Gatekeeper Systems Posts Q2 Revenues Of $9.7 Million

Gatekeeper Systems (TSXV: GSI) this morning is reporting that it has seen one of its strongest revenue quarters in history for the period ended February 28, 2023.

“Our financial performance in the second fiscal quarter of 2023 was record-breaking in all aspects. We are witnessing significant growth in both the transit and school segments of our business. Our Platform as a Service (PAAS) business model is proving to be very successful in increasing our revenues on a per bus/train basis and is solidly contributing to our evolution as a data company,” commented CEO Doug Dyment.

The firm saw revenues of $9.7 million for the three month period, an improvement over the $4.9 million in revenues recorded in the first quarter. Gross margin meanwhile totaled out at $4.5 million for the quarter, or 47% of revenue.

“During the quarter we increased the installed base of mobile data collectors to more than 47,000 and we successfully completed a $4 million contract which was one of the largest in our history. During the quarter we launched AI Dash Cam with video analytics for improved safety which is receiving strong customer interest,” continued Dyment.

READ: Gatekeeper Concludes $4.0 Million Contract, Expects Strong Q2 Results

Expenses during the quarter meanwhile totaled out to $2.4 million, resulting in an operating income of $2.1 million for the second quarter. Total comprehensive income meanwhile amounted to $1.9 million.

Working capital meanwhile sits at $12.2 million, including cash of $1.2 million.

Gatekeeper Systems last traded at $0.215 on the TSX Venture.

FULL DISCLOSURE: Gatekeeper Systems is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Gatekeeper Systems on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.

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