We are ready to begin with our next presentation, so please give a warm welcome to the stage, CEO of INEO, Kyle Hall.
Great. Thank you. Thank you everybody for joining us today. I'm going to go through the presentation fairly quickly, and then we can get to some questions on this. But quick disclaimer. We're at a very interesting point in time for INEO. We presented here last year, and we told everybody we've got some big contracts coming up, and our future's looking bright. But we've been able to actually execute on that now and materialize what we were telling everybody a year ago, making good on all our promises and following through on the direction of the company, to the point where if you look at the slide on screen, the last four quarters, we've seen incredible growth.
Albeit, coming from some small numbers, but our last quarter, we were up 350% year-over-year. For the first time ever, we are approaching a cash flow positive situation. We pre-announced our Q1. It was over on September 30th. We'll put out final numbers near the end of November, but the preliminary numbers were CAD 1.3 million in revenue and right at that break-even point. A major position for us to be in, taking control of our future destiny, not having to raise money to drive the business forward, have the working capital to execute on our contracts. It's kind of a stark point we want to make, but the run rate we are on is putting our annual revenue ahead of what our market cap is.
Approximately a one-time revenue on the market cap, but more importantly, for the next year, our subscription recurring revenue streams are going to be in the neighborhood of CAD 1.5 million. That alone, if any kind of normal multiple we can get on that, should start moving that market cap to where we're getting appreciated for what we do. So those are the kind of the top highlights I wanted you to think about as we end the presentation, but I'll take you through now how we're doing this and how we're hitting those numbers and how we've set INEO up for growth. We've really come to this point with a lot of work to perfect the technology.
We've patented our technology, and that's helping us get customers, that's driving, obviously, the top line as we sell product, but also building our book of orders that is going to come through with our recurring subscription model that will drive our profitability. So what we do. Everybody's probably pretty familiar with the loss prevention sensors at the front entrance of retail stores. Those plastic or metal things that you walk through as you go in. The height of the technology, 40 years of innovation in that space is when they detect a tag or a label on a product that hasn't been paid for, they beep. That's all they do. They've gone that far, and there's two really large companies. One's called Sensormatic. It's owned by Johnson Controls. They sell about CAD 1 billion worth of this stuff annually. Another one's Checkpoint, owned by CCL Industries.
They've milked this category. They've put out product that's good enough, till we came along. We've made these systems so much better. We've added capabilities. They're connected devices, so we know how many alarms go off, when the alarms go off. We can attend to these remotely, service them remotely. We get traffic counts off them. We capture video of the alarm events off them, stream them to a dashboard. We apply AI to them in the cloud so that we can compare loss events between that store and other stores, so we can alert the retailer to where they're getting hit by the same theft rings in different areas, and they can investigate, and they can prosecute. The main thing that we've done is we've added a large display screen inside of the system. The industry said you could not do this.
It generated too much electromagnetic noise, and you wouldn't be able to detect the tags or the labels. We figured a way to do it, and we patented it. So we are the only ones that can put a display screen inside of these systems. Why is this important? It's because these things are the first thing you see as you enter a retail store, last thing you see as you leave. If you go to Walmart or CVS or Walgreens, typically, they have a cardboard sleeve over top of their loss prevention system. Cardboard doesn't interfere with the radio signal, and they're selling advertising on them. They're selling a lot of advertising on them. So we put a digital screen in there so they can change the advertising in real time. They can run video on it. They can charge a lot more for that.
We give them a revenue stream from their device that traditionally was a cost center for them. So we're at this point where we've developed this great technology, but we actually have a lot of things coming behind that are kind of winds in our sails. Number one is the retailers have a lot of loss going on. There's a lot of theft out there, and they're quite concerned about it. It really hits their bottom line. So they're actually investing in this area for the first time in quite a few years. The second is retail media. The retailers are making money selling advertising. They sell it on their websites. They sell it on screens in store, and they sell it on the cardboard display signs that they put up elsewhere.
We're taking advantage of that and putting another great-looking display screen right at the entrance where everybody has to walk through, and everybody can see it. Within our system, we also track traffic so that we can give them impression counts, how many people saw the ads. The stores are becoming digital in a lot of ways. Devices have to be connected. They can't be standalone devices anymore. We're applying AI capabilities within these devices so that we can do more for the retailer and offer them more analytics. Of course, just the overall connectivity picture. It sounds simple, right? Put a screen inside of the loss prevention device, put it at the front door. It does a better job of theft. It sells some advertising. There's a lot that goes in behind it.
Yes, we have patents that are quite good blocking patents to prevent those larger incumbent players from playing in our space, but there is a lot that goes into the whole ecosystem that we have built. We have really thought this through. Our software is as good or better than our hardware, and that is what our new customers are really driving into and what is helping us win new business. Let us talk about that business for a second. When we sell a system, we sell it for a good margin. We make money on the sale of the hardware. It is what the incumbents do. They sell a billion dollars of the hardware and make a good margin on it. We are selling hardware that more or less matches the prices of what they sell for, but ours has so much more capabilities.
