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AirIQ Announces September 30, 2022 Quarterly Results Company Reports Double-Digit Growth in Revenue and Net Income
TORONTO, ON / ACCESSWIRE / November 17, 2022 / AirIQ Inc. ("AirIQ") (TSXV:IQ), a leader in I...
About this update from Airiq Inc.
[{"type":"text","content":"AirIQ Announces September 30, 2022 Quarterly Results Company Reports Double-Digit Growth in Revenue and Net IncomeTORONTO, ON / ACCESSWIRE / November 17, 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 three months ended September 30, 2022, reporting increases in revenues, gross profit, net income and working capital.Second Quarter Highlights (for the three months ended September 30, 2022 compared to September 30, 2021)Recurring revenue of $958,578 increased by 12% or $99,415 compared to $859,163 for the prior year.Gross profit of $707,217 increased by 3% or $22,256 compared to $684,961 for the prior year.Gross margin of 61% increased by 3% compared to 58% for the prior year.Net income of $281,651 increased 22% or $50,899 compared to $230,752 for the prior year.\"Once again we are pleased to report increases in all of our key metrics this quarter compared to the prior year, including increases of 12% in recurring revenue and 22% in net income\", said Mike Robb, President and Chief Executive Officer of AirIQ. \"The Company continues to focus on delivering recurring revenue growth and profitability for our shareholders\", continued Mr. Robb.All dollar amounts set out herein are in Canadian dollars.Highlights for the quarter are as follows:Business ReviewThe Company is focusing its efforts and resources on revenue growth and profitability by continuing to offer leading-edge technology solutions for existing and new customers. We continue to focus on recurring revenues, gross profits and improving cash-flows to build shareholder value.Normal Course Issuer BidOn June 6, 2022, the Company filed a Notice of Intention to Make a Normal Course Issuer Bid (the \"Bid\") to purchase up to 1,486,403 common shares representing 5% of the Company's then current issued and outstanding common shares through the facilities of the TSX Venture Exchange (\"TSXV\") during the period commencing June 6, 2022 and ending on June 5, 2023. The Company's broker for the bid is Hampton Securities Limited.The board and management of the Company continue to believe that the share price does not accurately reflect the intrinsic value of the company. Therefore, with the available cash on hand, share repurchases continue to represent a productive and value-crea...