Cloud-based energy management software company starts the year strong and creates nearly half a million in free cash for customers in Q1
San Francisco – April 22, 2014 – BuildingIQ, a leading energy management software company, today announces strong financial results for the first quarter of 2014.
Key results from Q1 include:
- More than doubled revenue on a year-on-year basis;
- Recurring revenue from new customers doubled;
- Signed over $1.2 million in contracts, a record level of customer bookings;
- Increased buildings under management by 50 percent, more than tripled on a year-on-year basis;
- Backlog is at an all-time high, growing more than 400 percent on a year-on-year basis, 60 percent quarter-on-quarter growth.
BuildingIQ expanded into two new sectors, deploying its solution in nine buildings across a higher education campus and beginning work with its first public museum customer. Not only was the technology chosen to bring energy efficiency to new markets, but BuildingIQ was also chosen for EDC Magazine’s Readers’ Choice Award.
During Q1, BuildingIQ continued to see growth in existing markets as well. The company more than doubled the amount of energy (MW) under management in Las Vegas. This continues the momentum that was initiated by the 2013 partnership with NV Energy to deploy the mPowered program, which provides BuildingIQ’s energy optimization software to some of the utility’s biggest commercial customers, including several casinos and resorts.
BuildingIQ also reinforced its market position in Australia by solidifying a partnership with AE Smith, which will help more building owners in Australia gain access to BuildingIQ’s cloud-based solution. Peter Ferguson, AE Smith’s general manager of building technologies stated the following during the program’s announcement, “We’ve been helping our customers improve the energy efficiency of their building for years. BuildingIQ is another smart tool that helps us to keep on delivering these results.”
“Coming off a very successful 2013, we saw continued momentum throughout this year’s first quarter,” said Michael Nark, president & CEO of BuildingIQ. “We are proud to have helped our customers free up almost half a million in cash that can be dedicated to other energy efficiency upgrades and improvements. We expect our customer base to continue to expand as the success of our existing customers spreads throughout the industry.”
About BuildingIQ
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.
Press Contact:
Vantage PR for BuildingIQ
Katie Blair, +1-407-767-0452 ex 229