Business
Plurilock Security Inc. Reports Record First Quarter Fiscal 2023 Financial Results
Total revenue of $15.8 million in Q1 Fiscal 2023, an increase of 127% year-over-year. Vancouve...
About this update from Plurilock Security Inc
[{"type":"text","content":"Plurilock Security Inc. Reports Record First Quarter Fiscal 2023 Financial ResultsTotal revenue of $15.8 million in Q1 Fiscal 2023, an increase of 127% year-over-year.Vancouver, British Columbia--(Newsfile Corp. - May 29, 2023) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and related subsidiaries (\"Plurilock\" or the \"Company\"), an identity-centric cybersecurity solution provider for workforces, today announces its financial results for the three months ended March 31, 2023. All dollar figures are stated in Canadian dollars, unless otherwise indicated.\"During the first quarter of 2023, Plurilock achieved significant business milestones with respect to its revenue and gross margin, which saw double-digit growth as compared to the same period in the prior year,\" said Ian L. Paterson, CEO of Plurilock. \"Overall, Q1 Fiscal 2023 was a transformational quarter attributable to the strategic and creative acquisitions closed in 2022. These strong financial results reflect our ongoing efforts to expand our margin profile through streamlining operations, securing more software sales, while focusing our attention on growth and executing on our strategy to achieve profitability.\"Key Business Milestones During Q1 Fiscal 2023Revenue increased to $15.8 million in Q1 2023 from $7.0 million in Q1 2022, directly attributable to the strategic acquisitions of Integra and Atrion in 2022. Gross margins increased to 13.6% in Q1 2023 from 6.6% in Q1 2022, driven primarily by the Company's 2022 acquisitions, pricing strategy and its focus on securing high-margin software sales.A total of 16 sale orders and contract renewals, including cross-sale purchase orders with two U.S. financial institutions for the Company's flagship AI-driven technology offering were announced.First Quarter Fiscal 2023 Financial HighlightsTotal revenue for the three months ended March 31, 2023, was $15,767,328 as compared to $6,953,052 for the three months ended March 31, 2022. Revenue for three months ended March 31, 2023, is significantly higher than the prior year period ended March 31, 2022, as a result of the acquisitions of the (\"INC\"), as well as the asset acquisitions of Atrion (\"ATR\") and CloudCodes (\"CC\") along with the increase in organic sales volume and cross selling amongst the Solutions and Technology Division.Hardware and systems sales revenu...