Mr. Michael Robb reports

AIRIQ ANNOUNCES JUNE 30, 2024 QUARTERLY RESULTS COMPANY REPORTS RECORD RECURRING REVENUE

AirIQ Inc. today released its financial results for the three months ended June 30, 2024, reporting record recurring revenues since it began tracking this metric.

First quarter highlights (for the three months ended June 30, 2024, compared with June 30, 2023)

• Recurring revenue of $1,172,940 increased by 7 per cent or $72,890 compared with $1,100,050;
• Gross margin of 56 per cent increased compared with 55 per cent;
• Cash and cash equivalents of $3,433,778 increased by 22 per cent or $616,077 compared with $2,817,701;
• Sales and marketing expense of $371,790 increased by 80 per cent or $164,741 compared with $207,149 as part of an aggressive investment into driving future recurring revenue growth.

"We are very encouraged by the increase in our recurring revenue this quarter, which rose by 7 per cent compared with the prior year," said Mike Robb, president and chief executive officer of AirIQ. "In addition, we have made a significant investment in sales, marketing and further business development to position AirIQ to materially increase the growth rate of recurring revenue to deliver even more value to our shareholders," continued Mr. Robb

All dollar amounts set out herein are in Canadian dollars.

Normal course issuer bid

On June 24, 2024, the company filed a notice of intention to make a normal course issuer bid to purchase up to 1,468,004 common shares representing 5 per cent of the company's then current issued and outstanding common shares through the facilities of the TSX Venture Exchange during the period commencing June 27, 2024, and ending on June 26, 2025. The company's broker for the bid is Hampton Securities Ltd. The company has repurchased 17,500 shares for cancellation during the three months ended June 30, 2024.

Financial statements and MD&A (management's discussion and analysis)

The company's unaudited consolidated condensed interim financial statements include the accounts of AirIQ and its subsidiaries, AirIQ U.S. Holdings Inc., AirIQ U.S. Inc. and AirIQ LLC. All intercompany balances and transactions have been eliminated on consolidation.

The company's unaudited consolidated interim financial statements for the three months ended June 30, 2024, and 2023 including notes thereto, and management's discussion and analysis for the same period are being filed with the Canadian securities regulatory authorities on today's date, and will be available on the company's website and on the SEDAR+ website. The company's financial statements include the accounts of AirIQ and its subsidiaries, AirIQ U.S. Holdings, AirIQ U.S. and AirIQ. All intercompany balances and transactions have been eliminated on consolidation.

About AirIQ Inc.

AirIQ was founded in 1997 and is a pioneer in IoT (Internet of Things) based asset management solutions. AirIQ's solutions allow commercial businesses to reliably, effectively and efficiently monitor assets in near real time. The company develops iOS and Android mobile and Web-based applications, and cloud-based solutions that stand alone or that can be readily integrated with existing software. AirIQ solutions are mixed fleet capable and provide fleet reporting, maintenance, compliance, safety and analytics utilizing multiple hardware options including a fully integrated video telematics camera solution and a battery powered solution for non-powered assets.

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