In This Article:
Abbotsford, British Columbia--(Newsfile Corp. - January 29, 2025) - Gatekeeper Systems Inc. (TSXV: GSI) (OTC Pink: GKPRF) ("Gatekeeper" or the "Company"), a video and data solutions provider for public transportation and smart cities, reports its financial results for the three months ended November 30, 2024.
Highlights for First Fiscal Quarter Ended November 30, 2024:
-
Revenue was $7,283,636, which compares to $9,824,743 for the same prior year comparable period;
-
Gross profit was $3,155,995, which compares to $4,778,045 for the same prior year comparable period. Gross margin as a percentage of revenue was 43%, compared to 49% for the same prior year comparable period;
-
Operating Profit was $32,585, which compares to $2,118,992 for the same prior year comparable period;
-
Total Comprehensive Income was $576,093, which compares to Total Comprehensive Income of $2,341,112 for the same prior year comparable period; and,
-
At November 30, 2024, the Company had cash and cash equivalents of $8,262,280, working capital of $17,273,619, no borrowed-money debt, and approximately 93.7 million shares outstanding.
Management Commentary
"During Fiscal Q1 2025 we continued to solidly advance the business and invest in our infrastructure in alignment with growth. We developed new technology, launched new products, expanded our customer base, and added personnel with specific industry expertise. These business developments are corroborative with the complexity and size of the systems and customers we are currently interacting with," commented Doug Dyment, President and CEO of Gatekeeper.
"We announced a contract with Lexington One as a worthy case study of how school districts are now choosing Gatekeeper for full-fleet school bus video technology upgrades that include Live View Wireless and Student Protector stop arm cameras. We also launched a Cell Phone Detection camera that uses video algorithms to automatically detect if a school bus driver is texting while driving. In our transit segment we are actively bidding contracts and increasing industry awareness of our NTSB-compliant solutions designed to meet the new FRA rule requiring image recording devices on passenger trains."
Selected Financial Information
| |
| | For the three months ended | | |||
| |
| | November 30, 2024 | | | November 30, 2023 | |
| Revenue |
| $ | 7,283,636 | | $ | 9,824,743 | |
| Cost of Sales |
| $ | 4,127,641 | | $ | 5,046,698 | |
| Gross Profit |
| $ | 3,155,995 | | $ | 4,778,045 | |
| Gross Margin Percentage |
| | 43% | | | 49% | |
| |
| |
| | |
| |
| Expenses |
| $ | 3,123,410 | | $ | 2,659,053 | |
| Operating Income (Loss) |
| $ | 32,585 | | $ | 2,118,992 | |
| |
| |
| | |
| |
| Comprehensive Income (Loss) for the period |
| $ | 576,093 | | $ | 2,341,112 | |
| Earnings (Loss) per share - |
| |
| | |
| |
| Basic |
| $ | 0.01 | | $ | 0.02 | |
| Diluted |
| $ | 0.01 | | $ | 0.02 | |
| |
| |
| | |
| |
| |
| | November 30, 2024 | | | August 31, 2024 | |
| |
| |
| | |
| |
| Total Assets |
| $ | 21,827,153 | | $ | 22,368,076 | |
| Total Liabilities |
| $ | 3,076,984 | | $ | 4,205,999 | |
| Total Shareholders' Equity |
| $ | 18,750,169 | | $ | 18,162,077 | |