Xtract One Announces Annual Fiscal 2024 Results
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 ha riportato risultati annuali da record per l'anno fiscale 2024, con un fatturato che ha raggiunto $16.4 milioni, quadruplicando rispetto ai $4.1 milioni dell'anno precedente. L'azienda ha ottenuto un margine di profitto lordo del 63% e ha assicurato nuovi ordini per un valore di $29.8 milioni. Il backlog contrattuale della piattaforma è cresciuto a $13.8 milioni, con ulteriori $13.0 milioni in installazioni in sospeso. Nonostante una forte crescita dei ricavi, l'azienda ha registrato una perdita complessiva di $11.1 milioni, migliorando rispetto ai $16.3 milioni dell'anno scorso. Nel quarto trimestre, il fatturato è stato di $5.6 milioni con un margine lordo del 65%. L'azienda ha anche lanciato Xtract One Gateway, ampliando il suo mercato indirizzabile in strutture ad alto traffico.
Xtract One Technologies reportó resultados anuales récord para el año fiscal 2024, con ingresos alcanzando $16.4 millones, cuadruplicando los $4.1 millones del año anterior. La empresa logró un margen de utilidad bruta del 63% y aseguró nuevas reservas por un valor de $29.8 millones. El backlog contractual de la plataforma creció a $13.8 millones, con $13.0 millones adicionales en instalaciones pendientes. A pesar del fuerte crecimiento de los ingresos, la empresa registró una pérdida total de $11.1 millones, mejorando respecto a los $16.3 millones del año pasado. El cuarto trimestre vio ingresos de $5.6 millones con un margen bruto del 65%. La empresa también lanzó Xtract One Gateway, ampliando su mercado dirigido en instalaciones de alto tráfico.
Xtract One Technologies는 2024 회계연도에 대해 기록적인 연간 실적을 보고하며, 수익이 $16.4 백만에 도달하여 전년의 $4.1 백만에서 4배 증가했습니다. 회사는 63%의 총 이익률을 달성하였고 $29.8 백만의 신규 예약을 확보하였습니다. 플랫폼 계약 백로그는 $13.8 백만으로 증가하였고, 추가로 $13.0 백만의 설치가 대기 중입니다. 강력한 수익 성장에도 불구하고, 회사는 $11.1 백만의 포괄적 손실을 기록하여, 전년의 $16.3 백만에서 개선되었습니다. 4분기 동안의 수익은 $5.6 백만이며, 총 이익률은 65%였습니다. 회사는 또한 Xtract One Gateway를 출시하여, 높은 트래픽 시설에서 서비스를 제공할 수 있는 시장을 확장했습니다.
Xtract One Technologies a annoncé des résultats annuels records pour l'exercice 2024, avec des revenus atteignant $16.4 millions, quadruplant les $4.1 millions de l'année précédente. L'entreprise a réalisé une marge brute de 63% et a sécurisé de nouvelles réservations d'une valeur de $29.8 millions. Le carnet de commandes de la plateforme a augmenté à $13.8 millions, avec $13.0 millions supplémentaires en installations en attente. Malgré une forte croissance des revenus, l'entreprise a enregistré une perte globale de $11.1 millions, s'améliorant par rapport à $16.3 millions l'année dernière. Le quatrième trimestre a vu des revenus de $5.6 millions avec une marge brute de 65%. La société a également lancé Xtract One Gateway, élargissant ainsi son marché adressable dans les installations à fort trafic.
Xtract One Technologies meldete für das Haushaltsjahr 2024 Rekordergebnisse, mit einem Umsatz von $16.4 Millionen, der sich im Vergleich zu $4.1 Millionen des Vorjahres vervierfachte. Das Unternehmen erzielte eine Bruttogewinnmarge von 63% und sicherte sich neue Aufträge im Wert von $29.8 Millionen. Der Vertragsbestand der Plattform wuchs auf $13.8 Millionen, mit zusätzlichen $13.0 Millionen in ausstehenden Installationen. Trotz starkem Umsatzwachstum verzeichnete das Unternehmen einen umfassenden Verlust von $11.1 Millionen, eine Verbesserung gegenüber $16.3 Millionen im letzten Jahr. Im vierten Quartal betrug der Umsatz $5.6 Millionen mit einer Bruttomarge von 65%. Das Unternehmen launchte außerdem Xtract One Gateway und erweiterte damit seinen adressierbaren Markt in stark frequentierten Einrichtungen.
