Gatekeeper Reports $27.8M Revenue, 39% YoY Growth in FY 2023, and Improves Net Income by 50% to $2.9M
Abbotsford, BC – December 28, 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 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.”
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.
