BuildingIQ, an energy management software company that helps organizations control energy costs and reduce energy consumption, announced results from its fiscal first quarter of 2015. Building on the breakthrough success of 2014, in Q1 2015 BuildingIQ’s revenue grew by more than 185 percent on a year-over-year basis and increased by 80 percent over Q4 2014. The results registered so far have set the pace for another record-breaking year in terms of growth.
Additional highlights included:
- Improved square footage under contract by 25 percent over last quarter and 110 percent over last year.
- Achieved 155 percent increase in backlog on a year-on-year basis.
- Increased bookings growth by 30 percent on a year-on-year basis.
- Delivered more than $1 million of free cash flow in Q1 2015 to clients based on energy savings.
- Deployed just under 3 million square feet into the PEO platform in Q1 2015.
During Q1 2015, BuildingIQ closed on a Series B funding further demonstrating the market’s confidence in BuildingIQ’s business model and results. The company is backed by industry leaders, including Siemens Financial Services, Paladin Capital Group and Exto Partners.
In addition, BuildingIQ’s Predictive Energy Optimization (PEO) software was also recognized by the Department of Energy’s Office of Energy Efficiency and Renewable Energy as a reliable and cost-effective way to reduce energy consumption. As part of this award, BuildingIQ is offering to conduct low-risk pilots assisted by the Lawrence Berkeley National Laboratory to improve the energy-efficient operations of large, complex buildings without sacrificing occupant comfort.
“BuildingIQ was able to keep the momentum we built last year going into the first quarter of 2015,” says Michael Nark, president and CEO of BuildingIQ. “Our team prides itself on being able to create value for our clients, which is why the BuildingIQ platform only reports verified savings and is backed by an industry differentiating savings guarantee. Being able to deliver a million dollars in free cash flow for our clients speaks to our commitment.”
BuildingIQ’s measurement and verification (M&V) capabilities also helped it to reinforce its position within the Australian market. Its M&V module was named an approved way to directly generate Energy Savings Certificates under the New South Wales Energy Savings Scheme in Australia. The company has given hospitals, shopping centres, museums and commercial buildings across New South Wales the ability to easily start generating certificates with its software, which can be turned into an additional source of revenue.