Xtract One Technologies Inc. Stock Price, News & Analysis

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.

Xtract One Technologies announced that its AI-powered SmartGateway system has successfully completed an operational test and evaluation by National Safe Skies Alliance at Oakland International Airport. Safe Skies, an independent, FAA-funded organization, evaluated SmartGateway's effectiveness under active airport conditions, confirming its ability to enhance security without compromising passenger comfort. This system replaces traditional metal detectors with sensors that discreetly and accurately detect weapons and prohibited items, expediting the screening process. The evaluation report, published in May 2024, is available to qualified airport personnel.

Xtract One Technologies (TSX: XTRA, OTCQX: XTRAF) has been chosen to secure entrances at Amerant Bank Arena, Baptist Health IcePlex, and FTL War Memorial. These venues, associated with the NHL’s Florida Panthers, will deploy the AI-driven SmartGateway over the next year to enhance security and improve the patron experience. Amerant Bank Arena, Florida’s largest indoor arena, attracts 30 million visitors annually. The Panthers' COO highlighted the collaboration's goal to set new standards in fan safety and enjoyment. Xtract One's CEO emphasized the focus on creating a seamless, protected environment.

Xtract One has reported record third-quarter fiscal 2024 results, with revenue reaching $4.7 million, up from $0.9 million in the same period last year. This significant increase is attributed to new customer wins and higher installations. Gross margin for the platform segment remained steady at 60%. The company also announced $9.5 million in new bookings, a $13.8 million platform contractual backlog, and $12.8 million in pending agreements. Xtract One raised $9.8 million through a public equity offering and private placement, including participation from MSG Sports. The company received the DHS SAFETY Act Designation, enabling sales to major organizations like the NHL and MLB. Despite a comprehensive loss of $2.7 million, this marks an improvement from last year's loss of $3.8 million, driven by higher platform revenue and controlled operating expenses.

Xtract One Technologies (TSX: XTRA, OTCQX: XTRAF, FRA: 0PL) has secured contracts with NBA, MLB, and NHL teams following its recent U.S. DHS SAFETY Act designation for its SmartGateway technology. This tech, which utilizes AI to enhance patron security and experience, was chosen for its ability to seamlessly integrate into high-traffic venues. The selection process included rigorous evaluations validating Xtract One's position as a leader in security solutions. The QATT certification was pivotal in vendor selection, demonstrating the efficacy of their anti-terrorism measures. CEO Peter Evans highlighted the accelerated business development post-certification and the growing demand for innovative security solutions.

Xtract One Technologies will release its fiscal 2024 third quarter results on June 6, 2024, after trading closes. The following day, June 7, 2024, at 10:00 a.m. Eastern Time, CEO Peter Evans and CFO Karen Hersh will host a webcast and conference call to discuss the results for the three and nine months ending April 30, 2024. The event will be accessible on the company's website, where management will provide an overview of the interim financial results and offer insights into future business outlook, followed by a Q&A session.