AirIQ Announces September 30, 2023 Quarterly Results

Company Reports Double-Digit Growth in Recurring Revenue

TORONTO, ON / ACCESSWIRE / November 16, 2023 / 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 and six months ended September 30, 2023, reporting increases in revenues, gross profit, EBITDAS and working capital.

Second Quarter Highlights (for the three months ended September 30, 2023 compared to September 30, 2022)

• Recurring revenue of $1,080,034 increased by 13% or $121,456 compared to $958,578.
• Total revenue of $1,347,160 increased by 15% or $178,462 compared to $1,168,698.
• Gross profit of $804,394 increased by 14% or $229,029 compared to $708,217.
• EBITDAS of $277,941 increased 23% or $51,536 compared to $226,405.
• Cash balances of $3,002,779 increased by 42% or $891,447 compared to $2,111,332.

"We are pleased to report increases in our key metrics this quarter compared to the prior year, including increases of 13% in recurring revenue and 14% in gross profit", said Mike Robb, President and Chief Executive Officer of AirIQ. "The Company continues to focus on driving recurring revenue growth both organically and through acquisitions, leading to a strong base for future growth and profitability for our shareholders", continued Mr. Robb.

All dollar amounts set out herein are in Canadian dollars.

Financial Statements & MDA

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

The Company's unaudited consolidated interim financial statements for the three and six months ended September 30, 2023 and 2022 including notes thereto, and Management's Discussion and Analysis for the same period are being filed with the Canadian securities regulatory authorities on today's 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.sedarplus.ca). The Company's financial statements include the accounts of AirIQ and its subsidiaries, AirIQ U.S. Holdings, Inc., AirIQ U.S., Inc., and AirIQ, LLC. All inter-company balances and transactions have been eliminated on consolidation.