AirIQ Inc.'s financial results for the third quarter show growth in recurring revenues

AirIQ Inc. (TSXV:IQ), a specialist in IoT-based asset management solutions for over 25 years, announced an increase in its recurring revenues and working capital for the three and nine-month period ending December 31, 2023. For the quarter, recurring revenues reached $1,091,055, up 10% from the previous year, while total revenues decreased slightly by 11%, amounting to $1,199,353.

Gross profit experienced a slight decrease of 1%, totaling $769,453. However, the company saw its cash balances increase by 46%, reaching $2,985,849, which generated $29,116 in interest income, a 136% increase. Working capital also saw positive growth, with a 25% increase to $3,573,334.

Mike Robb, President and CEO of AirIQ, commented on these financial results, highlighting the growth in recurring revenues and the improvement in working capital. He also emphasized the company's commitment to sales and marketing initiatives to further drive recurring revenue growth. The company's strong cash position and line of credit allow it to continue its growth strategy through acquisitions.