- Revenue quadrupled to $16.4 million from $4.1 million year-over-year
- Gross profit margin improved to 63% from 60% year-over-year
- New bookings value increased to $29.8 million from $15.0 million
- Platform contractual backlog grew to $13.8 million from $4.1 million
- Net loss decreased to $11.1 million from $16.3 million
- Company still operating at a loss of $11.1 million
- Q4 gross profit margin declined to 65% from 70% year-over-year
Record Performance as Full Year Revenue Surpasses
TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL) (“Xtract One” or the “Company”) a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging artificial intelligence (AI), today announced its annual results for the year ended July 31, 2024. All information is in Canadian dollars unless otherwise indicated.
“What a year it’s been! With record results across the board, we continue to make progress towards profitability through operational execution and higher top line growth,” stated Peter Evans, Chief Executive Officer of Xtract One. “Revenue for the year was
“To add further momentum to this success, the recent introduction of Xtract One Gateway will significantly expand our addressable market, and win rate in those markets, by improving the Company’s competitive positioning. Xtract One Gateway will allow high-traffic facilities like schools, convention centers, and commercial properties to quickly screen patrons who may have laptops, tablets or other large metallic objects while still accurately detecting weapons. As the only product on the market with these capabilities, it’s clearly transformational for us and the industry.”
Fiscal 2024 Annual Highlights
- Record revenue of
$16.4 million for the year ended July 31, 2024 versus$4.1 million in the prior fiscal year - Gross profit margin of
63% for the year ended July 31, 2024 versus60% in the prior fiscal year - Total contract value of new bookings1 was
$29.8 million for the year ended July 31, 2024 as compared to$15.0 million during the prior fiscal year - Platform contractual backlog was
$13.8 million at the end of fiscal 2024 as compared to$4.1 million at the end of fiscal 2023. This excludes an additional$13.0 million of agreements pending installation1 at the end of fiscal 2024 versus$10.4 million at the end of fiscal 2023 - Loss and comprehensive loss was
$11.1 million for the year ended July 31, 2024 as compared to$16.3 million for the prior year - Subsequent to July 31, 2024, the Company launched Xtract One Gateway, with advanced bi-directional configurable screening and proprietary sensors, for precise weapons detection at locations where users carry a medium volume of personal items such as laptops
Fourth Quarter Highlights
- Record quarterly revenue of
$5.6 million for the three months ended July 31, 2024 versus$1.8 million in the prior year period - Gross profit margin of
65% for the fourth quarter versus70% in the prior year period - Total contract value of new bookings1 was
$5.6 million for the three months ended July 31, 2024 as compared to$5.2 million for the prior year period - Loss and comprehensive loss was
$2.4 million for the three months ended July 31, 2024 as compared to$3.3 million for the same period in fiscal 2023
This press release should be read in conjunction with the Company’s Annual Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and the Company’s Management’s Discussion and Analysis for the years ended July 31, 2024 and 2023, which can be found under the Company’s profile on SEDAR+ at www.sedarplus.ca.
Conference Call Details
Xtract One will host a conference call to discuss its results on October 25, 2024 at 10:00 am ET. Peter Evans, CEO and Director, and Karen Hersh, CFO and Corporate Secretary, will provide an overview of the financial results along with management’s outlook for the business, followed by a question-and-answer period.
The webcast and presentation will be accessible on the Company’s website. The webcast can be accessed here and the telephone number for the conference call is 844-481-3016 (412-317-1881 for international callers).
About Xtract One Technologies
Xtract One Technologies is a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. The Company makes unobtrusive weapons and threat detection systems that enable facility operators to prioritize and deliver improved “Walk-right-In” experiences while providing unprecedented safety. Xtract One's innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, X, and LinkedIn.
