Abbotsford, British Columbia--(Newsfile Corp. - April 29, 2024) - Gatekeeper Systems Inc. (TSXV: GSI) (OTC Pink: GKPRF) ('Gatekeeper' or the 'Company') a video and data solutions provider for public transportation and smart cities, reports its financial results for the three and six months ended February 29, 2024.
Highlights for Second Fiscal Quarter Ended February 29, 2024:
- Revenue for the three months ended February 29, 2024 was $9,858,554, the highest quarterly revenue in the Company's history, and compares to $9,685,773 for the same prior year comparable period;
- Revenue for the six months ended February 29, 2024 was $19,683,297 compared to $14,570,831 for the same prior year comparable period, representing an increase of 35%;
- Gross margin for the three months and six months ended February 29, 2024 was $5,087,631 and $9,865,676, respectively, compared to $4,545,579 and $6,091,697 for the same prior year comparable periods, representing an increase in gross margin of 12% and 62%, respectively. Gross margin as a percentage of revenue for the three and six months ended February 29, 2024 was 52% and 50%, respectively, compared to 47% and 42% for the same prior year comparable periods;
- Total comprehensive income for the three and six months ended February 29, 2024 was $1,575,860 and $3,628,972, compared to total comprehensive income of $1,865,904 and $1,779,890 for the same prior year comparable periods;
- At February 29, 2024, the Company had working capital of $16,748,394, no borrowed-money debt, and approximately 92 million shares outstanding.
Management Commentary
Doug Dyment, President and CEO commented, "Fiscal Q2 set a new quarterly revenue record, and was our fifth consecutive quarter of profitability. We continue to deliver solid financial results while building out our data business. During the quarter, we established a data center for our AI-based video analytics hosted services offerings, and customers are subscribing to these offerings. In the school segment we are seeing an increase in the number of school districts embracing our video analytics software, and we launched a new Pedestrian Protector solution which uses AI and video analytics to help protect school children around the bus. In the transit segment we announced completion of a major transit contract, and announced a new contract to equip passenger train locomotives with video and storage devices that are now regulated to be installed on all intercity passenger trains in the U.S. We also recently announced a new transit customer that is embracing our hosted service offerings. We have been strategically investing in our corporate infrastructure and sales team in preparation for future growth, which is centered around our Platform as a Service (PaaS) business model, Mobile Data Collectors (MDCs), and video analytics offerings that help our customers analyze the vast amounts of video and data being recorded every day."
Selected Financial Information
| For the three months ended | For the six months ended | |||||||||||||
| February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | |||||||||||
| Revenue | $ | 9,858,554 | $ | 9,685,773 | $ | 19,683,297 | $ | 14,570,831 | ||||||
| Cost of Sales | 4,770,923 | 5,140,194 | 9,817,621 | 8,479,134 | ||||||||||
| Gross Profit | 5,087,631 | 4,545,579 | 9,865,676 | 6,091,697 | ||||||||||
| Gross Margin | 52% | 47% | 50% | 42% | ||||||||||
| Expenses | 3,341,690 | 2,404,408 | 6,000,743 | 4,569,129 | ||||||||||
| Operating Income | 1,745,941 | 2,141,171 | 3,864,933 | 1,522,568 | ||||||||||
| Total Comprehensive Income for the period | $ | 1,575,860 | $ | 1,865,904 | $ | 3,628,972 | $ | 1,779,890 | ||||||
| Earning per share - | ||||||||||||||
| Basic | $ | 0.02 | $ | 0.02 | $ | 0.04 | $ | 0.02 | ||||||
| Diluted | $ | 0.02 | $ | 0.02 | $ | 0.04 | $ | 0.02 | ||||||
| February 29, 2024 | August 31, 2023 | |||||||||||||
| Total Assets | $ | 22,986,955 | $ | 19,609,579 | ||||||||||
| Total Liabilities | 3,425,575 | 3,866,678 | ||||||||||||
| Total Shareholders' Equity | $ | 19,561,380 | $ | 15,742,901 | ||||||||||
Full details of the financial reports and operating results for the second fiscal quarter ended February 29, 2024, are described in the Company's unaudited consolidated financial statements with accompanying notes and related Management's Discussion and Analysis, available on SEDAR+ at www.sedarplus.ca.
About Gatekeeper Systems Inc.
Gatekeeper is a leading provider of intelligent video and data solutions designed to provide a safer transportation environment for children, passengers, and public safety personnel on multiple transportation modes. The Company uses AI, video analytics, and Mobile Data Collectors to inter-connect public transportation assets within a Smart City ecosystem. The Company's Platform-as-a-Service (PaaS) business model is centered around wirelessly enabled Mobile Data Collectors which forms the foundation of the Company's data company evolution. www.gatekeeper-systems.com
Contact Information:
Douglas Dyment
President & CEO
ddyment@gatekeeper-systems.com
(604) 864-6187
Cautionary Note Regarding Forward-Looking Statements: Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize, and readers are cautioned not to place undue reliance on these forward-looking statements. For more exhaustive information on these risks and uncertainties, the reader should refer to the risk factors described in the management's discussion and analysis for the period ended February 29, 2024. The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements. Forward-Looking statements are presented for the purpose of providing information about management's current expectations and plans and allowing investors and others to obtain a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE: Gatekeeper Systems Inc.
