VANCOUVER, BC, Dec. 2, 2024 /CNW/ - Today infinitii ai inc. ("infinitii ai" or the "Company") (CSE: IAI) (FSE: 7C5) (OTC: CDTAF), a leader in AI-driven predictive analytics software for Smart City water and Smart Industry infrastructure applications that rely on time-series data, released financial highlights for the period ended September 30, 2024. A complete set of September 30, 2024 Interim Financial Statements and Management's Discussion & Analysis has been filed at www.sedarplus.ca.
Key financial highlights
Strong revenue growth: infinitii ai achieved $718,680 in Q1 FY2025 revenue, representing a 35% increase compared to $534,144 for the same period last year. This marks a strong acceleration in growth, with revenue in Q1 FY2025 increasing at twice the pace of FY2024's annual revenue.
Improved profitability: The Company significantly reduced its quarterly loss from operations to $95,932, a 62% improvement compared to a loss of $251,695 in Q1 FY2024, demonstrating strong operational efficiency and cost management.
Optimized cash flow: Cash required by operating activities decreased to $302,873, an 8% improvement over the prior-year period, reflecting disciplined financial management alongside accelerating growth.
Management's quarterly commentary
"Our revenues in Q1 FY2025 grew at twice the pace of FY2024's annual revenue growth, representing a 35% increase from the same period last year," stated Jean Charles Phaneuf, CEO of infinitii ai. "This important milestone highlights the traction of our sales strategy presented at the Company's Annual General Meeting on November 21st."
"This strategy sees us engaging with a wider network of engineering and hydrologist firms, sensor and flow metering equipment providers, as well as boots-on-the-ground infrastructure services collaborators," continued Phaneuf. "Additionally, we are focused on upselling customers with our new generation of machine learning software that brings real-time predictive insights that inform operational decision-making."
Financial highlights and year-over-year results for FY2024-Q1
For the period ended September 30, 2024, the Company generated $718,680 in revenues compared to $534,144 for the period ended September 30, 2023, a 35% increase compared to the three-month period ended September 30, 2023.
Operating expenses of $814,612 for the three-month period ended September 30, 2024, increased slightly by 4% compared to $785,839 in the three-month period ended September 30, 2023.
During the period ended September 30, 2024, the cash required by the Company's operating activities of $302,873 decreased by 8% compared to $329,904 required for the period ended September 30, 2023.
The FY2025-Q1 loss was $95,932 compared to $251,695 in in the three-month period ended September 31, 2023, a decline of 62%.
Operational highlights for FY2024-Q1
On July 10, 2024, the Company closed an oversubscribed private placement in the amount of $1,024,997. The financing was led by ThreeD Capital Inc. alongside other long-time shareholders.
On July 16 2024, the Company announced its partner AECOM had won its second competitive bid this year with the City of Hamilton. This latest sales achievement installed infinitii flowworks real-time data monitoring software at 112 sites throughout the city as part of the City of Hamilton's Wastewater Quality Management System.
On August 15, 2024, the Company announced it had won a competitive bid with the City of Vancouver, providing the city with access to infinitii flowworks real-time data monitoring software as part of a three-year contract.
On August 19, 2024, "York Region's Comprehensive Approach to Tackling I&I in Wastewater Systems" presentation won an award at the 2024 International Water Association conference. This was the second award in two years achieved by the Region's Inflow & Infiltration Reduction Team for their use of infinitii ai machine learning software.
On September 26, 2024, the Company announced that TREKK Design Group LLC ("TREKK") had increased its infinitii ai install base beyond Kansas City, MO, Omaha, NE, Cedar Hill, MO and St. Louis, MO to 11 TREKK clients that include municipalities and other engineering services companies.
About infinitii ai inc.
Trusted in environmental monitoring for many of the largest water infrastructure utilities in the U.S. and Canada, infinitii ai has evolved into a machine learning software leader that serves water utility customers in cities and municipalities including Toronto, Seattle, Miami-Dade County, Montreal, Boston, Dallas, Region of Peel, York Region and Los Angeles County, among others. The Company services customers via a trusted partner network that includes engineering and IT services companies like AECOM, Core & Main, Kerr Wood Leidal Ltd., K2 Geospatial and SCG Flowmetrix.
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 USGS, NOAA and weather forecasts – it doesn't matter where the data originates, infinitii ai transforms raw data into actionable information. Visit www.infinitii.ai to learn more.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Forward-looking statements
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.
