Xtract One Technologies Inc. - XTRAF STOCK NEWS

Xtract One Technologies has partnered with Simmons Bank Liberty Stadium to deploy its SmartGateway system at the 58,000-capacity venue in Memphis, Tennessee. This innovative security solution aims to enhance patron safety and improve the overall fan experience during live events, including the USFL season. The project, which commenced on April 15, 2023, will roll out in two phases. SmartGateway utilizes AI technology to unobtrusively screen patrons for weapons and prohibited items, thereby streamlining entry processes while respecting guest privacy. This partnership, which builds on a strategic alliance established in October 2022 with Oak View Group, reflects Xtract One's commitment to revolutionizing event security.

Xtract One Technologies announced approval from shareholders for the second tranche of investment from MSG Sports Ventures, totaling C$5,008,749.90 at a unit price of C$0.42. This follows MSG Sports' overall investment of C$13.4 million in Xtract One. The investment will support further innovation in the company’s security solutions, aimed at enhancing patron access control experiences. Following the investment, MSG Sports holds approximately 16.36% of Xtract One's common shares on a non-diluted basis. Shareholder approval was significant, with 98.1% voting in favor. All securities are subject to resale restrictions.

Xtract One Technologies Inc. reported strong growth in its second quarter results for the period ending January 31, 2023, with revenues reaching $0.8 million, a 67% increase over the previous quarter and a 33% gain year-over-year. The Platform segment, driving this growth, saw revenues of $0.7 million, representing a remarkable 212% increase compared to the same period in 2022. The backlog rose to $3.9 million, signaling robust future revenue potential. Post-quarter, Xtract secured an $8.4 million investment from Madison Square Garden Sports Corp. and entered a commercial deal for deploying security solutions across major venues. However, the company reported a net loss of $4.3 million, up from $3.1 million in the previous year.

Xtract One Technologies (TSX: XTRA, OTCQX: XTRAF) has been recognized in the 2023 OTCQX Best 50, which ranks top-performing companies on the OTCQX market based on total return and average daily dollar volume growth in the previous year. This recognition reflects Xtract One's strong performance in 2022 as it aims to enhance security experiences using AI technology. CEO Peter Evans expressed commitment to increasing shareholder value and improving patron access experiences in various venues. The OTCQX Best Market requires companies to meet stringent financial and governance standards.

Xtract One Technologies (TSX: XTRA, OTCQX: XTRAF) announced an expansion of its SafeGateway weapons detection technology at Tachi Palace Casino Resorts in Lemoore, California. This follows Tachi's initial purchase in July 2021 and coincides with a significant venue expansion of over 300,000 square feet. SafeGateway is credited with enhancing safety and improving patron experience by detecting an average of seven guns and 450 knives monthly without invasive security measures, offering rapid entry. CEO Peter Evans highlights this partnership as a long-term commitment to customer safety.

Xtract One Technologies has announced the deployment of its SmartGateway security screening solution at Hyundai Transys in West Point, Georgia. This AI-powered technology aims to provide efficient weapons detection without requiring users to empty their pockets. Previously tested at Kia Georgia's facility, SmartGateway significantly reduced personnel screening time from 21 seconds to just 2.5 seconds, improving operational efficiency. This marks Xtract One's third client in the automotive sector, showcasing the growing demand for modern security solutions in large workplaces.

Xtract One Technologies (TSX: XTRA, OTCQX: XTRAF) reported strong growth in Q1 2023, showcasing an 85% increase in the value of its Platform backlog. Total revenue reached $0.6 million, with Platform revenue at $0.4 million—an impressive 125% increase year-over-year. The company secured multiple contracts, including partnerships with Oak View Group to enhance security at various venues. However, net loss rose significantly to $4.9 million, primarily due to prior funding impacts. Investors can learn more during the Q1 results conference call on December 6, 2022.