A debt-free microcap telematics company that has reinvented itself into a sticky, high-margin SaaS subscription engine—still priced like a hardware business.
Overview
AirIQ Inc. (TSXV: IQ) is a Pickering, Ontario-based wireless asset management and IoT/telematics provider that has executed a multi-decade transformation from a hardware-centric model to a higher-margin, recurring-revenue SaaS-like business. The company sells operational visibility for fleets and fixed/mobile assets through a cloud platform that integrates multiple device types (IQ-CAM video telematics, IQ-BAT battery trackers for trailers/containers, IQ-Plug OBD diagnostics, IQ-Wire hardwired solutions with remote disable, and BLE Tool Tags for construction tools). AirIQ’s model is increasingly subscription-led: in Q3 FY2026, recurring revenue was ~$1.6M, about 94% of total revenue, underscoring the success of the pivot toward rented solutions and service contracts (software + cellular airtime). Customers are primarily SMBs and mid-market operators in transportation, construction, and vehicle rental across North America, with the U.S. contributing ~59% of revenue. The company competes against much larger players by emphasizing end-to-end integration, a lower-friction rental program, and unusually proactive customer support. Recent operating performance shows accelerating scale benefits (strong YoY growth in revenue, EBITDAS, and net income), and management is supplementing organic growth with tuck-in M&A (Connected Telematics) and share repurchases.