Record revenue and 96% customer renewal rate highlight F2024 as infinitii ai advances U.S. market expansion

In fiscal year 2024 (“F2024”) infinitii ai inc. (“infinitii ai” or the “Company”) achieved record revenue with a 17% annualized growth increase and a 61% reduction in its total comprehensive loss compared to the same period in fiscal year 2023 (“F2023”). 

 

The Company also experienced an exceptional overall customer renewal rate of 96% in F2024 – a Software as a Service (SaaS) renewal rate above 90% is considered excellent. The Company did this while advancing its U.S. market expansion and upsell strategy with customers that are keen to further harness the power of real-time ML predictive analytics applications. which will help further increase revenue and drive continued growth while building intellectual property.

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Q2-F2025 sees 10 consecutive quarters of year-over-year revenue increases. Revenues ramp 25% at quarter's end

 

Key financial highlights of Q2-F2025 included: 

 

• For the six-month period ended December 31, 2024, the Company generated total revenues of $1,384,892 compared to $1,107,548 during the same period in 2023, representing a 25% increase.

• Total comprehensive loss for the six-month period was $281,355, down from $596,839 in the period ended December 31, 2023, representing a 53% decrease.

• Expenses of $1,692,220 for the six-month period ended December 31, 2024 were lower than the comparable period’s operating expenditures of $1,713,274, representing a 1% decrease.

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Trusted 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”).

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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.

 

We invite you to further explore our Press Releases, News Coverage, Board of Directors, and Shares, Listings and Filings pages.

 

New CEO hired to undertake corporate transformation 

After serving as a consultant for two months to evaluate its growth potential, in January of 2021 Jean Charles Phaneuf was invited into the Company as CEO by its previous CEO Greg Johnston and the Board of Directors. Phaneuf brought over 25 years of experience with a demonstrated history of leadership success in the technology and investment banking industries.

 

Financial foundation established 

In February of 2021, Phaneuf led new funding to establish a strong financial foundation, and the Company announced an over-subscribed Private Placement of $5,601,288, convertible debentures of $250,000, and a $2,000,000 Line of Credit. Some of this funding was used to convert $1,491,000 of corporate debt.

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New management and simplified corporate structure

In March of 2021 Phaneuf recruited a seasoned management team including a VP of Sales and VP of Marketing. He has since added to that team and Johnston remains with the Company as its President, taking on roles in product evangelism, product management advisory and strategic business development.

 

Phaneuf also simplified a corporate structure that had separate operating companies and subsidiaries with siloed management and financial reporting. The Company now operates as a single operating entity with an associated reporting structure led by the new management team. The objective is faster time to market on new products as well as more rapid progress on business development, sales and revenue results.

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Digital Supercluster project

In November of 2021 the Company successfully delivered a two-year-long Fresh Water Data Commons ("FWDC") project. The project was led by infinitii ai and funded by Canada’s Digital Technology Supercluster in collaboration with Microsoft, Teck Resources Ltd., Living Lakes Canada, the University of Victoria and Genome BC. This project provided infinitii ai with the means to increase its Intellectual Property ("IP") portfolio.

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New technology offers new revenue streams

New technology based on this IP was announced at the Company's Annual General and Special Meeting (“AGSM”) of shareholders held on November 24, 2021. There, the Company demonstrated new products that build upon its existing flowworks real-time reporting and analytics software for municipal and industrial and infrastructure. These new software products were supplemented with IP developed during infinitii ai's engagement leading the FWDC project. 

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​Major sale to Los Angeles County

On March 9, 2022 the Los Angeles County Sanitation Districts ("LASD") selected infinitii ai's software for real-time reporting and analytics on a wastewater system that services 5.6 million people. The California agency awarded a two-year contract after which it is renewable on an annual basis. This represented the largest sale in the Company's history to date. 

 

LASD engineers stated they look forward to exploring new Artificial Intelligence (AI) and Machine Leaning (ML) capabilities once data migration and standardization is complete, also saying they have a big push for this advanced technology.

