Business
Plurilock Security Inc. Reports Record Second Quarter Fiscal 2023 Financial Results
Total revenue of $28.0 million for the six-month period as of June 30, 2023, an increase of 74% y...
About this update from Plurilock Security Inc
[{"type":"text","content":"Plurilock Security Inc. Reports Record Second Quarter Fiscal 2023 Financial ResultsTotal revenue of $28.0 million for the six-month period as of June 30, 2023, an increase of 74% year-over-year.Company expects to realize roughly $2.0 million in cost savings on an annualized basis as a result of synergies created with previous acquisitions.Company to host Second Quarter Fiscal 2023 earnings call on Tuesday, August 29, 2023, at 11:30 AM (EDT) / 8:30 AM (PDT).Vancouver, British Columbia--(Newsfile Corp. - August 29, 2023) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and related subsidiaries (\"Plurilock\" or the \"Company\"), an AI-driven cybersecurity solution provider for workforces, today announces its financial results for the three and six months ended June 30, 2023. All dollar figures are stated in Canadian dollars, unless otherwise indicated.\"During the second quarter of 2023, Plurilock saw significant growth in the business with respect to its revenue and gross margin, highlighted by our record total revenue of $28.0 million for the six-month period, increasing by 74% year-over-year,\" said Ian L. Paterson, CEO of Plurilock. \"Throughout this quarter, our software sales continued to trend upwards, as we look to continue improving our overall gross margins while generating substantial revenues. Our priority remains to execute on our strategy to achieve cost savings and reach profitability through unlocking operational efficiencies and securing more high-margin contracts.\"Second Quarter Fiscal 2023 Earnings Call DetailsTime: 11:30 AM EDT / 8:30 AM PDTDate: Tuesday, August 29, 2023Topic: Plurilock Second Quarter Fiscal 2023 Financial Results and Growth Outlook for 2023Register: https://us02web.zoom.us/webinar/register/WN_JTuylRw0QCuAoY6zS1bKXA Key Business MilestonesRevenue increased to $28.0 million for the six months ending June 30, 2023, as compared to $16.1 million over the same period in the prior year, directly attributable to the strategic acquisitions of Integra and Atrion in 2022. Gross margins increased to 12.5% for the six months ending June 30, 2023, as compared to 8.6% over the same period in the prior year, driven primarily by the Company's 2022 acquisitions, pricing strategy and its focus on securing high-margin software sales.High-margin software sales for the six months ending June 30, 2023, increas...