BuildingIQ, an energy optimization software company that helps to reduce daily energy consumption in commercial buildings, announces the results from its fiscal second quarter of 2015. Throughout the quarter, BuildingIQ delivered more than $1 million in free cash flow to clients. Revenue for the company grew more than 175 percent, as compared to Q2 2014, and was up 35 percent over Q1 2015. Bookings growth also remained strong, with the company achieving a 300 plus percent increase over Q2 2014.
Additional highlights included:
- Increased recurring revenue by 60 percent over Q2 2014 and by 25 percent over last quarter.
- Grew backlog growth by 11 percent over last quarter and 170 percent over Q2 2014.
- Square footage under management was up 15 percent over last quarter and almost 130 percent over last year.
- Renewed and expanded an existing utility relationship.
During Q2 2015, BuildingIQ was honored with two top industry recognitions and achieved significant customer and partner milestones. In Australia, BuildingIQ received the prestigious iAward. Presented by the Australian Information Industry Association (AIIA), Australia’s ICT industry advocacy group, the awards highlight native companies at the cutting edge of innovation. BuildingIQ was named the New South Wales winner in sustainability for its advanced Predictive Energy Optimization (PEO) platform, which can reduce HVAC energy consumption in commercial buildings by as much as 25 percent.
A significant proof point of BuildingIQ’s technology, recognized by the iAward, was the recently announced results of the company’s work at the St. Vincent’s Hospital’s Darlinghurst campus. In collaboration with Entro.py, an energy management solution provider and partner, BuildingIQ’s PEO platform reduced energy consumption by 1.7 million kWh, 12 percent of the buildings total energy consumption, within the first 14 months of installation. The fine-tuned adjustments made to the building’s HVAC system allowed the hospital to eliminate one of its chillers, and evoked unsolicited compliments on improved comfort from the building’s staff and patients.
Continuing its growth pattern, BuildingIQ added another significant US-based customer relationship to its resume in Q2. The company announced that it was selected by the city of Washington D.C.’s Department of General Services (DGS) to deploy its cloud-based technology in more than 3,200,000 square feet of public buildings throughout the city. Implementation of the platform will enable a range of hospitals, education facilities and office spaces managed by the DGS to save money and generate revenue by optimizing energy usage and enabling future participation in demand response events.
The traction that BuildingIQ has gained in the U.S. has not gone unnoticed. The company was recognized as one of 15 Smart Grid Companies to Watch in 2015 by Smart Grid News, a premier resource of news and analysis for the modernization and automation of electric power. The Smart Grid Companies to Watch rankings highlight companies that have made or have the potential to make significant contributions to the energy industry.
“The complexity of today’s energy landscape necessitates a dynamic solution that can operate effectively with minimal oversight,” says Michael Nark, CEO of BuildingIQ. “One area where we’ve seen exceptional growth this quarter has been health care, one of the most energy-intensive industries in the world. BuildingIQ’s PEO platform enables hospitals to achieve energy and cost reductions automatically, improving patient comfort while also freeing up the valuable time and resources of their staff.”