Abbotsford, British Columbia--(Newsfile Corp. - January 29, 2025) - 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 months ended November 30, 2024.
Highlights for First Fiscal Quarter Ended November 30, 2024:
Revenue was $7,283,636, which compares to $9,824,743 for the same prior year comparable period;
Gross profit was $3,155,995, which compares to $4,778,045 for the same prior year comparable period. Gross margin as a percentage of revenue was 43%, compared to 49% for the same prior year comparable period;
Operating Profit was $32,585, which compares to $2,118,992 for the same prior year comparable period;
Total Comprehensive Income was $576,093, which compares to Total Comprehensive Income of $2,341,112 for the same prior year comparable period; and,
At November 30, 2024, the Company had cash and cash equivalents of $8,262,280, working capital of $17,273,619, no borrowed-money debt, and approximately 93.7 million shares outstanding.
Management Commentary
"During Fiscal Q1 2025 we continued to solidly advance the business and invest in our infrastructure in alignment with growth. We developed new technology, launched new products, expanded our customer base, and added personnel with specific industry expertise. These business developments are corroborative with the complexity and size of the systems and customers we are currently interacting with," commented Doug Dyment, President and CEO of Gatekeeper.
"We announced a contract with Lexington One as a worthy case study of how school districts are now choosing Gatekeeper for full-fleet school bus video technology upgrades that include Live View Wireless and Student Protector stop arm cameras. We also launched a Cell Phone Detection camera that uses video algorithms to automatically detect if a school bus driver is texting while driving. In our transit segment we are actively bidding contracts and increasing industry awareness of our NTSB-compliant solutions designed to meet the new FRA rule requiring image recording devices on passenger trains."
Selected Financial Information
| For the three months ended | |||||||
| November 30, 2024 | November 30, 2023 | ||||||
| Revenue | $ | 7,283,636 | $ | 9,824,743 | |||
| Cost of Sales | $ | 4,127,641 | $ | 5,046,698 | |||
| Gross Profit | $ | 3,155,995 | $ | 4,778,045 | |||
| Gross Margin Percentage | 43% | 49% | |||||
| Expenses | $ | 3,123,410 | $ | 2,659,053 | |||
| Operating Income (Loss) | $ | 32,585 | $ | 2,118,992 | |||
| Comprehensive Income (Loss) for the period | $ | 576,093 | $ | 2,341,112 | |||
| Earnings (Loss) per share - | |||||||
| Basic | $ | 0.01 | $ | 0.02 | |||
| Diluted | $ | 0.01 | $ | 0.02 | |||
| November 30, 2024 | August 31, 2024 | ||||||
| Total Assets | $ | 21,827,153 | $ | 22,368,076 | |||
| Total Liabilities | $ | 3,076,984 | $ | 4,205,999 | |||
| Total Shareholders' Equity | $ | 18,750,169 | $ | 18,162,077 | |||
Full details of the financial reports and operating results for the first fiscal quarter ended November 30, 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 interconnect 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 November 30, 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 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238901
SOURCE: Gatekeeper Systems Inc.
