Today's News |
Plurilock Security Reports Fiscal 2021 First Quarter Financial Results
Tuesday, June 8, 2021Company Profile | Follow Company
Victoria, BC, June 8, 2021--(T-Net)--Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and related subsidiaries, an identity-centric cybersecurity solution provider for workforces, has announced its financial results for the three months ended March 31, 2021.
"Fiscal Q1 2021 saw us accelerate our growth by achieving multiple operational initiatives that have positioned us well for the remainder of the year," said Ian L. Paterson, CEO of Plurilock. "Despite the challenging economic environment, we were able to raise over $5M in growth capital from leading Canadian investors, add notable personnel to our advisory board with global cybersecurity experience and put ourselves in the best position we have been in as a Company since we began trading in September 2020."
"As part of our stated strategy of acquiring accretive assets to complement our existing high margin artificial intelligence products, we completed our first acquisition of cybersecurity solutions provider Aurora Systems Consulting Inc., a company with revenue of $35.82 million in 2020 and strong presence in the U.S. government vertical," said Mr. Paterson. "With Aurora, we have dramatically increased our distribution, by adding an experienced sales force, contracting vehicles with access 174 California State agencies and a Government-Wide Acquisition Contract with the US Federal Government, as well as a base of over 140 customers."
"With cybersecurity threats continuing to rise globally, we will look to accelerate our presence in the industry by expanding our product portfolio and pursuing additional M&A opportunities that can expand our sales pipeline and deliver needed solutions to this fast-growing industry," continued Mr. Paterson.
First Quarter Fiscal 2021 Financial Highlights
Note: As the acquisition of Aurora Systems Consulting Inc.'s ("Aurora") was completed on March 31, 2021, Plurilock's first quarter fiscal 2021 condensed interim consolidated financial statements include Aurora's statement of financial position, including but not limited to cash and cash equivalents, trade and other receivables as well as trade and other payables but exclude items from Aurora's statement of loss and comprehensive loss for the three months ended March 31, 2021.
First Quarter Fiscal 2021 Operational Highlights
Summary of Key Financial Metrics
|
Three months ended March |
|
||||
|
2021 |
|
|
2020 |
|
|
|
$ |
|
|
$ |
|
|
Revenue |
|
75,761 |
|
|
103,339 |
|
Electronic software license and maintenance sales |
|
67,756 |
|
|
83,968 |
|
Professional services |
|
8,005 |
|
|
19,371 |
|
Cost of sales |
|
(8,889 |
) |
|
(11,482 |
) |
Gross profit |
|
66,872 |
|
|
91,857 |
|
Gross margin |
|
88.3% |
|
|
88.9% |
|
Net loss and comprehensive loss for the period |
|
(1,580,680 |
) |
|
(561,802 |
) |
EBITDA(1) |
|
(1,572,512 |
) |
|
(536,552 |
) |
Adjusted EBITDA(1) |
|
(1,056,397 |
) |
|
(524,944 |
) |
Basic and diluted loss per share - for the period |
|
(0.03 |
) |
|
(0.02 |
) |
Common & preferred shares outstanding |
|
58,396,428 |
|
|
25,530,978 |
|
Reconciliation of EBITDA and adjusted EBITDA: |
|
|
|
|
||
Netl loss and comprehensive loss for the period |
|
(1,580,680 |
) |
|
(561,802 |
) |
Amortization |
|
7,944 |
|
|
5,212 |
|
Interest expense |
|
224 |
|
|
20,038 |
|
EBITDA(1) |
|
(1,572,512 |
) |
|
(536,552 |
) |
Share-based compensation |
|
258,944 |
|
|
11,608 |
|
Listing expenses |
|
1,911 |
|
|
- |
|
Financing expenses |
|
7,752 |
|
|
30,430 |
|
Acquisition related expenses |
|
247,508 |
|
|
- |
|
Adjusted EBITDA(1) |
|
(1,056,397 |
) |
|
(494,514 |
) |
|
March 31, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
$ |
|
|||
Cash & cash equivalents |
|
5,848,598 |
|
|
1,721,179 |
|
Trade and other receivables |
|
2,808,263 |
|
|
118,796 |
|
Prepaid expenses and deposits |
|
364,080 |
|
|
207,559 |
|
Goodwill |
|
1,623,263 |
|
|
- |
|
Total Assets |
|
11,040,630 |
|
|
2,228,524 |
|
Trade payables and other payables |
|
3,736,373 |
|
|
409,616 |
|
Unearned revenue |
|
345,760 |
|
|
94,700 |
|
Short-term loans |
|
628,246 |
|
|
- |
|
Total current liabilities |
|
4,723,009 |
|
|
521,173 |
|
Total non-current liabilities |
|
224,505 |
|
|
30,000 |
|
Total liabilities |
|
4,947,514 |
|
|
551,173 |
|
About Plurilock
Plurilock provides identity-centric cybersecurity for today's workforces. Plurilock offers world- class cybersecurity solutions paired with AI-driven, cloud-friendly security technologies that deliver persistent identity assurance with unmatched ease of use. The Plurilock family of companies enables organizations to operate safely and securely-while reducing cybersecurity friction.
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 March 31, 2021 can be obtained from Plurilock's corporate website at www.plurilock.com and 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Company Snapshot |
||
Plurilock Security Solutions Inc.
Victoria (InfoTech)
|
Other Recent Company News |
|||||||||||||||||||
|