Plurilock Security Inc. Reports First Quarter Fiscal 2022 Financial Results
posted on
May 30, 2022 08:00AM
Record total revenue of $15.8 million in Q1 2023
VANCOUVER, BRITISH COLUMBIA – May 30, 2022 – Plurilock Security Inc. (PLUR: TSXV) (PLCKF: OTCQB) and related subsidiaries (“Plurilock” or the “Company”), an identity-centric cybersecurity solution provider for workforces, today announces its financial results for the three months ended March 31, 2022. All dollar figures are stated in Canadian dollars, unless otherwise indicated.
"During the first quarter of fiscal 2022, Plurilock increased its active sales pipeline as highlighted by its total revenue of $6.9 million for the three-month period,” said Ian L. Paterson, CEO of PlurilockTM. “Throughout this quarter, we achieved significant organic and inorganic growth through M&A, most notably, the acquisition of Integra Networks, a cybersecurity solutions provider with a large Canadian federal presence as well as strategic partnerships. Furthermore, we expanded our leadership and advisory team with the addition of two seasoned executives and advanced our zero-trust technology program by submitting two non-provisional U.S. patent applications and announcing a new product release for Spring 2022.”
Mr. Paterson added, “Overall, this quarter showcased our ongoing commitment to acquire profitable cybersecurity companies with top-tier customers, that can expand our operating margins and give us access to new distribution channels for cross-selling our software products as well as innovating new technology with an emphasis on zero-trust principles.”
Cyber risk continues to increase, with reported double-digit increases in the total number of data breaches reported for Q1 2022 as compared to Q1 2021.1 Credential compromise has also continued to be a significant threat vector, with a report that 20% of all data breaches are caused by compromised credentials during at least the initial phases of a cyber attack.2 For enterprises, cyber attacks pose a growing financial risk with estimates that cybercrime will hit $10.5 trillion by 2025, and that the cost of data breaches will increase from $3 trillion annually to more than $5 trillion annually by 2024.3,4
Outside of the U.S. Office of Management and Budget’s memo on the federal government’s shift to a zero trust infrastructure, several U.S. federal agencies are attempting to quell cyber attacks happening abroad in the Ukraine, working with Ukraine’s government agencies and critical infrastructure to bolster the country’s cyber resilience in the face of increased cyber attacks tied to ongoing conflict with Russia.5,6
First Quarter Fiscal 2022 Financial Highlights
First Quarter Fiscal 2022 Operational Highlights
Subsequent to First Quarter Fiscal 2022:
(1) Revenue for the three months ended March 31, 2022, includes revenue from both the Technology Division and the Solutions Division since April 1, 2021 post ASC acquisition on March 31, 2021 and INC acquisition on March 4, 2022. Revenue for the three months ended March 31, 2021 only includes revenue from the Technology Division.
(2) Non-GAAP measure. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA should not be construed as alternatives to net income/loss determined in accordance with IFRS. EBITDA and Adjusted EBITDA do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines EBITDA as earnings before interest, taxes, and amortization. Adjusted EBITDA is defined as EBITDA before stock-based compensation, listing, financing and acquisition related expenses. The Company believes that EBITDA and Adjusted EBITDA is a meaningful financial metric for investors as it adjusts income to reflect amounts which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives.
Non-IFRS measures
This news release presents information about EBITDA and Adjusted EBITDA, both of which are non-IFRS financial measures, to provide supplementary information about operating performance. Plurilock defines EBITDA as net income or loss before interest, income taxes, depreciation and amortization. Adjusted EBITDA removes non-cash share-based compensation and listing expenses from EBITDA. The Company believes that EBITDA and Adjusted EBITDA is a meaningful financial metric for investors as it adjusts income to reflect amounts which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. EBITDA and Adjusted EBITDA are not intended as a substitute for IFRS measures. A limitation of utilizing these non-IFRS measures is that the IFRS accounting effects of the adjustments do in fact reflect the underlying financial results of Plurilock’s business and these effects should not be ignored in evaluating and analyzing Plurilock’s financial results. Therefore, management believes that Plurilock’s IFRS measures of net loss and the same respective non-IFRS measure should be considered together. Non-IFRS measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Readers should refer to the Company’s most recently filed MD&A for a more detailed discussion of these measures and their calculation.
Quarterly Filings
Management’s Discussion and Analysis and Interim Condensed Consolidated Financial Statements and the notes thereto for the fiscal period ended March 31, 2022 can be obtained from Plurilock’s corporate website at www.plurilock.com and under Plurilock’s SEDAR profile at www.sedar.com.
About Plurilock
Plurilock provides identity-centric cybersecurity for today’s workforces. Plurilock offers world-class cybersecurity solutions paired with AI-driven, cloud-friendly security technologies that deliver persistent identity assurance with unmatched ease of use. The Plurilock family of companies enables organizations to operate safely and securely-while reducing cybersecurity friction.
For more information, visit https://www.plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
ian@plurilock.com
212.780.3255
Roland Sartorius
Chief Financial Officer
roland.sartorius@plurilock.com
Prit Singh
Investor Relations
905.510.7636
Forward-Looking Statements
This press release may contain certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) which relate to future events or Plurilock’s future business, operations, and financial performance and condition. Forward-looking statements normally contain words like “will”, “intend”, “anticipate”, “could”, “should”, “may”, “might”, “expect”, “estimate”, “forecast”, “plan”, “potential”, “project”, “assume”, “contemplate”, “believe”, “shall”, “scheduled”, and similar terms. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances. Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Plurilock’s business. Additional material risks and uncertainties applicable to the forward-looking statements herein include, without limitation, unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. Many of these factors are beyond the control of Plurilock. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as at the date hereof and Plurilock undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
1. https://www.securitymagazine.com/articles/97431-92-of-data-breaches-in-q1-2022-due-to-cyberattacks
2. https://www.ibm.com/security/data-breach
3. https://cybersecurityventures.com/cybersecurity-almanac-2022/
4. https://www.accenture.com/_acnmedia/PDF-165/Accenture-State-Of-Cybersecurity-2021.pdf
5. https://www.whitehouse.gov/wp-content/uploads/2022/01/M-22-09.pdf
6. https://pl.usembassy.gov/cybersecurity_ukraine/