For further information, please contact:
Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com
Media Contact: Kristen Aikey, JMG Public Relations, 212-206-1645, kristen@jmgpr.com
Investor Relations: Chris Witty, Darrow Associates, 646-438-9385, cwitty@darrowir.com
1 Supplementary Financial Measures
The Company utilizes specific supplementary financial measures in this earnings release to allow for a better evaluation of the operating performance of the Company’s business and facilitates meaningful comparison of results in the current period with those in prior periods and future periods. Supplementary financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to measures presented by other companies. Supplementary financial measures presented in this earnings release include ‘Agreements pending installation’ and ‘Total contract value of new bookings.’ Agreements pending installation reflects total value of signed contracts awarded to the Company that has not been installed at the customer site. ‘Total contract value of new bookings’ is comprised of all new contracts signed and awarded to the Company, regardless of the performance obligations outstanding as of the end of the reporting period. Total contract value is the aggregate value of sales commitments from customers as at the end of the reporting period without consideration of the Company’s completion of the associated performance obligations outlined in each contract.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects”, “believes”, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include but are not limited to the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this release.
Consolidated Statements of Loss and Comprehensive Loss for the Years Ended July 31, 2024 and 2023
The following table is extracted from the Company’s consolidated financial statements and presented in Canadian dollars to demonstrate the Statements of Loss and Comprehensive loss for the years ended July 31, 2024 and 2023:
| 2024 | 2023 | |||||||||
| Revenue | ||||||||||
| Platform revenue | $ | 15,969,996 | $ | 3,596,999 | ||||||
| Xtract revenue | 388,011 | 514,245 | ||||||||
| Total revenue | $ | 16,358,007 | $ | 4,111,244 | ||||||
| Cost of revenue | ||||||||||
| Platform cost of revenue | $ | 5,858,611 | $ | 1,383,623 | ||||||
| Xtract cost of revenue | 241,377 | 242,724 | ||||||||
| Total cost of revenue | $ | 6,099,988 | $ | 1,626,347 | ||||||
| Gross profit | $ | 10,258,019 | $ | 2,484,897 | ||||||
| Operating expenses | ||||||||||
| Selling and marketing | $ | 5,593,432 | $ | 4,566,130 | ||||||
| General and administration | 7,479,609 | 6,813,847 | ||||||||
| Research and development | 8,265,043 | 7,078,280 | ||||||||
| Loss on inventory write-down | 175,042 | 346,374 | ||||||||
| Loss on retirement of assets | 95,066 | 181,107 | ||||||||
| Total operating expenses | $ | 21,608,192 | $ | 18,985,738 | ||||||
| Loss from operations | (11,350,173 | ) | (16,500,841 | ) | ||||||
| Other income (loss) | ||||||||||
| Unrealized gain on investments | - | 58,333 | ||||||||
| Realized loss on investment | - | (55,082 | ) | |||||||
| Interest and other income | 285,318 | 161,117 | ||||||||
| Loss and comprehensive loss for the year | $ | (11,064,855 | ) | $ | (16,336,473 | ) | ||||
| Weighted average number of shares | 203,820,258 | 176,664,492 | ||||||||
| Basic and diluted loss per share | $ | (0.05 | ) | $ | (0.09 | ) | ||||
Consolidated Statements of Financial Position as at July 31, 2024 and 2023
The following table is extracted from the Company’s consolidated financial statements and presented in Canadian dollars to demonstrate the Company’s financial position as at July 31, 2024 and July 31, 2023:
| July 31, 2024 | July 31, 2023 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 8,628,521 | $ | 8,327,449 | ||||
