AirIQ Announces Third Quarter Results Company Reports Double-Digit Growth in Recurring Revenue

TORONTO, ON / ACCESSWIRE / February 22, 2024 / 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 nine months ended December 31, 2023, reporting increases in recurring revenue and working capital.

Third Quarter Highlights (for the three months ended December 31, 2023 compared to December 31, 2022)

• Recurring revenue of $1,091,055 increased by 10% compared to $990,490. This represented 91% of total revenue compared to 73%.
• Total revenue of $1,199,353 decreased by 11% compared to $1,353,426.
• Gross profit of $769,453 decreased by 1% compared to $778,256.
• Cash balances of $2,985,849 increased by 46% compared to $2,044,346. The increased cash balances were leveraged to generate $29,116 of interest income, an increase of 136% compared to $12,329.
• Working capital of $3,573,334 increased by 25% compared to $2,860,366.

"We are pleased to report continued growth in our recurring revenues and improvements to our working capital this quarter", said Mike Robb, President and Chief Executive Officer of AirIQ. "The Company continues to invest heavily into its sales and marketing initiatives in order to build the groundwork for driving further growth in recurring revenue organically. Furthermore, the Company's healthy cash balance, in conjunction with our line of credit, positions us well to pursue acquisitions as part of our growth strategy, all of which will lead 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 nine months ended December 31, 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.