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  • AirIQ Announces Quarterly Results as of December 31, 2021; Reports record monthly recurring revenue (MRR) of $300,000

AirIQ Announces Quarterly Results as of December 31, 2021; Reports record monthly recurring revenue (MRR) of $300,000

By on February 17, 2022 0

TORONTO, ON/ACCESSWIRE/February 17, 2022/ AirIQ Inc. (“AirIQ”) (TSXV:IQ), a leader in wireless asset management services, today announced its financial results for the three months ended December 31, 2021, reporting a 13% increase in total revenue, a 10% increase in recurring revenue, a 4% increase in gross profit and a 21% increase in net profit compared to the same period of the previous year.

“We are very pleased that our monthly recurring revenue reached an all-time high, surpassing $300,000 per month this quarter,” said Michael Robb, President and CEO of AirIQ. “We continue to invest in sales and marketing to drive the company’s recurring revenue growth going forward. The company continued to generate strong results this quarter, including a cash balance of over $2 million and zero debt,” Robb said. “Our goal of achieving the Rule of 40 continues to be a key objective for the company with a score of 29 this quarter. The Rule of 40 is the sum of Percentage Growth in Recurring Revenue and EBITDA Margin” , Mr. Robb continued.

All dollar amounts set forth herein are in Canadian dollars.

The highlights of the year are as follows:

Third Quarter Highlights (for the three months ended December 31, 2021 versus December 31, 2020)

  • Recurring revenue of $903,045 for the three months ended December 31, 2021 increased 10% or $80,367 from $822,678 for the prior year period. Recurring revenues represented 89% of total revenues compared to 91% the previous year.

  • Equipment and other revenue of $112,886 for the three months ended December 31, 2021 increased 47% or $35,718 from $77,168 for the prior year period. Hardware revenue represented 11% of total revenue, compared to 9% the previous year.

  • Total revenue of $1,015,931 for the three months ended December 31, 2021 increased 13% or $116,085 from $899,846 for the prior year period.

  • Gross profit of $659,940 for the three months ended December 31, 2021 increased 4% or $24,506 from $635,434 for the prior year period.

  • Gross margin of 65% for the three months ended December 31, 2021 decreased 6% from 71% for the prior year period.

  • EBITDA of $191,725 ​​for the three months ended December 31, 2021 decreased by 4% or $7,099 compared to $198,824 for the prior year period.

  • Net earnings of $86,146 for the three months ended December 31, 2021 increased 21% or $14,787 from $71,359 for the prior year period.

  • The cash balance of $2,146,090 for the three months ended December 31, 2021 increased 12% or $236,433 from $1,909,657 for the prior year period.

  • Working capital of $2,382,892 for the three months ended December 31, 2021 increased by 12% or $256,068 compared to $2,126,824 for the prior year period. (Working capital was calculated by netting current assets, excluding current costs of deferred revenue, and current liabilities, excluding deferred revenue which are non-cash items.)

Activity Report

The Company is focusing its efforts and resources on revenue growth and profitability by continuing to provide leading technology solutions to existing and new customers. We continue to focus on recurring revenue, gross profit and improving cash flow to build a sustainable business and manage the effects of COVID-19.

Normal Course Issuer Bid

The Company filed a notice of intention to make a normal course issuer bid (the “Offer”) with the TSX Venture Exchange (“TSXV”) from April 13, 2021 to April 12, 2022. Pursuant to the Offer, the Company has offered to purchase through the facilities of the TSXV up to 1,504,253 Common Shares, representing approximately 5% of the then issued and outstanding Common Shares of the Company. The Company’s broker for the Offer is Hampton Securities Limited.

During the three and nine month periods ended December 31, 2021, the Company purchased 114,000 and 408,000 common shares, respectively, under the Offer for a total of $34,200 and $115,955 respectively, or 0. $30 and $0.28, respectively, per common share (three and nine months December 31, 2020 – 123,000 common shares were purchased for a total of $41,205, or $0.34 per share), plus $1,140 and an additional $4,080, respectively, in brokerage fees were paid for the redemption of shares (three and nine months ended December 31, 2020 – $1,230).

Subsequent to the quarter end in January 2022, the Company purchased for cancellation an additional 99,000 common shares under the offer for an aggregate purchase price of $28,457, or $0.287 per common share, and additional brokerage fees in the amount of $250 were paid for the offer. redemption of shares.

Stock option plan

During the nine-month period ended December 31, 2021, options for a total of 150,000 common shares in the capital of the Company were exercised for a total consideration of $22,500, and 150,000 common shares were issued from authorised capital.

As of December 31, 2021, the Company had a total of 29,827,074 common shares issued and outstanding, and as of the date of this press release, the Company had 29,728,074 common shares issued and outstanding.

Overview

The Company’s unaudited condensed interim consolidated financial statements include the accounts of AirIQ and its subsidiaries, AirIQ US Holdings, Inc., AirIQ US, Inc. and AirIQ, LLC. All inter-company balances and transactions have been eliminated on consolidation.

Financial statements and MDA

The Company’s condensed consolidated interim financial statements for the three and six months ended December 31, 2021 and 2020, including the notes thereto, and the MD&A for the same period are filed with the Canadian securities regulatory authorities at date and will be available on the Company’s website (www.airiq.com) and on the System for Electronic Document Analysis and Retrieval (“SEDAR”) website (www.sedar.com). The Company’s financial statements include the accounts of AirIQ and its subsidiaries, AirIQ US Holdings, Inc., AirIQ US, Inc. and AirIQ, LLC. All inter-company balances and transactions have been eliminated on consolidation.

About AirIQ

AirIQ (TSXV:IQ) was founded in 1997 and is a pioneer in IoT-based asset management solutions. AirIQ’s solutions enable commercial enterprises to reliably, effectively and efficiently monitor assets in near real-time. The company develops iOS and Android mobile and web applications, as well as cloud-based solutions that are standalone or can be easily integrated with existing software. AirIQ solutions are compatible with mixed fleets and provide fleet reporting, maintenance, compliance, security and analytics using multiple hardware options, including a fully integrated telematics video camera solution and a battery-powered solution for unpowered assets. For more information about AirIQ, please visit the company’s website at www.airiq.com or follow us on LinkedIn, Facebook and Twitter.

Forward-looking statements

This press release contains forward-looking information based on management’s best estimates and the current operating environment. These forward-looking statements relate to, but are not limited to, AirIQ’s operations, expected financial performance, business prospects and strategies. Forward-looking information generally contains statements containing words such as “hope”, “target”, “anticipate”, “believe”, “expect”, “plan” or similar words suggesting future results. These statements are based on certain important factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as set forth in the forward-looking statements, including AirIQ’s perception of historical trends, current conditions and developments. expected future and other factors. management considers appropriate in the circumstances. These forward-looking statements speak as of the date they are made and are subject to a number of known and unknown risks, uncertainties and other factors, which could cause actual results or events to differ materially from expressed, anticipated or implied futures. by such forward-looking statements. These factors include, but are not limited to, market and competitive changes, technological and competitive developments, and potential downturns in general economic conditions. Therefore, actual results may differ materially from those expressed in these forward-looking statements. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans regarding the future. Readers are cautioned that this information may not be suitable for other purposes. Except as required by law, AirIQ disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of such information, future events or otherwise.

for more information please contact:

AirIQ Inc., Michael Robb, President and CEO, (905) 831-6444, [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THE SOURCE: AirIQ Inc.

See the source version on accesswire.com:
https://www.accesswire.com/689168/AirIQ-Announces-December-31st-2021-Quarterly-Results-Reports-Record-Monthly-Recurring-Revenue-MRR-of-300000