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 2023 ("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 capturing new revenue opportunities.
• Operating expenses of $3,424,988 for F2024 compared to $4,589,662 in F2023, a 25% decrease.

Operational highlights for fiscal year 2024

• The Company experienced a customer renewal rate of 96% in F2024 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.
• On July 6, 2023, the Company announced its entry into Quebec's smart infrastructure market with machine learning technology sales to two new large-scale customers ­– the Montreal Metropolitan Community ("CMM") and the City of Montreal.
• On January 24, 2024, the Company announced partner AECOM had won a competitive bid with the City of Hamilton to provide a Combined Sewer Overflow (CSO) Outfall Flow Monitoring program for a 2-year period at 17 locations.
• On January 31, 2024, the Company announced it had signed a professional services and go-to-market agreement with TREKK to integrate PreView, TREKK's patented sewer and storm surveillance monitoring system with infinitii flowworks.
• On March 13, 2024, the Company announced its partner AECOM had won a competitive bid that installs infinitii flowworks in the City of Markham. The contract runs through 2024, and city staff is authorized to exercise the option to renew the contract for four more additional years from 2025 to 2028.
• On March 25, 2024, the Company announced that its partner Flowmetrix had won a one-year contract to install infinitii flowworks in the wastewater flow monitoring program at The Regional Municipality of Halton. The Region has the option to renew this contract for eight additional one-year terms.
• On April 9, 2024, the Company announced it had launched infinitii data review, a new platform feature that empowers infinitii flowworks users with unparalleled efficiency in reviewing and editing sensor data outliers that may needlessly trigger alerts or negatively impact data model accuracy in water utility operations.
• On April 11, 2024, the Company announced it had completed its professional services contract initiated for TREKK, and that TREKK was testing its PreView underground camera systems combined with predictive analytics by infinitii flowworks in Kansas City, MO, Omaha, NE, Cedar Hill, MO and St. Louis, MO.
• On May 14, 2024, the company announced a professional services contract with an existing customer in the GTHA to develop a new algorithm designed to perform predictions on wastewater levels and flow. The new application harnesses real-time data from sensors within wastewater systems, augmented by Gauge-Adjusted Radar Rainfall (GARR) measurements, historical sensor data, and precise weather modeling information.

Moving forward for fiscal year 2025

• On July 10, 2024, the Company closed an oversubscribed private placement in the amount of $1,024,997. The financing was led by ThreeD Capital Inc. ("ThreeD") alongside other long-time shareholders.
• On July 16 2024, the Company announced its partner AECOM had won its second competitive bid this year with the City of Hamilton. This latest sales achievement installed infinitii flowworks real-time data monitoring software at 112 sites throughout the city as part of the City of Hamilton's Wastewater Quality Management System.
• On August 15, 2024, the Company announced it had won a competitive bid with the City of Vancouver, providing the city with access to infinitii flowworks real-time data monitoring software as part of a three-year contract.
• On August 19, 2024, the Company announced on its social media channels that "York Region's Comprehensive Approach to Tackling I&I in Wastewater Systems" presentation won an award at the 2024 International Water Association conference. This was the second international award in two years achieved by the Region's & Infiltration Reduction Team for their use of infinitii ai ML software.
• On September 26, 2024, the Company announced that TREKK had increased its infinitii ai install base beyond Kansas City, MO, Omaha, NE, Cedar Hill, MO and St. Louis, MO to 11 TREKK clients that include municipalities and even other engineering services companies. TREKK's infinitii ai-branded offering will be profiled in upcoming editorials published by U.S.-based Municipal Sewer and Water Magazine and Modern Pumping Today Magazine.
• The Company is focused on expanding its U.S. market presence in F2025 through strategic partnerships with American engineering services and hardware firms. These new partners will take advantage of the Company's proven expertise in flow monitoring and real-time predictive machine learning applications and its leadership in serving award-winning municipal customers.
• In addition, the Company is executing on its upsell strategy with customers that are keen to further harness the power of real-time ML predictive analytics applications. These higher-value applications increase revenue and build intellectual property.

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.