Business
AirIQ Announces September 30, 2018 Quarterly Results Reports Recurring Revenue Growth of 35%
TORONTO, ON / ACCESSWIRE / November 21, 2018 / AirIQ Inc. ("AirIQ") (TSXV:IQ), a supplier of...
About this update from Airiq Inc.
[{"type":"text","content":"AirIQ Announces September 30, 2018 Quarterly Results Reports Recurring Revenue Growth of 35%TORONTO, ON / ACCESSWIRE / November 21, 2018 / AirIQ Inc. (\"AirIQ\") (TSXV:IQ), a supplier of wireless asset management services, today announced its financial results for the three months and six months ended September 30, 2018, reporting total revenues of $1.02 million for the three months ended September 30, 2018.\"We are very pleased with our financial results this quarter as we have reported increases in all of our primary metrics, including revenues, gross profit, EBITDAS, net income, cash and working capital,\" said Michael Robb, President and Chief Executive Officer of AirIQ. \"The Company's record high revenues in excess of $1 million resulted primarily from the large order that we reported on earlier this year by an existing customer that took advantage of our software improvements and increased their fleet penetration with our ECM device,\" continued Mr. Robb. \"It is these types of ‘wins' that support our strategic plan to invest in our marketing and technology programs to expand both direct and reseller sales, and accelerate growth of the Company,\" stated Mr. Robb. Unless otherwise noted herein, and except share and per share amounts, all references to dollar amounts from this point forward are in thousands of Canadian dollars.The Company adopted IFRS 15 effective as of April 1, 2018 (as described in note 3 to the Company's Consolidated Condensed Interim Financial Statements for the three months and six months ended September 30, 2018). Under this adoption, the comparative information is not restated herein (unless otherwise noted), or in the Company's financial statements.Highlights of the quarter are as follows:Second Quarter Highlights Total revenues increased by 32% to $1,023 for the three months ended September 30, 2018 when compared to the same period the previous year of $774. Recurring revenues increased by 35% to $691 during the three months ended September 30, 2018 from $512 for the three months ended September 30, 2017. Hardware and other revenues increased by 27% to $332 for the three months ended September 30, 2018 when compared to the same period the previous year of $262. Quarterly gross profit for the three months ended September 30, 2018 increased 21% to $561 compared to $462 for the same period the ...