowed us to recognize a deferred tax asset of almost $3 million dollars, adding an additional $0.10 net income per share to our shareholders\", continued Mr. Robb.\"In addition, during the quarter the Company successfully completed an acquisition which resulted in an additional $300,000 of annual recurring revenue and represents an acquisition cost of less than 1x. We believe this acquisition will continue to drive recurring revenue growth in future periods and will continue to provide increased shareholder value\", continued Mr. Robb.Other achievements during the quarter included increases of 27% in hardware revenues, 16% in total revenues, 13% in gross profit and 52% in net income before tax\", said Mike Robb, President and Chief Executive Officer of AirIQ.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, 2023 compared to March 31, 2022):Recurring revenue of $3,951,177 increased by 13% or $447,389 compared to $3,503,788 for the prior year. Recurring revenue represented 78% of total revenue compared to 80% in the prior year period.Hardware and other revenue of $1,098,115 increased by 27% or $232,344 compared to $865,771 for the prior year. Hardware revenue represented 22% of total revenue compared to 20% in the prior year period.Total revenue of $5,049,292 increased by 16% or $679,733 compare...