Q2 FY2018 Market Update – BuildingIQ

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BuildingIQ (ASX: BIQ) – Q2 FY2019 Market Update

31 July 2019

Financial Summary

  • Q2 FY2019 contract bookings: Grew by 78% to A$5.45 million from A$3.06m in the prior corresponding period (pcp)
  • Q2 operating expenses: down 20% to A$1.59 million, (A$1.98m pcp)
  • Q2 revenue: A$1.53 million, down 18% (A$1.87m pcp)
  • Q2 cash receipts from customers: A$1.49 million, up 4.2% (A$1.43m pcp)
  • Q2 net cash from operations: A$0.46 million, up 84% (A$0.25 million pcp)
  • $1.09 million was received during the quarter through the issue of shares in private placements together with commitments for a further $1.01 million to be received in August
  • Cash and cash equivalents at quarter end: A$0.53 million ($0.78m last quarter)

Operational Summary

  • 31 buildings were added during the quarter. 1,327 buildings, approx. 140M SF, are now active on the 5i Platform (82 additional buildings and total of 1,176 buildings pcp)
  • 48 new sites are now using BuildingIQ’s Facility Worksite Service. Over 43,514 work order requests / transactions were processed in the quarter for 500 plus users
  • Cumulative YTD value delivered to clients through documented operations and energy savings continued to grow. In Q2, savings were up 12% to A$5.15 million (A$4.58 million pcp)
  • More than fifteen (15) customer contracts were renewed during the quarter, maintaining strong renewal rates of greater than 97%

Note: BuildingIQ is incorporated in Delaware and has a 31 December financial year end.

BuildingIQ Inc. (ASX: BIQ), a tech-enabled services business, today released its Appendix 4C and Market Update for the second quarter of FY2019 ending 30 June, 2019.

BuildingIQ’s President & CEO, Michael Nark, indicated the Company had seen another quarter of growth in bookings as it continues to benefit from the high level of new construction activity in Australia.

“Our contract bookings were up 78% when compared to the same quarter in FY2018. A significant percentage of this new business growth came from the Greenfield market. Whilst we recognise, and have previously noted (ASX announcement: 19 July 2019), that delays in the commencement and ramp-up of major Greenfield projects has delayed the receipt of revenue, our strategic commitment to the market is delivering results. In the Established buildings market, we continue to see sales in North America, and currently the United Arab Emirates is showing opportunity with more than 1.2m SF of buildings now on the 5i Platform.”

“While the growth in our customer base is positive, we recognise the importance of maintaining a strong focus on cash and ensuring our costs are tightly managed. Looking ahead, our focus will remain on delivering financially astute growth and operational efficiency.”

Operational Information

The number of buildings active on the 5i Platform continues to grow. During the past quarter, 31 new buildings were added. Services are now provided to more than 1,325 buildings globally, up from just 869 buildings three years ago.

New business globally is being secured through opportunities in a number of sectors. In Australia, the Education and Health sectors are presenting new Greenfield opportunities. We recently secured contracts to deliver Managed services for two schools - the new Oran Park High School and Primary School and Wenona School and a new hospital – Somerset Private. BuildingIQ has also recently completed work on the new West Coast Eagles Precinct project, which was contracted in 2018.

The Commercial building sector in North America is providing sales opportunities in the Established building sector, with BuildingIQ recently securing new business for the delivery of complete 5i Services to more than 2m SF across three (3) new customers in the Northeast.

BuildingIQ services continued to deliver documented operational and energy savings for customers. Cumulative savings for Q2 FY2019 totalled $5.15 million, an increase of 12%.

Future Updates

The Company will hold an investor conference call at 10am (AEST) on 31 July, 2019 to discuss this announcement. Please refer below for the dial-in details. Please use the computer login details below if you wish to submit typed questions via the “chat” functionality.

Quarterly investor call details:
Time: 10 am (AEST)
Date: Wednesday 31 July, 2019
Phone: +61 2 9087 3604 (AU) or +1 (312) 757-3126 (US)
Access code: 983-247-749
Please note: For investors wanting to ask questions, please use the computer login below.
Computer login:

Financial Calendar

Future Dates* Details
August 30, 2019 1H FY2019 Results
October 31, 2019 Appendix 4C & Q3 FY2019 Market Update

*NOTE: Dates may be subject to change


For further information contact:

Lisa Jones
Company Secretary
Ph.:  +61 2 9360 0602
E: lisajones@buildingiq.com

Christine Bowen
Ph.: +61 414 861 629
E: christine@communicaterelate.com.au

About BuildingIQ
BuildingIQ (ASX: BIQ) helps building owners and operators worldwide lower energy use, increase building operations efficiency and enhance tenant comfort. The Company’s 5i cloud-based platform and Managed Services deliver on the promise of Internet of Things (IoT) for buildings. Approx. 115M square feet of building space is currently under management with BuildingIQ. www.buildingIQ.com

Foreign Ownership Restrictions

BuildingIQ’s CHESS Depositary Interests (CDIs) are issued in reliance on the exemption from registration contained in Regulation S of the US Securities Act of 1933 (Securities Act) for offers or sales which are made outside the US. Accordingly, the CDIs have not been, and will not be, registered under the Securities Act or the laws of any state or other jurisdiction in the US. The holders of BuildingIQ’s CDIs are unable to sell the CDIs into the US or to a US person unless the re-sale of the CDIs is registered under the Securities Act or an exemption is available. To enforce the above transfer restrictions, all CDIs issued bear a ‘FOR US’ designation on the ASX. This designation restricts any CDIs from being sold on ASX to US persons. In addition, hedging transactions with regard to the CDIs may only be conducted in accordance with the Securities Act.