AirIQ Reports Record Recurring Revenue for Q1 Ended June 30, 2024

Toronto, ON – AirIQ Inc. (TSXV:IQ), a leader in IoT-based asset management solutions, announced its financial results for the first quarter ending June 30, 2024. The company reported a record in recurring revenue since tracking began.

Key highlights include a 7% increase in recurring revenue to $1,172,940, a rise in gross margin to 56%, and a 22% boost in cash and cash equivalents to $3,433,778. In a strategic move, sales and marketing expenses surged by 80% to $371,790, signalling a robust investment in future growth.

CEO Mike Robb expressed optimism over the revenue growth and highlighted ongoing investments in business development and marketing. He emphasized the company's commitment to increasing its recurring revenue growth rate to deliver value to shareholders.

Additionally, AirIQ initiated a Normal Course Issuer Bid on June 24, 2024, to repurchase up to 1,468,004 common shares, with 17,500 shares already repurchased during the quarter.