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Plurilock Security Inc. Reports Fiscal 2020 Third Quarter Financial Results
Thursday, December 10, 2020Company Profile | Follow Company
Victoria, BC, December 10, 2020--(T-Net)--Plurilock Security Inc. (TSXV: PLUR), a provider of invisible and continuous authentication technologies for enterprises, has announced its financial results for the three and nine months ended September 30, 2020, a period that ended less than two weeks after Plurilock Security Solution Inc.'s public listing via a reverse takeover of Libby K Industries Inc. on the TSX Venture Exchange. All dollar figures are stated in Canadian dollars, unless otherwise indicated.
"Q3 2020 represents a major milestone in our development as it was our first following the completion of our recent reverse takeover transaction, a concurrent financing and our name change to Plurilock Security Inc.," said Ian L. Paterson, CEO of Plurilock. "Despite the global headwinds caused by pandemic, we were able to secure $2.6M in funding in September 2020. With funds now in hand, we are able to execute on our organic growth strategy by expanding our sales force to cater to a growing and global customer base of mid to large sized enterprise companies in need of an authentication solution while pursuing a transformative acquisition strategy to continue broadening our asset mix of cybersecurity tools."
"Global cybersecurity spending is expected to total $1 trillion over five years by the end of 2021, according to Cybersecurity Ventures. We anticipate that companies of all sizes will continue to accelerate their security infrastructure spending with up to date and innovative technology," continued Ian L. Paterson. "With our continuous Multi-Factor Authentication ("MFA") tools, we are positioned to help these companies secure their enterprise."
Third Quarter Fiscal 2020 Financial Highlights
Third Quarter Fiscal 2020 Operational Highlights
Summary of Key Financial Metrics
|
Three months ended September 30, |
Nine months ended September 30, |
||||
2020 |
2019 |
2020 |
2019 |
|||
$ |
$ |
$ |
$ |
|||
Revenue |
168,854 |
179,216 |
351,705 |
272,128 |
||
Government |
83,939 |
102,059 |
103,310 |
143,859 |
||
License |
84,915 |
77,157 |
248,395 |
128,269 |
||
Cost of sales |
(32,497) |
(23,849) |
(54,395) |
(31,255) |
||
Gross profit |
136,357 |
155,367 |
297,310 |
240,873 |
||
Gross margin |
80.8% |
86.7% |
84.5% |
88.5% |
||
Net loss and comprehensive loss for the period |
(1,750,540) |
(279,144) |
(2,850,916) |
(1,159,457) |
||
EBITDA(1) |
(1,740,995) |
(266,726) |
(2,801,511) |
(1,129,862) |
||
Adjusted EBITDA(1) |
(276,205) |
(256,182) |
(1,313,954) |
(1,098,230) |
||
Basic loss per share - for the period |
(0.07) |
(0.01) |
(0.13) |
(0.06) |
||
Diluted loss per share - for the period |
(0.07) |
(0.01) |
(0.13) |
(0.06) |
||
Weighted average number of common shares |
25,428,332 |
20,374,902 |
22,328,011 |
20,323,575 |
||
Reconciliation of EBITDA and adjusted EBITDA: |
||||||
Netl loss and comprehensive loss for the period |
(1,750,540) |
(279,144) |
(2,850,916) |
(1,159,457) |
||
Amortization |
6,372 |
2,240 |
17,064 |
5,860 |
||
Interest expense |
3,173 |
10,178 |
32,341 |
23,735 |
||
EBITDA(1) |
(1,740,995) |
(266,726) |
(2,801,511) |
(1,129,862) |
||
Listing expenses |
1,455,962 |
- |
1,455,962 |
- |
||
Share-based compensation |
8,828 |
10,544 |
31,595 |
31,632 |
||
Adjusted EBITDA(1) |
(276,205) |
(256,182) |
(1,313,954) |
(1,098,230) |
||
September 30, 2020 |
December 31, 2019 |
|||||
$ |
$ |
|||||
Cash & cash equivalents |
3,066,542 |
147,433 |
||||
Trade and other receivables |
324,229 |
532,016 |
||||
Total assets |
3,855,115 |
1,002,917 |
||||
Trade and other payables |
1,096,614 |
340,629 |
||||
Unearned revenue |
51,105 |
138,659 |
||||
Loans - short term |
52,151 |
401,033 |
||||
Loans - related parties |
- |
52,164 |
||||
Lease liability - current |
17,12515,893 |
|||||
Total current liabilities |
1,216,995 |
948,378 |
||||
Total non-current liabilities |
43,855 |
16,856 |
||||
Total liabilities |
1,260,850 |
965,234 |
(1) EBITDA and Adjusted EBITDA are non-IFRS measures and are dicsussed in Non-IFRS Meansures section below
About Plurilock
Plurilock is a cybersecurity company that provides advanced and continuous authentication for standards and regulatory compliance. Plurilock's software leverages state-of-the-art behavioral-biometric, environmental, and contextual technologies to provide invisible, adaptive, and risk-based MFA solutions with the lowest possible cost and complexity. Plurilock enables organizations to compute safely-and with peace of mind.
For more information, visit https://www.plurilock.com
Non-IFRS measures
This news release presents information about EBITDA and Adjusted EBITDA, both of which are non-IFRS financial measures, to provide supplementary information about operating performance. Plurilock defines EBITDA as net income or loss before interest, income taxes, depreciation and amortization. Adjusted EBITDA removes non-cash share-based compensation and listing expenses from EBITDA. The Company believes that EBITDA and Adjusted EBITDA is a meaningful financial metric for investors as it adjusts income to reflect amounts which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. EBITDA and Adjusted EBITDA are not intended as a substitute for IFRS measures. A limitation of utilizing these non-IFRS measures is that the IFRS accounting effects of the adjustments do in fact reflect the underlying financial results of Plurilock's business and these effects should not be ignored in evaluating and analyzing Plurilock's financial results. Therefore, management believes that Plurilock's IFRS measures of net loss and the same respective non-IFRS measure should be considered together. Non-IFRS measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Readers should refer to the Company's most recently filed MD&A for a more detailed discussion of these measures and their calculation.
Quarterly Filings
Management's Discussion and Analysis and Interim Condensed Consolidated Financial Statements and the notes thereto for the fiscal period ended September 30, 2020 can be obtained from Plurilock's corporate website at www.plurilock.comand under Plurilock's SEDAR profile at www.sedar.com.
Forward-Looking Statements
This press release may contain certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") which relate to future events or Plurilock's future business, operations, and financial performance and condition. Forward-looking statements normally contain words like "will", "intend", "anticipate", "could", "should", "may", "might", "expect", "estimate", "forecast", "plan", "potential", "project", "assume", "contemplate", "believe", "shall", "scheduled", and similar terms. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances. Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Plurilock's business.
Additional material risks and uncertainties applicable to the forward-looking statements herein include, without limitation, unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. Many of these factors are beyond the control of Plurilock. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as at the date hereof and Plurilock undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws.
Company Snapshot |
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Plurilock Security Solutions Inc.
Victoria (InfoTech)
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