ABBOTSFORD, Canada – Gatekeeper Systems Inc. (“Gatekeeper” or the “Company”) (TSX-V:GSI) (OTC:GKPRF) a video and data solutions provider for public transportation and smart cities, reports its financial results for the three and six months ended February 29, 2024.
Highlights for Second Fiscal Quarter Ended February 29, 2024:
- Revenue for the three months ended February 29, 2024 was $9,858,554, the highest quarterly revenue in the Company’s history, and compares to $9,685,773 for the same prior year comparable period;
- Revenue for the six months ended February 29, 2024 was $19,683,297 compared to $14,570,831 for the same prior year comparable period, representing an increase of 35%;
- Gross margin for the three months and six months ended February 29, 2024 was $5,087,631 and $9,865,676, respectively, compared to $4,545,579 and $6,091,697 for the same prior year comparable periods, representing an increase in gross margin of 12% and 62%, respectively. Gross margin as a percentage of revenue for the three and six months ended February 29, 2024 was 52% and 50%, respectively, compared to 47% and 42% for the same prior year comparable periods;
- Total comprehensive income for the three and six months ended February 29, 2024 was $1,575,860 and $3,628,972, compared to total comprehensive income of $1,865,904 and $1,779,890 for the same prior year comparable periods;
- At February 29, 2024, the Company had working capital of $16,748,394, no borrowed-money debt, and approximately 92 million shares outstanding.
Management Commentary
Doug Dyment, President and CEO commented, “Fiscal Q2 set a new quarterly revenue record, and was our fifth consecutive quarter of profitability. We continue to deliver solid financial results while building out our data business. During the quarter, we established a data center for our AI-based video analytics hosted services offerings, and customers are subscribing to these offerings. In the school segment we are seeing an increase in the number of school districts embracing our video analytics software, and we launched a new Pedestrian Protector solution which uses AI and video analytics to help protect school children around the bus. In the transit segment we announced completion of a major transit contract, and announced a new contract to equip passenger train locomotives with video and storage devices that are now regulated to be installed on all intercity passenger trains in the U.S. We also recently announced a new transit customer that is embracing our hosted service offerings. We have been strategically investing in our corporate infrastructure and sales team in preparation for future growth, which is centered around our Platform as a Service (PaaS) business model, Mobile Data Collectors (MDCs), and video analytics offerings that help our customers analyze the vast amounts of video and data being recorded every day.”
Management Commentary
Doug Dyment, President and CEO commented, “Fiscal Q2 set a new quarterly revenue record, and was our fifth consecutive quarter of profitability. We continue to deliver solid financial results while building out our data business. During the quarter, we established a data center for our AI-based video analytics hosted services offerings, and customers are subscribing to these offerings. In the school segment we are seeing an increase in the number of school districts embracing our video analytics software, and we launched a new Pedestrian Protector solution which uses AI and video analytics to help protect school children around the bus. In the transit segment we announced completion of a major transit contract, and announced a new contract to equip passenger train locomotives with video and storage devices that are now regulated to be installed on all intercity passenger trains in the U.S. We also recently announced a new transit customer that is embracing our hosted service offerings. We have been strategically investing in our corporate infrastructure and sales team in preparation for future growth, which is centered around our Platform as a Service (PaaS) business model, Mobile Data Collectors (MDCs), and video analytics offerings that help our customers analyze the vast amounts of video and data being recorded every day.”
Full details of the financial reports and operating results for the second fiscal quarter ended February 29, 2024, are described in the Company’s unaudited consolidated financial statements with accompanying notes and related Management’s Discussion and Analysis, available on SEDAR+ at www.sedarplus.ca.
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, and Mobile Data Collectors to inter-connect public transportation assets within a Smart City ecosystem. The Company’s Platform-as-a-Service (PaaS) business model is centered around wirelessly enabled Mobile Data Collectors which forms the foundation of the Company’s data company evolution. For more information visit www.gatekeeper-systems.com
