Xtract One Technologies Inc. Stock Price, News & Analysis

Xtract One Technologies (TSX: XTRA)(OTCQX: XTRAF) announced the voting results from its annual general meeting held on November 12, 2024. A total of 54,082,464 common shares, representing 24.76% of outstanding shares, participated through proxy voting. All five director nominees were successfully elected with approval rates ranging from 91.66% to 98.85%. Peter van der Gracht, Peter Evans, John Gillies, Bill Maginas, and Lea M. Ray were confirmed as directors. Shareholders also approved setting the board size at five members and appointed Davidson & Company LLP as auditors.

Xtract One Technologies (TSX: XTRA, OTCQX: XTRAF) announced that their new Gateway weapons screening system has been selected by Tift County Schools in Georgia. The system will be deployed at high school and middle school entrances, with future plans for all K-12 schools. The Gateway technology differentiates between everyday items and potential threats while allowing students to keep their belongings, eliminating separate bag searches and reducing screening times. The district, which comprises 11 schools with nearly 7,700 students and over 1,000 staff members, chose Gateway for its ability to provide enhanced security while maintaining an inviting atmosphere.

Xtract One Technologies reported record annual results for fiscal 2024, with revenue reaching $16.4 million, quadrupling from the previous year's $4.1 million. The company achieved a gross profit margin of 63% and secured new bookings worth $29.8 million. Platform contractual backlog grew to $13.8 million, with an additional $13.0 million in pending installations. Despite strong revenue growth, the company recorded a comprehensive loss of $11.1 million, improved from $16.3 million last year. The fourth quarter saw revenue of $5.6 million with a 65% gross margin. The company also launched Xtract One Gateway, expanding its addressable market in high-traffic facilities.

Xtract One Technologies (TSX: XTRA)(OTCQX: XTRAF)(FRA: 0PL) has secured a contract with a leading global automotive manufacturer to implement its AI-based security solutions at five North American facilities. The deployment will begin at locations in Tennessee and Ohio, with plans for future expansion. Xtract One was chosen for its precise weapons detection capabilities and flexible integration into daily operations.

This marks Xtract One's fourth major client in the automotive industry, demonstrating the company's growing presence across various sectors. The security solutions aim to enhance safety and operational efficiency while providing a seamless experience for guests and employees. Xtract One's systems offer fast, reliable, and frictionless screening that unobtrusively scans for weapons and prohibited items without requiring patrons to empty their pockets.

Xtract One Technologies (TSX: XTRA) (OTCQX: XTRAF), a leading AI-driven threat detection and security solution provider, has announced its participation in the 17th annual LD Micro Main Event. The company's CEO, Peter Evans, will be presenting on Wednesday, October 30th at 9:30 AM PT at the Luxe Sunset Boulevard Hotel in Los Angeles.

The LD Micro Main Event XVII, running from October 28th to 30th, will feature approximately 150 companies presenting in half-hour increments and attending private meetings with investors. The event aims to be a important platform for small and micro-cap companies, with registration beginning on October 28th at 3:00 PM PT, followed by keynotes and a happy hour.

Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL), a leader in AI-driven threat detection and security solutions, has announced its upcoming fiscal 2024 fourth quarter conference call. The company will release its financial results for the three months and twelve months ended July 31, 2024, after market close on October 24, 2024.

A webcast and conference call, hosted by CEO Peter Evans and CFO Karen Hersh, is scheduled for 10:00 a.m. Eastern Time on October 25, 2024. The call will review the quarterly results and provide management's outlook for the business. Investors can access the webcast on the company's website or join via phone at 844-481-3016 (412-317-1881 for international callers).

Xtract One Technologies (TSX: XTRA)(OTCQX: XTRAF) has announced that its SmartGateway security system has been selected to protect all entrances at Rocket Mortgage FieldHouse, home of the NBA's Cleveland Cavaliers. The installation was completed in Q2 2024.

SmartGateway is an AI-powered patron screening solution designed for large, ticketed venues. It aims to improve entry efficiency and detect threats without invading guests' privacy. The system replaces traditional metal detectors, allowing for faster and frictionless screening.

This partnership aligns with Rocket Mortgage FieldHouse's mission to create extraordinary experiences for everyone. SmartGateway is expected to eliminate long entry lines, enabling fans to quickly and safely enter the venue. The technology has been recognized by the U.S. Department of Homeland Security with a SAFETY Act Designation.

Xtract One Technologies (TSX: XTRA)(OTCQX: XTRAF)(FRA: 0PL) has announced that its SmartGateway screening solution has been selected to secure UBS Arena in New York, home of the NHL's New York Islanders. This contract is enabled through Xtract One's partnership with Oak View Group (OVG). The SmartGateway system will be deployed at key entrances for sports games, concerts, and other live events, providing fast and frictionless fan screening to optimize patron experience while enhancing safety.

The system uses AI-powered sensors to detect threats without invading guest privacy, making the screening process more efficient for high throughput venues. Mike Sciortino, General Manager of UBS Arena, emphasized that the new frictionless screening process using Xtract One technology will allow guests to walk directly through the system for an expedited security process, without needing to remove small bags and coats.

Xtract One Technologies (TSX: XTRA)(OTCQX: XTRAF) has launched Xtract One Gateway, a new AI-driven security solution, at GSX 2024 in Orlando. The Gateway is designed for medium-clutter environments where visitors often carry larger personal items. It features:

- Advanced bi-directional configurable screening
- Proprietary sensors for precise weapons detection
- Ability to distinguish between weapons and everyday items like laptops
- Seamless passage through checkpoints without separate bag searches

The system aims to balance powerful threat classification with efficient flow of individuals, enhancing safety and operational efficiency. It's particularly suited for schools, convention centers, workplaces, and manufacturing facilities. CEO Peter Evans will host a webinar on September 25, 2024, to review Gateway's features.