Business
Plurilock Security Inc. Reports Third Quarter Fiscal 2023 Financial Results
Total revenue of $48.0 million for the nine-month period as of September 30, 2023, an increase of...
About this update from Plurilock Security Inc
[{"type":"text","content":"Plurilock Security Inc. Reports Third Quarter Fiscal 2023 Financial ResultsTotal revenue of $48.0 million for the nine-month period as of September 30, 2023, an increase of 3% year-over-year.Gross margins increased to 10.3% for the nine months ending September 30, 2023; company produced three consecutive quarters of gross margins that improved substantially year-over-year since the beginning of 2023.Vancouver, British Columbia--(Newsfile Corp. - November 21, 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 and nine months ended September 30, 2023. All dollar figures are stated in Canadian dollars, unless otherwise indicated.\"During the first nine months of fiscal 2023, we continued to produce significant revenues while optimizing for capital controls and efficiencies in all areas of our business,\" said Ian L. Paterson, CEO of Plurilock. \"While the economic outlook remains unclear, cybersecurity threats are on the rise and show no signs of slowing down. This growing global issue is one of the main drivers of our growing sales pipeline and resulted in three consecutive quarters of increased gross margins on a year-over-year basis.\"Ian added, \"Given the difficult macroeconomic market, our focus remains on reaching cash flow breakeven by securing additional high margin software sales and expanding the delivery of our cybersecurity services to existing and new customers.\" Key Business MilestonesRevenue increased to $48.0 million for the nine months ending September 30, 2023, as compared to $46.8 million over the same period in 2022, directly attributable to the strategic acquisitions of Integra and Atrion in 2022 along with increased software and professional services sales as the company strategically shifts to higher margin offers and away from low margin resell business. Gross margins increased to 10.3% for the nine months ending September 30, 2023, as compared to 6.7% over the same period in 2022; Plurilock produced three consecutive quarters of gross margins that improved substantially year-over-year since the beginning of 2023, driven primarily by the Company's 2022 acquisitions, pricing strategy and its focus on securing high-margin...