Business
Gatekeeper Reports $9.8M Revenue, 101% YoY Growth, and $2.3M Net Income in Record Breaking Fiscal Q1 2024
Abbotsford, British Columbia--(Newsfile Corp. - January 29, 2024) - Gatekeeper Systems Inc. (TSX...
About this update from Gatekeeper Systems, Inc.
[{"type":"text","content":"Gatekeeper Reports $9.8M Revenue, 101% YoY Growth, and $2.3M Net Income in Record Breaking Fiscal Q1 2024Abbotsford, British Columbia--(Newsfile Corp. - January 29, 2024) - 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, 2023, and engages liquidity services provider. Highlights for First Fiscal Quarter Ended November 30, 2023Revenue was $9,824,743 which compares to $4,885,058 for the same prior year comparable period, representing an increase of 101%;Gross margin was $4,778,045 which compares to $1,546,118 for the same prior year comparable period, representing an increase of 209%. Gross margin as a percentage of revenue was 49%, compared to 32% for the same prior year comparable period;Total comprehensive income was $2,341,112, or $0.02 per share, which compares to total comprehensive loss of $86,014, or $(0.00) per share for the same prior year comparable period; andAt November 30, 2023, the Company had working capital of $15,189,418, no borrowed-money debt, and approximately 92 million shares outstanding.Management CommentaryDoug Dyment, President and CEO, commented, \"These are the strongest first fiscal quarter financial results in our history by a wide margin. Both the school and transit segments of our business are exhibiting solid growth based on our Platform as a Service (PaaS) business model. The installed base of Mobile Data Collectors (MDCs) has grown to more than 50,000, and we are now actively preparing and selling recurring-revenue solutions to help our customers monitor and optimize the vast amounts of video and data being recorded every day. These new offerings utilize AI, video analytics, hosted software solutions, and wireless data connectivity, and they form the data layer in our PaaS business model that enables Gatekeeper's evolution as a data company.\" Selected Financial InformationFor the three months ended November 30, 2023November 30, 2022  Revenue$9,824,743$4,885,058Cost of Sales$5,046,698$3,338,940 Gross Profit$4,778,045$1,546,118  Gross Margin Percentage49%32%                  Expenses$2,659,053$2,164,721 Operati...