Toronto, Ontario--(Newsfile Corp. - April 21, 2023) - American Aires Inc. (CSE: WIFI) (OTC Pink: AAIRF) ("Aires" or the "Company"), a company dedicated to enhancing the well-being and environmental safety through science and innovative technology, proudly announces its outstanding financial results for the first quarter of 2023, covering the period January 1 to March 31, 2023. The Company's adjusted sales for Q1 2023 grew by 138% year-over-year (YoY) to $1.64 million, or $0.95 million higher than the $0.69 million reported in Q1 2022.
American Aires reported sales of $1.49 million, including an IFRS-required adjustment for warranty returns and deferred revenue for undelivered orders totaling $0.15 million. This represents a 116% or $0.8 million increase compared to the same period a year ago. The Company's strong Q1 2023 performance is further highlighted by its Gross Profit, which improved by 164% YoY to $0.89 million. As a result, the gross margin reached a strong 60%, up from 49% in Q1 2022. This notable improvement demonstrates American Aires' operational efficiency and effective pricing strategy.
The Company's targeted marketing and advertising efforts have been instrumental in driving customer acquisition and retention. Advertising and Promotion expenses increased by $0.26 million, or 65% YoY, to $0.66 million, while Marketing expenses saw a modest increase of 9% YoY to $0.44 million. The company's calculated marketing initiatives and controlled spending highlights Aires' ability to effectively manage costs while achieving substantial growth.
Josh Bruni, CEO of American Aires, commented on the results: "Our Q1 2023 performance highlights the unwavering dedication of our team, the loyalty of our growing customer base, and the effectiveness of our data-driven marketing strategies, which have driven consistent record growth over the past four quarters. As we continue on our upward trajectory, we remain committed to delivering value to our shareholders, customers, and employees. Despite facing the challenge of extraordinary product demand outpacing supply, we are working diligently to increase inventory and maintain our growth momentum. This challenge underlines the rapid success we've achieved, and we are focused on meeting the ever-growing needs of our valued customers."
About American Aires Inc.
American Aires Inc. is a Canadian-based nanotechnology company focused on developing proprietary silicon-based microprocessors that reduce the harmful effects of electromagnetic radiation (EMR). With a strong foundation in scientific research and third-party validation, including peer-reviewed studies and publications in scientific journals, Aires' Lifetune products target EMR emitted by consumer electronic devices such as cellphones, computers, baby monitors, and Wi-Fi radiation, including the rapidly expanding next-generation high-speed 5G networks. Aires is listed on the CSE under the ticker 'WIFI' and on the OTC Pink under the symbol 'AAIRF'. Learn more at www.airestech.com.
On behalf of the board of directors
Company Contact:
Josh Bruni, CEO
Website:www.airestech.com
Email: wifi@airestech.com
Telephone: (415) 707-0102
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Certain material assumptions regarding such forward-looking statements may be discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any common shares in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. We seek safe harbour.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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