BuildingIQ, an energy management software company, has announced its results for the third quarter of 2014.
Key results from Q3 2014 included:
- Increased recurring revenue by 57.5 percent compared to Q3 2013, and by 119 percent on a year-to-date compared to last year.
- Bookings increased 360 percent over the last quarter, 1,200 percent over Q3 2013 and 497 percent on a year-to-date basis.
- Achieved a 70 percent increase in backlog growth over Q2 2014 and 560 percent increase over Q3 2013.
- Renewed management of more than 1.4M square feet.
- Delivered more than $700,000 of value/free cash to clients.
During Q3 2014, BuildingIQ released version 4.0 of its energy management platform, which features streamlined analytics, increased visibility into savings for users and security that is equivalent to that of Internet banking. The newest release proved that BuildingIQ and its Predictive Energy Optimization™ software continues to make a significant impact on the energy efficiency sector. The company also deployed over 2 million square feet into the platform during the quarter.
BuildingIQ’s ability to optimize energy efficiency in commercial buildings led to the platform’s selection to participate in the U.S. General Services Administration’s (GSA) Green Proving Ground Program. Through the program, the company’s solution will be deployed in two GSA facilities so that savings can be documented and performance can be evaluated in a real world context. In addition, BuildingIQ was named a 2014 Cleantech 100 company by the Cleantech Group.
BuildingIQ also saw continued growth in the North American and Australian markets in Q3. Most notably in the United States, BuildingIQ has continued to see adoption of its software within the city of Las Vegas through the mPowered program. Through this demand response program, BuildingIQ successfully executed over 100 individual load drops within the quarter. While in Australia, BuildingIQ’s cloud-based software has helped a 409,000 square foot hospital achieve a total energy savings of 20 percent. In addition, the energy management platform has proven extremely effective at the Australian Technology Park (ATP), where the software has been deployed within a building occupied by the National Information and Technology Communications Center of Australia (NICTA).
“Our ability to optimize energy consumption in even the most energy efficient buildings is a testament to the power of our energy management platform,” said Michael Nark, CEO of BuildingIQ. “For example, the savings we’ve been able to generate within the NICTA building are particularly impressive since it is already such an energy efficient building and boasts a NABERS score of 5.5. Our software can adapt to any building, making it an extremely attractive solution, especially when you factor in that it is offered on a subscription basis with no upfront capital required.”