| Receivables | 3,862,199 | 847,429 | ||||||
| Prepaid expenses and deposits | 949,012 | 1,026,668 | ||||||
| Current portion of deferred cost of revenue | 371,309 | - | ||||||
| Inventory | 3,688,246 | 1,602,971 | ||||||
| 17,499,287 | 11,804,517 | |||||||
| Property and equipment | 2,135,956 | 2,063,817 | ||||||
| Intangible assets | 4,465,755 | 4,843,700 | ||||||
| Non-current portion of deferred cost of revenue | 496,868 | - | ||||||
| Right of use assets | 344,304 | 286,796 | ||||||
| Total assets | $ | 24,942,170 | $ | 18,998,830 | ||||
| Liabilities | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 3,991,292 | $ | 2,519,350 | ||||
| Current portion of deferred revenue | 3,443,524 | 968,509 | ||||||
| Current portion of lease liability | 190,400 | 232,483 | ||||||
| 7,625,216 | 3,720,342 | |||||||
| Non-Current liabilities | ||||||||
| Non-current portion of deferred revenue | 3,155,579 | 411,232 | ||||||
| Non-current portion of lease liability | 190,526 | 124,358 | ||||||
| $ | 10,971,321 | $ | 4,255,932 | |||||
| Shareholders' equity | ||||||||
| Share capital | $ | 144,372,452 | $ | 135,823,337 | ||||
| Contributed surplus | 16,163,950 | 14,420,259 | ||||||
| Accumulated deficit | (146,565,553 | ) | (135,500,698 | ) | ||||
| $ | 13,970,849 | $ | 14,742,898 | |||||
| Total liabilities and shareholders' equity | $ | 24,942,170 | $ | 18,998,830 | ||||
Consolidated Statements of Cash Flows for the Years Ended July 31, 2024 and 2023
The following table is extracted from the Company’s consolidated financial statements and presented in Canadian dollars to demonstrate the Company’s cash flows for the years ended July 31, 2024 and 2023:
| 2024 | 2023 | ||||||||||
| Cash flow used in operating activities | |||||||||||
| Loss and comprehensive loss for the year | $ | (11,064,855 | ) | $ | (16,336,473 | ) | |||||
| Adjustment for: | |||||||||||
| Share-based compensation | 1,036,744 | 950,536 | |||||||||
| Depreciation | 1,303,571 | 923,764 | |||||||||
| Amortization | 805,900 | 805,900 | |||||||||
| Finance cost | 22,420 | 42,237 | |||||||||
| Loss on inventory | 175,042 | 346,374 | |||||||||
| Loss on retirement of assets | 95,066 | 181,107 | |||||||||
| Other income | - | (20,000 | ) | ||||||||
| Realized loss on investments | - | 55,082 | |||||||||
| Unrealized gain on investments | - | (58,333 | ) | ||||||||
| (7,626,112 | ) | (13,109,806 | ) | ||||||||
| Changes in non-cash working capital | |||||||||||
| Receivables | (3,014,770 | ) | 1,047,727 | ||||||||
| Prepaid expenses and deposits | 77,656 | (358,018 | ) | ||||||||
| Inventory | (4,522,739 | ) | (2,198,583 | ) | |||||||
| Deferred cost of revenue | 250,853 | - | |||||||||
| Accounts payable and accrued liabilities | 1,471,942 | (99,732 | ) | ||||||||
| Deferred revenue | 5,219,362 | 1,183,090 | |||||||||
| Cash used in operating activities | (8,143,808 | ) | (13,535,322 | ) | |||||||
| Cash flow used in investing activities | |||||||||||
| Acquisition of intangible assets | (427,955 | ) | - | ||||||||
| Acquisition of right of use asset | (1,800 | ) | - | ||||||||
| Purchase of property and equipment | - | (32,539 | ) | ||||||||
| Disposal of investment - Gemina Labs | - | 397,001 | |||||||||
| Cash (used in) received from investing activities | (429,755 | ) | 364,462 | ||||||||
| Cash flow from financing activities | |||||||||||
| Proceeds on issue of share capital, net of share issue costs | 9,256,062 | 15,583,660 | |||||||||
| Lease payments | (381,427 | ) | (362,672 | ) | |||||||
| Cash received from financing activities | 8,874,635 | 15,220,988 | |||||||||
| Net increase in cash for the year | $ | 301,072 | $ | 2,050,128 | |||||||
| Cash beginning of the year | 8,327,449 | 6,277,321 | |||||||||
| Cash end of the year | $ | 8,628,521 | $ | 8,327,449 | |||||||
FAQ
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