Canada · Delayed Price · Currency is CAD Plurilock Security Earnings Call Transcripts
Fiscal Year 2025
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Q3 2025 revenue grew 8% year-over-year to CAD 15.4 million, with critical services up 165% and now 21.2% of revenue. Gross margin improved, EBITDA loss narrowed, and cost optimization plus a CAD 3 million debenture strengthened the balance sheet. Pipeline and market expansion in defense and allied sectors remain strong.
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Q2 2025 revenue grew 15% year-over-year to CAD 16.4 million, led by a 159% surge in Critical Services revenue. Gross margin dipped to 12% due to a one-time low-margin order, but adjusted EBITDA loss improved 42%. Strategic focus shifts to high-margin services and international expansion.
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The meeting confirmed quorum, presented audited 2024 financials, and approved all motions including director elections, auditor reappointment, an amended incentive plan, and article changes. No questions were raised by stakeholders.
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Revenue grew 48% year-over-year to CAD 19 million, driven by a 178% surge in critical services and strong new business wins. Gross margin declined to 12.2%, but gross profit rose 28%. Focus remains on scaling high-margin services and reducing OpEx for the rest of 2025.
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Rapid revenue and margin growth driven by acquisitions and upselling critical services to large enterprise clients. The team features top industry talent, and the company is significantly undervalued compared to peers, with strong market demand due to rising cyber threats and regulatory pressures.
Fiscal Year 2024
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Gross sales bookings rose 15% to CAD 81M, with gross margin up to 13.1% and critical services revenue surging 152%. Strategic focus remains on scaling high-margin services, expanding in the U.S. and NATO markets, and preparing for a potential U.S. uplisting.
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Q3 2024 saw lower revenue but higher gross margin year-over-year, with strong growth in Critical Services and professional services. The company surpassed 2023 full-year revenue and margin totals in the first 10 months of 2024 and remains focused on profitability and expanding high-margin offerings.
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Shareholders approved all motions, including director elections, auditor appointment, and incentive plans. Strategic highlights included a $6M U.S. Treasury deal, new patent filings, and key executive hires, with ongoing focus on cybersecurity growth and risk management.
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Cybersecurity demand is surging, driving strong order flow and revenue growth, especially in high-margin Critical Services. Recent financing and operational efficiencies position the company for profitability and long-term value creation.