VANCOUVER, BC, Nov. 22, 2024 /CNW/ – At its Annual General Meeting (“AGM”) yesterday, infinitii ai inc. (“infinitii ai” or the “Company”) (CSE: IAI) (FSE: 7C5) (OTC: CDTAF) provided shareholders with key highlights of Fiscal Year 2024 (“FY2024”) and an overview of U.S.-focused growth now underway in Fiscal Year 2025 (“FY2025”). A complete set of June 30, 2024 Consolidated Financial Statements and Management’s Discussion & Analysis for FY2024 has been filed at www.sedar.com.
“In FY2024 we achieved 17% sales growth by collaborating with AECOM and SCG Flowmetrix Inc. to win strategic sales in Ontario’s Greater Toronto and Hamilton Area’s (“GTHA”) wastewater utilities,” said infinitii ai CEO Jean Charles Phaneuf. “As we entered FY2025, we won a second competitive bid with AECOM at the City of Hamilton that solidified 90%-plus market penetration in the GTHA market.”
In FY2025, infinitii ai is expanding its reach in the U.S. by partnering with new American collaborators to accelerate growth, including Kansas City, MO-based TREKK Design Group LLC (“TREKK”).
“We are building our presence in the United States with recent customer acquisitions in Kansas City, MO, Johnson County, KS, Houston MO, Omaha, NE, Cedar Hill, MO, Kansas City, KS and St. Louis MO,” stated Phaneuf. “Our team is also engaged 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.”
Financial and operational highlights
- For the fiscal year ended June 30, 2024, the Company generated $2,406,442 in revenues compared to $2,052,475 in fiscal year 2023, a 17% increase, while decreasing operational expenses by 25%.
- FY2024 sales wins included the City of Hamilton, City of Montreal, the Montreal Metropolitan Community (“CMM”), City of Markham, and Halton Region.
- As it grew its customer base infinitii ai experienced a customer renewal rate of 96% in FY2024 as compared to 95% in F2023. 80% is considered a healthy Software as a Service (“SaaS”) renewal rate, while a SaaS renewal rate above 90% is considered excellent.
- Following its success with TREKK that added new customers in municipalities across the U.S. Midwest, infinitii ai has continued to expand its American market presence in FY2025 through strategic collaborations across the United States. These companies are taking advantage of the Company’s proven expertise in flow monitoring and real-time predictive machine learning applications.
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 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 and TREKK Design Group LLC.
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.
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 results or otherwise, other than as required by applicable securities laws.
SOURCE infinitii ai inc.
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