Company increases recurring revenue, builds customer base, creates over $600 thousand of free cash flow for clients and inks new partner Direct Energy Business
San Francisco – August 5, 2014 – BuildingIQ, a leading energy management software company, today announced its results for the second quarter of 2014.
Key results from Q2 2014 included:
- Tripled revenue on a year-on-year basis;
- Recurring revenue increased by 40 percent, driven by new customer additions that more than doubled from last quarter;
- Increased the number of buildings under management by 40 percent, nearly tripling on a year-on-year basis, which resulted in a six percent increase in square footage under management;
- Achieved a 100 percent client renewal rate for existing customers;
- Backlog continued to be at an all-time high, growing more than 300 percent on a year-on-year basis.
During Q2 2014, BuildingIQ signed an agreement to offer its cloud-based Predictive Energy OptimizationTM software to Direct Energy Businesses’ extensive list of commercial building clients, which includes numerous Fortune 100 companies. Direct Energy is one of North America’s largest commercial retail energy suppliers. The partnership expands BuildingIQ’s technology and its ability to reduce heating, ventilation and air conditioning costs to a variety of customers in the months to come.
The company also deployed its building management software in the Mount Pleasant Shopping Centre, which is managed by CFS Retail Property Trust Group (CFX) and is one of two major shopping malls serving Queensland, Australia. Data from the first month following the installation resulted in 10 percent savings, which have continued to grow in subsequent months.
“We’re excited to see continued success as we move into the second half of 2014,” said Michael Nark, president & CEO of BuildingIQ. “This quarter’s growth has seen multiple additions to our customer base, including our first shopping center and a new hospital facility. We’ve also seen a successful start to the DR season in our NV Energy program with several events being called. This, in addition to the free cash flow we’ve created for our clients and our partnership with Direct Energy Business, has given us a nice foundation for a strong third quarter.”
In addition, during the quarter BuildingIQ reinforced its leadership position in energy management solutions by appearing in Verdantix’s “Green Quadrant® Building Energy Management Software” report which showcased a select group of companies offering viable, long-term and highly impactful solutions to current energy problems.
BuildingIQ is a leading provider of advanced energy management software that actively predicts and manages HVAC loads in commercial buildings. As the only supplier of patent-pending Predictive Energy Optimization™ technology, BuildingIQ’s cloud-based solution is powering energy and operational savings in buildings across the globe with reductions in HVAC energy costs by as much as 25 percent. BuildingIQ delivers measureable results and has received backing from tier one industry leaders including Aster Capital (backed by Schneider Electric, Alstom and Solvay), the Venture Capital unit of Siemens Financial Services (SFS VC), Paladin Capital and the Energy Division of the Commonwealth Scientific and Industrial Research Organisation (CSIRO).
Recognized as a leader in its industry, BuildingIQ most recently was named winner of the 2013 Bloomberg New Energy Pioneers Award, Fierce Innovation Awards’ “Best in Show”, a 2013 Cool Vendor in Green IT and Sustainability by Gartner and listed on the 2012 Global Cleantech 100 and AlwaysOn Going Green Global 200.
Vantage PR for BuildingIQ
Katie Blair, +1-407-767-0452 ex 229