Gatekeeper Reports $27.8M Revenue, 39% YoY Growth in FY 2023, and Improves Net Income by 50% to $2.9M
Abbotsford, British Columbia--(Newsfile Corp. - December 28, 2023) - 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 audited financial results for its fiscal year ended August 31, 2023.
Highlights for Fiscal Year Ended August 31, 2023
Revenue was $27,848,838 which compares to $20,031,288 the same prior year comparable period, representing an increase of 39%;
Gross margin was $12,543,394 which compares to $9,308,813 for the same prior year comparable period, representing an increase of 35%. Gross margin as a percentage of revenue was 45%, compared to 47% for the same prior year comparable period;
Total comprehensive income was $2,887,078 which compares to $1,929,180 for the same prior year comparable period, representing an increase of 50%;
At August 31, 2023, the Company had cash and cash equivalents of $4,110,859, working capital of $13,434,551, no borrowed-money debt, and approximately 91.8 million shares outstanding; and
Total basic and diluted income per share for the year ended August 31, 2023 was $0.03.
Management Commentary
Doug Dyment, President and CEO, commented, "Our financial performance for fiscal year 2023 was record-breaking in all aspects. We continue to see significant growth in both the school and transit segments of our business. Our Platform as a Service (PaaS) business model and our comprehensive suite of product offerings are proving to be very successful in growing our business. We have grown our installed base of Mobile Data Collectors (MDCs) 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 Information
| For the years ended | |||||||||||||||||||
| August 31, 2023 | August 31, 2022 | August 31, 2021 | August 31, 2020 | ||||||||||||||||
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| Revenue | $ | 27,848,838 | $ | 20,031,288 | $ | 17,231,080 | $ | 20,316,576 | |||||||||||
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| Cost of Sales | $ | 15,305,444 | $ | 10,722,475 | $ | 9,715,096 | $ | 11,967,766 | |||||||||||
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| Gross Profit | $ | 12,543,394 | $ | 9,308,813 | $ | 7,515,984 | $ | 8,348,810 | |||||||||||
| Gross Margin Percentage | 45% | 46% | 44% | 41% | |||||||||||||||
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| Expenses | $ | 9,851,287 | $ | 8,244,400 | $ | 7,922,351 | $ | 6,296,052 | |||||||||||
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| Operating Income (Loss) | $ | 2,692,107 | $ | 1,064,413 | $ | (406,367 | ) | $ | 2,052,758 | ||||||||||
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| Comprehensive Income (Loss) | $ | 2,887,078 | $ | 1,929,180 | $ | (1,011,932 | ) | $ | 3,535,007 | ||||||||||
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| Earnings (Loss) per share - | |||||||||||||||||||
| Basic | $ | 0.03 | $ | 0.02 | $ | (0.01 | ) | $ | 0.04 | ||||||||||
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| Diluted | $ | 0.03 | $ | 0.02 | $ | (0.01 | ) | $ | 0.04 | ||||||||||
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| Total Assets | $ | 19,609,579 | $ | 23,016,204 | $ | 14,401,634 | $ | 15,601,937 | |||||||||||
| Total Non-Current Liabilities | $ | 561,851 | $ | 1,578,025 | $ | 1,790,287 | $ | 815,395 | |||||||||||
| Total Liabilities | $ | 3,866,678 | $ | 10,470,109 | $ | 4,421,803 | $ | 4,764,064 | |||||||||||
| Total Shareholders' Equity | $ | 15,742,901 | $ | 12,546,095 | $ | 9,979,831 | $ | 10,837,873 | |||||||||||
Full details of the financial reports and operating results for the fiscal year ended August 31, 2023, are described in the Company's audited consolidated financial statements with accompanying notes and related Management's Discussion and Analysis, available on SEDAR+ at www.sedarplus.ca.
About Gatekeeper Systems Inc.
Gatekeeper is a leading provider of intelligent video and data solutions designed to provide a safer transportation environment for children, passengers, and public safety personnel on multiple transportation modes. The Company uses AI, video analytics, and Mobile Data Collectors to inter-connect public transportation assets within a Smart City ecosystem. The Company's Platform-as-a-Service (PaaS) business model is centered around wirelessly enabled Mobile Data Collectors which forms the foundation of the Company's data company evolution. www.gatekeeper-systems.com
Contact Information:
Douglas Dyment
President & CEO
ddyment@gatekeeper-systems.com
(604) 864-6187
Cautionary Note Regarding Forward-Looking Statements: Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize, and readers are cautioned not to place undue reliance on these forward-looking statements. For more exhaustive information on these risks and uncertainties, the reader should refer to the risk factors described in the management's discussion and analysis for the year ended August 31, 2023. The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements. Forward-looking statements are presented for the purpose of providing information about management's current expectations and plans and allowing investors and others to obtain a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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