Mr. Michael Robb reports

AIRIQ ANNOUNCES SEPTEMBER 30, 2024 QUARTERLY RESULTS COMPANY REPORTS DOUBLE-DIGIT GROWTH IN RECURRING REVENUE

AirIQ Inc. today released its financial results for the three and six months ended Sept. 30, 2024, reporting a double-digit increase in recurring revenue.

Second quarter highlights (for the three months ended Sept. 30, 2024, compared with Sept. 30, 2023)

• Recurring revenue of $1,198,787 increased by 11 per cent or $118,753 compared with $1,080,034;
• Total revenue of $1,268,826 decreased by 6 per cent or $101,795 compared with $1,347,160;
• Gross profit of $816,909 increased by 2 per cent or $12,515 compared with $804,394;
• Net income of $28,568 decreased 84 per cent or $152,989 compared with $181,557.

"We are thrilled to report yet another quarter of consistent growth in our recurring revenue, marking another consecutive quarter of year-over-year increases," said Mike Robb, President and chief executive officer of AirIQ. "As we change our focus to further increase recurring revenue through our promotion of the rental program, which drives a higher recurring revenue per unit as well as providing flexibility for our customers, we expect a continued transition away from one-time hardware revenue into a higher recurring revenue stream that includes both hardware rental and subscription services."

Mr. Robb continued: "We are confident that the strategic reinvestments into our sales and marketing will generate much higher returns and positions AirIQ well for long-term growth. Our reinvestment of increased recurring revenues will have an impact on our operating profit and net income in the near term, but our focus remains on building a robust foundation for future profitability and delivering value to our shareholders."

All dollar amounts set out herein are in Canadian dollars.

Financial statements and MDA

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 and six months ended Sept. 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 Inc., AirIQ U.S. Inc. and AirIQ LLC. All intercompany balances and transactions have been eliminated on consolidation.

About AirIQ Inc.

AirIQ was founded in 1997 and is a pioneer in IoT-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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