Business
AirIQ Announces September 30, 2021 Quarterly Results Reports Record Monthly Recurring Revenue (MRR)
TORONTO, ON / ACCESSWIRE / November 18, 2021 / AirIQ Inc. ("AirIQ") (TSXV:IQ), a leader in w...
About this update from Airiq Inc.
[{"type":"text","content":"AirIQ Announces September 30, 2021 Quarterly Results Reports Record Monthly Recurring Revenue (MRR)TORONTO, ON / ACCESSWIRE / November 18, 2021 / AirIQ Inc. (\"AirIQ\") (TSXV:IQ), a leader in wireless asset management services, today announced its financial results for the three months ended September 30, 2021, reporting a 25% increase in total revenue, a 9% increase in recurring revenue, an 8% increase in gross profits and a 38% increase in net income compared to the same period the prior year.\"We are pleased that we continue to achieve growth in our recurring revenue once again this quarter\", stated Michael Robb, President and Chief Executive Officer of AirIQ. \"The monthly recurring revenue has reached the highest level since reporting that metric and continues to be a key performance metric moving forward. In addition, we are making good progress on achieving the Rule of 40 target - which is the sum of recurring revenue percentage growth and EBITDA margin. This quarter, we achieved a score of 31 by this measure and are continuing to place more emphasis on recurring revenue growth going forward. The Company ended the quarter with very positive financial performance, despite the ongoing effects of COVID-19, the global microchip shortage and the 3G network shutdown in the United States scheduled for the end of February 2022\", continued Mr. Robb, \"I am very proud that our team has been able to work around these obstacles while delivering a strong quarter, including a solid cash balance of over $2 million and no debt.\"All dollar amounts set out herein are in Canadian dollars.Highlights for the year are as follows:Second Quarter Highlights (for the three months ended September 30, 2021 compared to September 30, 2020)Recurring revenue of $859,163 for the three months ended September 30, 2021 increased by 9% or $71,796 compared to $787,367 for the prior year period. Recurring revenue represented 73% of total revenue compared to 83% in the prior quarter.Hardware and other revenue of $320,204 for the three months ended September 30, 2021 increased by 101% or $161,287 compared to $158,917 for the prior quarter. Hardware revenue represented 27% of total revenue compared to 17% in the prior year period.Total revenue of $1,179,367 for the three months ended September 30, 2021 increased by 25% or $233,083 compared to $946,284 for the ...