Business
AirIQ More than Doubles Total Revenues and Operating Profit From the Prior Year
TORONTO, ON / ACCESSWIRE / August 20, 2019 / AirIQ Inc. (“AirIQ”) (TSXV:IQ), a...
About this update from Airiq Inc.
[{"type":"text","content":"AirIQ More than Doubles Total Revenues and Operating Profit From the Prior YearTORONTO, ON / ACCESSWIRE / August 20, 2019 / AirIQ Inc. (“AirIQ”) (TSXV:IQ), a supplier of wireless asset management services, today announced its financial results for the three months ended June 30, 2019, reporting a 119% increase in total revenues and 121% increase in operating profit compared to the same period for the prior year. (All dollar amounts noted herein are in Canadian dollars.)“We are very pleased with our total revenues of $1,763,693 representing a 119% or $956,621 increase in total revenues, and a 121% or $169,774 increase in operating profit from $139,814 to $309,588, for the quarter compared to the previous year’s quarter,” said Michael Robb, President and Chief Executive Officer of AirIQ. “We expect the Company’s recurring revenues in future quarters to continue to increase as many of the units sold during the quarter shipped mid quarter or subsequent to the quarter end, and the resulting monthly recurring revenues were not realized for a full three months,” continued Mr. Robb. “As a result, the Company also recognized increases in its other major metrics including gross profit, net income and working capital,” stated Mr. Robb. “We are also pleased to announce that subsequent to the quarter end, the Company successfully negotiated a one-time settlement at a significant discount to the expected future earn-out payments related to the previously announced Connected Telematics asset acquisition,” concluded Mr. Robb. (Refer to Subsequent Event below.)Highlights of the quarter are as follows:First Quarter Highlights Total revenue of $1,763,693 for this quarter increased by 65% or $695,115 compared to $1,068,578 for the prior quarter, and increased by 119% or $956,621 compared to $807,072 for same quarter in the prior year.Recurring revenue of $699,943 for this quarter increased by 4% or $24,016 compared to $675,927 for the prior quarter, and increased by 4% or $25,883 compared to $674,060 for same quarter in the prior year.Hardware and other revenue of $1,063,750 for this quarter increased by 171% or $671,099 compared to $392,651 for the prior quarter, and increased by 700% or $930,738 compared to $133,012 for same quarter in the prior year.Gross profit ...