notacasino wrote: Patriot One Technologies Inc. is pleased to announce its annual financial results for the year ended July 31, 2022. All information is in Canadian dollars unless otherwise indicated.
The following press release should be read in conjunction with the Company’s Annual Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and our Management’s Discussion and Analysis for the years ended July 31, 2022 and 2021, which can be found under the Company’s profile on SEDAR at
www.sedar.com.
"I am excited to share our annual results with investors. The Company has experienced incredible growth this year, particularly in our Platform operating segment which saw a year-over-year increase of over 850% in the total value of contracts signed,” stated Peter Evans, Chief Executive Officer of Patriot One. “We are experiencing significant and growing interest in our Platform products as venues and businesses continue to focus on the safety and wellbeing of their patrons and employees. We are confident in our ability to capitalize on this demand and have invested heavily in our ability to satisfy the needs of the market. With the announcement and delivery of SmartGateway, we saw an immediate uptick in demand, with 67% of our bookings for the platform operating segment occurring in the fourth quarter. With this solid foundation, ongoing customer engagement, product validation, and the strong team we have built, we are well positioned to accelerate this growth in fiscal 2023.”
Company Highlights for the Year Ended July 31, 2022 The following is a summary of the key business highlights for the year ended July 31, 2022:
- Accelerated topline growth with approximately $3.6 million of revenue recognized during the fiscal year; a 235% increase over the prior year;
- Continued to build the contractual backlog to $2.2 million, with an additional $1.9 million pending installation or successful trials that will be recognized as revenues in future periods;
- Began expansion into the manufacturing market with contracts signed with two US-based automotive companies for four locations including a contract with Kia Georgia to provide patron screening solutions for their entire facility to enhance the existing guard service;
- Selected by Oak View Group to protect all entrances at Austin’s new world-class live entertainment venue, Moody Center, the new home of the University of Texas’ basketball team;
- Selected by Oak View Group to secure the entrances at Central Bank Center’s Lexington Opera House and Rupp Arena, the home of the University of Kentucky Wildcats;
- Secured and completed a $1.0 million contract with Canada’s Department of National Defense, to further develop an artificial intelligence (“AI”)-enabled full-motion video analytics application;
- Secured a $1.0 million contract with Innovation Solutions Canada to provide AI-based solutions to improve situational awareness for first responders and firefighters;
- Commercially released the next phase of the Company’s AI-powered threat detection gateway solution with technology enhancements for increased accuracy, flexibility, ease of deployment, and practicality for sports and entertainment venues;
- Raised $6.9 million of gross proceeds through the completion of a public offering, providing further capital in support of the Company’s operations and product deployment;
- Subsequent to year end, signed a contract to protect all entrances of the SAP Center, home of the NHL’s San Jose Sharks, and Tech CU Arena, home of the AHL’s San Jose Barracuda;
- Subsequent to the year end, the Company announced that the Oak View Group, is introducing new patron screening technology to multiple properties as a result of a new partnership with the Company, enabling Oak View Group owned and operated properties to utilize the Company’s SmartGateway system to enhance the customer experience and increase safety and security; and
- Subsequent to year end, selected by Oak View Group to protect all entrances of the Angel of the Winds Arena, home of the WHL’s Everett Silvertips.
Fiscal 2022 Annual Financial Results - Revenue was $3.6 million for the year ended July 31, 2022, as compared to $1.1 million for the year ended July 31, 2021.
- The backlog of sales commitments not yet recognized as revenue was $2.2 million as of July 31, 2022, as compared to $2.4 million as at July 31, 2021.
- Loss and comprehensive loss was $39.7 million for the year ended July 31, 2022, as compared to $16.6 million for the year ended July 31, 2021. The change in loss pertains primarily to the non-cash impairment of goodwill as a result of changing market conditions, cost of borrowing and risk profile for the technology sector.
- Adjusted loss and comprehensive loss, a non-IFRS performance measure which excludes a non-routine, non-cash impacting impairment loss relating to goodwill, was $14.1 million as compared to $16.6 million for the year ended July 31, 2021.
- Basic and diluted loss per share was $0.26 for the year ended July 31, 2022. Excluding the goodwill impairment, basic and diluted loss per share was $0.09, as compared to $0.11 for the year ended July 31, 2021.
Fiscal 2022 Fourth Quarter Financial Results - Revenue was $0.8 million for the fourth quarter ended July 31, 2022 as compared to $0.3 million for the same period in 2021.
- Net loss from operations increased from $3.1 million in the fourth quarter ended July 31, 2021 to $31.2 million in the fourth quarter ended July 31, 2022. The increase in net loss pertains primarily to the non-cash goodwill impairment. Excluding the goodwill impairment, the adjusted loss from operations was $5.6 million for the three months ended July 31, 2022.