BuildingIQ (ASX: BIQ) - 1H FY16 Results
Sydney — 24 August 2016 — BuildingIQ, Inc. (ASX: BIQ), a leading energy management software company, today released its half year results for the six months ending 30 June 2016.
Revenue increased 8% to $2.03 million for the current period from A$1.87 million for the six months to 30 June 2015. Revenue and other income, relating to R&D grants, amounted to A$2.59 million, up 21% from the prior corresponding period.
The net loss for the current period increased to A$4.57 million (from a A$2.41 million loss in the prior corresponding period), impacted significantly by one-off items relating to acquisition costs and the impairment of accrued income (ASX annoucement 22 August, 2016). The other main contributing factor was an increase in employment costs as BuildingIQ further invested in its sales platform, product development and research and expanded its executive team. Reflecting this increased spend, the Underlying Earnings Before Interest Tax, Deprecation and Amortisation (EBITDA) loss was $3.31 million, compared to $1.64 million in the prior corresponding period.
BuildingIQ reached numerous milestones during the first half, including:
Mr. Michael Nark, BuildingIQ President & CEO in commenting on the results, said "We're pleased to have launched our 5i platform, which represents a substantial expansion of our services and importantly for property owners, enables BuildingIQ to deliver value right through a building life cycle. In the second half of 2016, we are focusing on converting this new functionality into sales to drive revenue growth."
"Additionally, BuildingIQ is continuing to focus on demonstrating traction in managed services through new contracts with existing customers and delivering further operational efficiencies via deployment initiatives that improve "time to value" and by securing lower costs to serve via trial in the Philippines. From a technology stand point, our focus is on demonstrating our capability for renewables integration as a menas of amplifying the benefits of off-the-grid power sources."
For further information contact:
Company Secretary Ph. +61 2 9360 0602
BuildingIQ (ASX: BIQ) helps building owners and operators worldwide lower energy use, increase building operations efficiency, and tenant comfort. The company's 5i cloud-based platform and Managed Services deliver on the promise of IoT for buildings with none of the drawbacks. Over 60M square feet of building space is currently under management with BuildingIQ. Investors in BuildingIQ include the Venture Capital unit of Siemens Financial Services, Paladin Capital and Exto Partners.