AirIQ Announces March 31, 2024 Year End Results, Reports Record Year for Recurring Revenue

TORONTO, ON / ACCESSWIRE / July 18, 2024 / AirIQ Inc. (TSXV:IQ), a leader in IoT-based asset management solutions, has announced its financial results for the year ended March 31, 2024. The company reported its highest recurring revenue since tracking began.

Mike Robb, President and CEO, stated that recurring revenue increased by 11% compared to the previous year, marking the eighth consecutive year of growth. Over these years, recurring revenue has surged by over 100%, providing a robust foundation for future growth and profitability.

AirIQ has consistently reported profits and positive cash flow from operations over the past eight years. This has enabled substantial investment in sales and marketing to accelerate future revenue growth.

In the fourth quarter, AirIQ completed an acquisition generating approximately $370,000 annually in recurring revenue. This acquisition is expected to enhance shareholder value further.

Year-end financial highlights include a recurring revenue of $4,368,399, an 11% increase, and a total revenue of $5,514,097, a 9% increase compared to the previous year. Gross profit was $3,354,091, up by 10%, and net income stood at $868,943, up 1% excluding a one-time deferred tax recovery from the prior year.