Toronto, Ontario--(Newsfile Corp. - May 19, 2023) - American Aires Inc. (CSE: WIFI) (OTC Pink: AAIRF) ("Aires" or the "Company"), a leader in scientifically-proven EMF modulation technology, is pleased to announce the filing of its unaudited Financial Statements and the MD&A for the first quarter of 2023, covering the period January 1 to March 31, 2023. Consistent with the key financial metrics disclosed on April 21, 2023, the Company's adjusted sales for Q1 2023 grew by a remarkable 138% year-over-year (YoY) to $1.64 million, or $0.95 million higher than the $0.69 million reported in Q1 2022.
The Company reported Q1/2023 sales were $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 reported 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 8% 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. Despite the higher Advertising and Promotion as well as Marketing expenses, total expenses for the quarter declined to $1.75 million, $0.3 million or 14% lower YoY. Net Loss for quarter narrowed to $0.94 million, which an improvement of $0.75 million or 45% when compared to the first quarter a year ago.
About American Aires Inc.
American Aires Inc. is a Canadian-based nanotechnology company committed to enhancing well-being and environmental safety through science-led innovation, education, and advocacy. The company has developed proprietary silicon-based microprocessors that reduce the harmful effects of electromagnetic radiation (EMR). Aires' Lifetune products target EMR emitted by consumer electronic devices such as cellphones, computers, baby monitors, and Wi-Fi, including the more powerful and rapidly expanding 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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