Double-digit quarterly sales increase continues trend established in F2023
"In the second quarter of fiscal year 2024 infinitii ai increased revenue 17% while holding the line on expenses compared to the same quarter of last year, continuing a trend established in FY2023 of double-digit software license revenue gains alongside judicious use of cash," said CEO
The
"More recently we made significant progress with two contracts for our new professional services division," stated Phaneuf. "Both of these contracts offer the potential to bring in additional recurring revenue and in one instance, exposes us to an exciting new vertical market in AI-driven financial services."
On
This strategic integration with infinitii ai will allow TREKK's customers to see PreView images as they are produced in near real time alongside sensor data in the infinitii flowworks time-series viewer. The combination of images and sensor data allows users to better understand the impact of storm events on wastewater infrastructure, and the Company estimates the agreement will drive a substantial new source of recurring revenues among TREKK's customer base in the
On
Additionally, the Inverite contract licenses infinitii ai's intellectual property, establishing a new source of recurring revenue outside its traditional smart city and industry infrastructure markets.
- For the period ended
December 31, 2023 , the Company generated$1,107,548 in revenues compared to $$949,472 for the period endedDecember 31, 2022 , a 17% increase - Monthly average revenue from contracted and subscription customers increased by 13% compared to the period ended
December 31, 2022 - Operating expenses of
$1,713,274 for the six-month period endedDecember 31, 2023 , declined 1% compared to$1,733,527 in the six-month period endedDecember 31, 2022 - The F2024-Q2 operating loss was
$354,031 , slightly higher than the same quarter in the previous year due to some non-cash expenses - During the six-month period ended
December 31, 2023 , the cash required by the Company's operating activities of$625,111 decreased by 36% compared to the same period in the previous year as management continued to make judicious use of cash to focus on capturing revenue opportunities from product and services initiatives aimed at new vertical markets
Trusted since 2014 to provide environmental monitoring to many of the largest water infrastructure utilities in the
infinitii ai software performs real-time analysis, checks flow monitoring status, sets alarms through a single interface, accepts all types of data from any source and offers predictive (what will happen) and prescriptive (what should happen) analytics. Whether it's real-time, historic, wireless, satellite, SCADA or public data sets including
The Canadian Securities Exchange (operated by
This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information is based on certain key expectations and assumptions made by the management of infinitii ai, including the expectation of future revenue growth. Although infinitii ai believes that the expectations and assumptions upon which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because infinitii ai can provide no assurance that they will prove to be correct. Any forward-looking statements contained in this press release are made as of the date of this press release. infinitii ai disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
SOURCE infinitii ai inc.
© Canada Newswire, source