Ours comes with a subscription model, a recurring subscription monthly fee that we charge so that the retailer gets the analytics from the loss prevention events, they get the video from the loss prevention events, they get their traffic counts in the stores, density of people in the stores any one time, and we connect their retail media system so they can run their advertise on the screen and charge their vendors for that. For that, we get a monthly fee. In the end, the retailer is selling so much advertising in these systems, the cost of the system gets paid for in months, not years, and it covers that monthly fee quite easily. For commercial validation, we have got two really big customers that we are in deployment modes with.
We have other retailers where we have pilots running, different stages of pilots, and others moving to contract, some new ones that we are just talking to. Two big ones in particular who, within our contract says we cannot say their names publicly, but we do not put them in the presentations. In the U.S., it is Staples. We have 200 locations rolled out of the Staples fleet. In the U.K., it is Boots Pharmacy. I will talk a bit about Boots, because we started that in January. They have 1,500 stores, but they have 10,000 loss prevention device pedestals at the front of their stores. 10,000 Sensormatic systems that we are replacing. We have now replaced over 600 systems at Boots since the start of the year. We will do another couple thousand in the next year. This is significant because they are looking at replacing that whole fleet.
I wanted to just run through a slide that kind of shows the illustrative economics of what those 2,000 systems. Our target for this year is going to be about 2,000 systems. We sell a system for about CAD 2,500, so it gives us a good top-line revenue number. We make some decent margin off it. It is really on that recurring revenue. CAD 100 per system per month. 2,000 systems in a market will translate to CAD 2.4 million. That is against our market cap today of a little over five, and I think we pushed to six million in our market cap in the last few days. We get any type of multiple on that, our market cap should move to where we are getting valued properly. Boots alone will get us those 2,000 systems this year. We have trials going with others, as I said.
We expect orders from other retailers that we will be able to announce in the near future that should give indicative performance of where we will be on top of that current run rate. If you look at the 2,000 systems, our one customer has 10,000. Our other customers add them up. It is about 12,000 systems that we have within our retail environment of retailers that are moving forward with our systems. So 2,000 is not much out of that. If we look at the larger market, these are not customers of INEO today. All of these retailers use loss prevention devices at the front entrance of their stores. All of them have retail media groups selling advertising at the front of their stores.
If you add up all of the systems within these retailers and the top-tier retailers out there in the U.S. and Europe, you are looking at 700,000 loss prevention systems that the height of the technology is when they detect a tag or a label, they beep. That is all they do. So it is a great market for us to be going after. Our goal this year to hit our numbers are about 2,000 systems. We want a bigger chunk of that, and we are expanding to go after that. Our priorities, we have got the orders in hand today. We are going to get those shipped and installed, because every time we install means we get the recurring revenue off of it. So it is a matter of getting enough units out there to build that recurring subscription revenue up, fund our company, and allow it to grow.
If you are following us, and I please hope you do, we have got a good story here. We have got good growth happening. The things you need to watch are the progress towards profitability here right now. We are just hitting breakeven this quarter. We have a big order backlog, and we are going to convert that to more shipments and more orders, and that will continue to grow that top line and the bottom line.
I am going to come back to that original slide that I had. In the context of what I just told you can see where that growth is coming from. We are getting the units installed, we are getting the recurring subscription revenue coming out of it, and it is allowing us to hit those numbers. As far as the basic share structure of the company, 52 million shares outstanding. Management owns about 11%.
We have a group of shareholders that have some fairly large positions. So within the public float, what is out there in the tradable market, it is not a large amount. We are fairly liquid on the TSXV. We have some trading on the OTCQB. We have got a good investor relations campaign we have launched this year, where we are getting the word out and we are getting more people following us. We are trying to communicate more effectively via announcements and emails and quarterly webinars.
We are quite committed to making sure the market understands what we are doing. We redid a website recently where we have a very descriptive analysis of our business. If I have intrigued you at all, I encourage you to go take a look at our website, where we try to answer everything there. We have downloadable fact sheets, downloadable presentations. We will update the presentation that is there shortly.
It was created this summer with the one I'm showing you today. In the meantime, you can call us, email us, contact us, and we'll be happy to talk to anybody at any time to give them more information. With that, I will turn it over to the audience for any questions anybody might have. I probably answered everything so well that I have no questions.
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Yeah. The question was how much capital will we need to support the machines coming on. On the balance sheet today, we have about CAD 900,000 in cash. Working capital-wise, we buy components from screens coming from Asia, chipsets mostly from there. We manufacture in Canada, put everything together, local suppliers for some of the parts there. We have the working capital on hand to handle the orders that we have today.
We can produce about 300 systems a month. That's more than the demand we have. If we get these next series of retailers where we have orders larger than that, we will have to probably bring in a contract manufacturer to help out. Possibly with larger order sets, we would need a little bit more working capital than we have today. If we can fund that through cash flow, we will definitely try to do that.
If we need to raise to execute on those larger orders, we would. We're in a good position now that we've crossed over into profitability, so we're not bleeding any cash. We are, as you can say, a CAD 900,000 balance sheet, still small in terms of the opportunity that we have for these large retailers. With that then, no other questions, we will wrap it up. Thank you for attending our presentation.