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Company changes corporate name to infinitii ai

On October 4, 2022, the Company, formerly named Carl Data Solutions Inc., announced it had rebranded and changed its company name to infinitii ai. The new brand supports a multi-product predictive analytics software portfolio focused on Machine Learning (ML) capabilities. On Oct. 7, infinitii ai’s new stock ticker symbol on the CSE changed from CRL to iai. The infinitii ai name embodies an extensive product portfolio for Machine Learning and signals exciting business transformation. The revitalized brand reflects a new era of growth for the Company as it markets innovative AI-driven software that empowers customers and partners to make their data smarter.

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Major sale to Region of Peel starts 2023

On January 23, 2023, through a strategic partnership with Flowmetrix, infinitii ai made the first sale of its infinitii flowworks pro Machine Learning software as part of the project for the Region of Peel, Ontario. This sale represented a record seven-figure transaction for infinitii ai as part of the Flowmetrix contract to provide Consulting Services for Flow and Rainfall Data Delivery. The Region of Peel also deployed infinitii auto qa/qc to perform Quality Assurance and Quality Control on any sensor data outliers that may distort results or trigger false alerts, and infinitii auto i&i for detailed analysis of storm events. Due to this record sale, infinitii flowworks pro will be operational in one of Canada’s fastest-growth municipalities.​

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Record $1.5 million sale in Ontario + Quebec market entry 

On June 28, 2023, infinitii ai announced its largest sales contract ever with another large Canadian municipality in Ontario. The five-year $1.472 million contract with an existing municipal customer adds infinitii auto i&i, infinitii auto qa/qc and infinitii face pro Machine Learning products to a previous license for infinitii flowworks data monitoring software. And on July 6, 2023, the Company announced it had entered the Quebec market with two new large-scale customers ­– the Montreal Metropolitan Community (“CMM”) and the City of Montreal.

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infinitii ai captures over 90% of the GTHA

On January 24, 2024, infinitii ai announced its partner AECOM won a competitive bid that installs infinitii flowworks real-time data monitoring software as part of the City of Hamilton’s Wastewater Quality Management System (WWQMS). The City of Hamilton sought a qualified proponent to provide a Combined Sewer Overflow (CSO) Outfall Flow Monitoring program for a 2-year period at 17 locations throughout the city.

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On March 13, 2024, with engineering services partner AECOM, the Company won a competitive bid that installs infinitii flowworks real-time data monitoring software in a contract from the City of Markham for flow monitoring, data collection, data delivery and related consulting engineering services. 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.

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On March 25, 2024, through another sale with Flowmetrix, the Company won a contract for The Regional Municipality of Halton (“Halton Region”). Halton Region has the option to renew this contract for eight additional one-year terms to supply infinitii flowworks. With this contract award, infinitii ai software now serves more than 90% of the Greater Toronto and Hamilton Area (GTHA) population, which includes the cities of Toronto, Hamilton, Markham, plus Peel, York and Halton regions.

 

On May 14, 2024, the Company secured a strategic contract with an existing customer in the Greater Toronto and Hamilton Area (GTHA) to develop a new algorithm designed to perform predictions on wastewater levels and flow – a ground-breaking addition to infinitii flowworks. 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.

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On July 16, 2024, with its partner AECOM, infinitii ai won its second competitive bid in a year with the City of Hamilton. The latest sales achievement installs 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 (WWQMS).  

 

And on August 15, 2024, the Company won a competitive bid with the City of Vancouver. The latest sales achievement provides the City with access to infinitii flowworks real-time data monitoring software as part of a three-year contract for sewer drainage monitoring, data management and analysis.

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Further expansion into U.S. market

​April 11, 2024, after completing a successful professional services integration project for U.S.-based TREKK, the Company announced that TREKK began testing its PreView underground camera system combined with predictive analytics by infinitii flowworks in Kansas City, MO, Omaha, NE, Cedar Hill, MO and St. Louis, MO.  And on September 26, 2024, the Company announced that TREKK had more than doubled its infinitii ai install base to 11 TREKK clients in the U.S. Midwest and was branding its PreView-related data services offering as “Waterspout powered by infinitii ai”.​

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