Gatekeeper Reports $4.9M Revenue, 81% YoY Growth in Fiscal Q1 2023

Gatekeeper Reports $4.9M Revenue, 81% YoY Growth in Fiscal Q1 2023

Abbotsford, BC – January 26, 2023 – Gatekeeper Systems Inc. (‘Gatekeeper’ or the ‘Company’) (TSX-V:GSI) (OTC:GKPRF) a video and data solutions provider for public transportation and smart cities, reports its financial results for the three months ended November 30, 2022.

 

Financial Highlights for First Fiscal Quarter Ended November 30, 2022:

• Revenue was $4,885,058, an increase of 81% when compared to $2,699,589 in the prior year comparable period;
• Gross profit was $1,546,118, which compares to $1,719,439 in the prior year comparable period;
• Comprehensive loss was $86,014 which compares to comprehensive income of $183,093 in the prior year comparable period; and
• At November 30, 2022, the Company had working capital of $10,943,844, and approximately 91.4 million shares outstanding.

Management Commentary

Doug Dyment, President and CEO, comments, “We are extremely pleased with our solid revenue growth in this first quarter, which follows the strongest quarterly revenue in our history during the fourth quarter last year. We have also announced contracts for approximately $4 million that we expect will be completed during our second quarter, so our revenue growth continues to be strong. During the quarter we continued to increase the number of mobile data collectors installed, which forms a key part of our corporate strategy to evolve as a data company.”

Selected Financial Information

	For the three months ended
	November 30, 2022	November 30, 2021
Revenue	$       4,885,058	$       2,699,589
Cost of Sales	$       3,338,940	$          980,150
Gross Profit	$       1,546,118	$       1,719,439
Gross Margin Percentage	32%	64%
Expenses	$       2,164,721	$        1,703,139
Operating Income (Loss)	$        (618,603)	$             16,300
Comprehensive Income (Loss) for the period	$          (86,014)	$           183,093
Earnings (Loss) per share –
Basic	$              (0.00)	$                 0.00
Diluted	$              (0.00)	$                 0.00
	November 30, 2022	August 31, 2022
Total Assets	$      16,453,995	$       23,016,204
Total Liabilities	$        4,002,594	$       10,470,109
Total Shareholders’ Equity	$      12,451,401	$       12,546,095

 

Full details of the financial reports and operating results for the fiscal first quarter ended November 30, 2022, are described in the Company’s unaudited interim consolidated financial statements with accompanying notes and related Management’s Discussion and Analysis, available on SEDAR at www.sedar.com.

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, thermal cameras, and mobile data collectors to inter-connect public transit assets as part of intelligent transportation systems in a Smart City ecosystem. The Company’s Platform-as-a-Service (PaaS) business model is an enabling transformation to a video and data solutions provider for intelligent transit and Smart Cities. 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 period ended November 30, 2022. 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.