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Infinitii Ai Reports Financial Results for Q1-F2024
Wednesday, December 13, 2023Company Profile | Follow Company
Burnaby, BC, December 13, 2023--(T-Net)--infinitii ai inc. (CSE:IAI), a leader 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, 2023.
A complete set of September 30, 2023 Consolidated Financial Statements and Management's Discussion & Analysis has been filed at www.sedarplus.ca.
Jean Charles Phaneuf, CEO, infinitii ai
Management's quarterly commentary and new revenue initiatives
"In the first quarter of 2024 infinitii ai increased revenue 25% while decreasing expenses by 11% 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 Jean Charles Phaneuf, adding that the cash required by the Company's operating activities decreased by 37% compared to the same period in the previous year.
"To accelerate revenues in 2024, we presented two corporate initiatives at our Nov. 29 AGM continued Phaneuf. "infinitii ai is creating a professional services division to speed up adoption of our products by customers that lack our data science and AI expertise for time-series data applications. This new business unit will allow us to increase our footprint within the water industry and grow into new smart systems verticals as we identify opportunities that leverage our intellectual property."
"Our AGM presentation also included an innovation showcase to demonstrate upcoming capabilities for the smart industry sector," stated Phaneuf. "Our latest developments are designed to expand real-time predictive data intelligence capability from macro views of infrastructure operations to micro views of individual pieces of mission-critical equipment commonly found in energy and manufacturing industries."
Financial highlights and year-over-year results for F2024-Q1
About infinitii ai inc.
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 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.
Forward-looking Statement The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release. [ MORE ] |
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infinitii ai (formerly Carl Data Solutions Inc.)
Vancouver (InfoTech)
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