TORONTO, ON / ACCESSWIRE / November 18, 2021 / AirIQ Inc. ("AirIQ") (TSXV:IQ), a leader in wireless asset management services, today announced its financial results for the three months ended September 30, 2021, reporting a 25% increase in total revenue, a 9% increase in recurring revenue, an 8% increase in gross profits and a 38% increase in net income compared to the same period the prior year.
"We are pleased that we continue to achieve growth in our recurring revenue once again this quarter", stated Michael Robb, President and Chief Executive Officer of AirIQ. "The monthly recurring revenue has reached the highest level since reporting that metric and continues to be a key performance metric moving forward. In addition, we are making good progress on achieving the Rule of 40 target - which is the sum of recurring revenue percentage growth and EBITDA margin. This quarter, we achieved a score of 31 by this measure and are continuing to place more emphasis on recurring revenue growth going forward. The Company ended the quarter with very positive financial performance, despite the ongoing effects of COVID-19, the global microchip shortage and the 3G network shutdown in the United States scheduled for the end of February 2022", continued Mr. Robb, "I am very proud that our team has been able to work around these obstacles while delivering a strong quarter, including a solid cash balance of over $2 million and no debt."
https://www.accesswire.com/673479/AirIQ-Announces-September-30-2021-Quarterly-Results-Reports-Record-Monthly-Recurring-Revenue-MRR
