on AirIQ Inc. (isin : CA0091204036)
AirIQ Reports Mixed Financial Results for Q3 2024
AirIQ Inc., a Toronto-based leader in IoT-based asset management solutions, has released its financial results for the third quarter ending September 30, 2024. The company noted an 11% increase in recurring revenue, reaching $1,198,787 compared to the previous year's $1,080,034. However, total revenue fell 6% to $1,268,826, a decrease of $101,795 from 2023.
Despite an increase in gross profit by 2% to $816,909, net income saw a significant drop of 84%, totaling $28,568, down from $181,557. Mike Robb, President and CEO, stated that the company aims to shift further towards recurring revenue through its rental program, expecting this transition to impact net income temporarily.
Robb expressed confidence in the company's strategic reinvestments in sales and marketing, foreseeing long-term growth and value for shareholders.
R. E.
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