FULL DISCLOSURE: The Deep Dive is long the equity of Gatekeeper Systems.
Gatekeeper Systems Inc. (TSXV: GSI) has reported preliminary financial results for its fiscal fourth quarter and full fiscal year, which ended on August 31, 2024. Based on unaudited data, the company has reached a new milestone with the highest quarterly and yearly revenues in its history.
For the fiscal fourth quarter of 2024, Gatekeeper anticipates revenue of approximately $11.5 million. This represents a 57% increase over the same period in 2023, when the company posted $7.3 million. This marks the highest quarterly revenue in the company’s history, a reflection of growing demand for its cutting-edge technology in both public transportation and smart city applications.
On an annual basis, Gatekeeper’s revenue for the 2024 fiscal year is expected to be around $37.6 million, compared to $27.8 million in 2023, marking an impressive 35% year-over-year growth. This achievement also sets a new record for the company’s yearly revenue, reinforcing its strong position in a rapidly advancing industry.
CEO Doug Dyment attributed the success to Gatekeeper’s expanding role in helping public transportation operators and city planners leverage technology to improve safety, efficiency, and data management.
“We are incredibly proud of what we’ve achieved this fiscal year. Our record-breaking revenue is a testament to the trust our customers place in us to deliver solutions that meet the growing demands of modern transportation systems,” Dyment stated.
Gatekeeper’s surge in revenue is tied closely to the rising adoption of its video and data systems by public transportation agencies, including buses and trains, as well as its foray into smart city infrastructure. The company’s innovative technology helps cities and transit agencies capture and analyze data from vehicles and infrastructure, which improves operational efficiencies, passenger safety, and compliance with increasingly stringent regulatory standards.
The public transportation industry is undergoing significant transformation as technological advancements enable more efficient, safe, and sustainable systems. In 2024, the global push towards greener, smarter cities accelerated, driven by factors such as the increasing need for climate action, government regulations, and a post-pandemic focus on reducing traffic congestion and enhancing mass transit safety.
As of this year, the global smart city market was valued at over $1 trillion, with forecasts predicting continued double-digit growth as urban centers seek to integrate more advanced data systems into their infrastructure.
The company’s full, audited financial results for the fiscal year will be available in December 2024, offering more detailed insight into this landmark year for Gatekeeper Systems.
Gatekeeper Systems last traded at $0.60 on the TSX Venture.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive is long the equity of Gatekeeper Systems. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
