Gatekeeper Reports $6M Revenue and $0.4M Net Income in Fiscal Q3; $20.5M Revenue and $2.2M Net Income in 9 Month Period; 101% YoY Growth
Abbotsford, British Columbia--(Newsfile Corp. - July 19, 2023) - 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 nine months ended May 31, 2023.
Highlights for the Third Fiscal Quarter Ended May 31, 2023:
- Revenue for the three and nine months ended May 31, 2023, was
$5,933,125 and$20,503,956 respectively, the highest in the Company's history and compares to$4,388,520 and$10,192,417 for the same prior year comparable periods, representing an increase of35% and101% respectively; - Gross margin for the three months and nine months ended May 31, 2023, was
$2,946,985 and$9,038,682 respectively, the highest in the Company's history and compares to$1,810,596 and$4,511,146 for the same prior year comparable periods, representing an increase in gross margin of63% and101% , respectively; - Gross margin as a percentage of revenue for the three and nine months ended May 31, 2023 was
50% and44% , respectively, compared to41% and44% for the same prior year comparable periods. - Total comprehensive income for the three and nine months ended May 31, 2023, was
$440,963 and$2,219,853 respectively, the highest in the Company's history and compares to total comprehensive loss of$317,760 and$800,875 for the same prior year comparable periods; - For the trailing twelve months ended May 31, 2023, revenue was
$30,342,827 , gross margin was$13,836,349 , and total comprehensive income was$4,949,908 ; and - At May 31, 2023, the Company had working capital of
$12,689,531 and approximately 91.6 million shares outstanding.
Management Commentary
Doug Dyment, President and CEO commented, "Our financial performance in the third fiscal quarter of 2023 was once again record-breaking in all aspects. We are witnessing significant growth in both the transit and school segments of our business. Our Platform as a Service (PAAS) business model is proving to be very successful in increasing our revenues on a per bus/train basis. We've now installed more than 47,000 mobile data collectors on passenger transportation vehicles which are recording video and data daily. As we evolve as a data company, we're preparing new innovative offerings utilizing AI, video analysis, and wireless data connectivity to help our customers manage their fleets more efficiently."
Selected Financial Information
| For the three months ended | For the nine months ended | |||||||||||
| May 31, 2023 | May 31, 2022 | May 31, 2023 | May 31, 2022 | |||||||||
| Revenue | $ | 5,933,125 | $ | 4,388,520 | $ | 20,503,956 | $ | 10,192,417 | ||||
| Cost of Sales | 2,986,140 | 2,577,924 | 11,465,274 | 5,681,271 | ||||||||
| Gross Profit | 2,946,985 | 1,810,596 | 9,038,682 | 4,511,146 | ||||||||
| Gross Margin | ||||||||||||
| Expenses | 2,518,935 | 2,129,518 | 7,089,064 | 5,786,162 | ||||||||
| Operating Income (Loss) | 428,050 | (318,922) | 1,949,618 | (1,275,016) | ||||||||
| Total Comprehensive Income (Loss) for the period | $ | 440,963 | $ | (317,760) | $ | 2,219,853 | $ | (800,875) | ||||
| Earning (Loss) per share - | ||||||||||||
| Basic | $ | 0.01 | $ | (0.00) | $ | 0.02 | $ | (0.01) | ||||
| Diluted | $ | 0.01 | $ | (0.00) | $ | 0.02 | $ | (0.01) | ||||
| May 31, 2023 | August 31, 2022 | |||||||||||
| Total Assets | $ | 18,736,220 | $ | 23,016,204 | ||||||||
| Total Liabilities | 3,793,653 | 10,470,109 | ||||||||||
| Total Shareholders' Equity | $ | 14,942,567 | $ | 12,546,095 | ||||||||
Full details of the financial reports and operating results for the third fiscal quarter ended May 31, 2023, are described in the Company's unaudited interim consolidated financial statements with accompanying notes and related Management's Discussion and Analysis, available on SEDAR at www.sedar.com.
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, thermal cameras, and mobile data collectors to inter-connect public transit assets as part of intelligent transportation systems in a Smart City ecosystem. The Company's Platform-as-a-Service (PaaS) business model is an enabling transformation to a video and data solutions provider for intelligent transit and Smart Cities. 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 May 31, 2023. 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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