17% sales increase, 96% customer renewal rate and reduced costs highlight FY2024 for infinitii ai as it advances U.S. market expansion
VANCOUVER, BC, Oct. 29, 2024 /CNW/ - infinitii ai inc. ("infinitii ai" or the "Company") (CSE:IAI) (FSE: 7C5) (OTC:CDTAF), a leader AI-driven predictive analytics software for Smart City water and Smart Industry infrastructure applications that rely on time-series data, today released its annual financial and operational highlights for its fiscal year ended June 30, 2024. As well as a 17% annualized sales increase infinitii ai achieved a stellar overall customer renewal rate of 96% in fiscal year 2024 ("F2024") and a 61% reduction in its total comprehensive loss compared to the same period in fiscal year 2003 ("F2023").
A complete set of June 30, 2024 Consolidated Financial Statements and Management's Discussion & Analysis has been filed at www.sedar.com.
Trusted since 2014 to provide environmental monitoring to many of the largest water infrastructure utilities in the U.S. and Canada, infinitii ai has evolved into a leader in AI-driven predictive analytics for Smart City water and Smart Industry infrastructure applications that rely on time-series data. The Company's customers include the Smart Cities and municipalities of Seattle, Miami-Dade County, Boston, Dallas, Los Angeles County, Vancouver, Toronto, Hamilton, Region of Peel, and York Region, among others. infinitii ai services these customers through direct sales and via a trusted partner network that includes engineering and IT companies like AECOM, Core & Main Inc., Kerr Wood Leidal Associates Ltd., K2 Geospatial, SCG Flowmetrix Technical Services Inc. ("Flowmetrix") and TREKK Design Group LLC ("TREKK").
Management commentary
"Among other successful sales during F2024, our business development team won competitive bids with AECOM and Flowmetrix to capture more than 90% of the Greater Toronto and Hamilton Area (GTHA) municipalities serving a population of 6.6 million. In parallel, we made inroads into the United States with TREKK Design Group, an engineering services partner located across the Midwest," stated Jean Charles Phaneuf, CEO of infinitii ai. "Our product development and support teams also helped us achieve a remarkable 96% customer renewal rate."
"Going forward we are intently focused on growing revenues and market share in the United States by establishing new strategic partnerships with American engineering services and hardware firms. In addition, we're executing on our upsell strategy with customers that are keen to further harness the power of real-time ML predictive analytics applications. This provides the Company with more recurring revenue contract opportunities and increases intellectual property assets that can in turn be offered to other customers."
Financial highlights and year-over-year results for fiscal year 2024
For the year ended June 30, 2024, the Company generated $2,406,442 in revenues compared to $2,052,475 in F2023, a 17% increase.
The total comprehensive loss for F2024 of $997,310 compared to $2,588,381 in F2023, a 61% decrease.
The cash required by the Company's operating activities of $661,804 decreased by 46% in F2024 compared to the same period in F2023 as management continued to make judicious use of cash to focus on ...
