Gatekeeper Systems (TSXV: GSI) is expecting to have a strong second quarter, with the firm reporting last night it has concluded a major contract.
The contract itself relates to a transit video upgrade contract signed in the fourth quarter. Valued at roughly $4.0 million, revenue from the contract is expected to be realized in the second fiscal quarter, for the period ended February 28, 2023.
The revenue is said to be in addition to the firms regular business.
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For comparison purposes, Gatekeeper recognized revenues of $3.1 million for the second quarter of 2022, with a gross profit of $1.0 million. The most recent quarter meanwhile saw revenues of $4.9 million, and a gross profit of $1.5 million.
READ: Gatekeeper Expands Product Portfolio With AI Dash Cam
“This contract is one of the largest contracts in our Company’s history. We are very proud of our team’s execution within the short two-month time frame and during a period where we also continue to see growth in our regular business. We expect the CAD $4 million contract revenue will significantly bolster the Company’s second fiscal quarter revenue and we are very optimistic regarding the Company’s sales prospects and growth,” commented CEO Doug Dyment.
Gatekeeper Systems last traded at $0.205 on the TSX Venture.
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