Q3 ResultsXtract One Announces Third Quarter Fiscal 2024 Results TORONTO, June 06, 2024 (GLOBE NEWSWIRE) -- Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL) (“Xtract One” or the “Company”) a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging AI, today announced fiscal third quarter results for the three and nine months ended April 30, 2024. All information is in Canadian dollars unless otherwise indicated.
Third Quarter Financial Highlights - Record revenue of $4.7 million for the three months ended April 30, 2024 versus $0.9 million in the prior-year period.
- Gross margin for the Platform operating segment of 60% for the third quarter unchanged from the same period last year.
- Announced new customer wins during the quarter including Co-op Live in Manchester and the American Bank Center.
- Awarded the U.S. Department of Homeland Security (“DHS”) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (“QATT”), enabling the Company to sell to organizations such as the National Hockey League (“NHL”) and Major League Baseball (“MLB”), among others.
- Total contract value of new bookings1 was $9.5 million for the three months ending April 30, 2024 as compared to $5.6 million for the same period last year.
- Platform contractual backlog was $13.8 million as of April 30, 2024 as compared to $3.1 million in the prior-year period, excluding an additional $12.8 million of agreements pending installation1 versus approximately $7.9 million last year.
- Completed a public equity offering and concurrent private placement with Madison Square Garden Sports Corp. (“MSG Sports”) that raised gross proceeds, including an over-allotment option which closed subsequent to quarter end, of approximately $9.8 million; proceeds will be used to support the Company’s continued growth.
- Subsequent to the period, announced contracts had been awarded with teams representing the NHL, MLB and National Basketball Association since the DHS SAFETY Act Designation as a QATT.
“This was a very busy three months, with revenue rising to a record $4.7 million as we onboarded numerous new customers during the quarter,” stated Peter Evans, Chief Executive Officer of Xtract One. “At the same time, our backlog of sales commitments climbed to $26.6 million – reflecting new clients and overall strong demand – with top line growth expected to accelerate due to our recent DHS Designation award. With the recent successful offering that raised gross proceeds of $9.8 million, including participation from MSG Sports, we are well positioned to continue to ramp up operations on our path to profitability. I’m very excited by the current high level of interest in our systems from the markets we’re pursuing and believe that the best is yet to come.”
Financial Results for the Three Month Period Ended April 30, 2024 Consolidated revenue was $4.7 million for the three months ended April 30, 2024 as compared to $0.9 million for the same period in fiscal 2023. Revenue from the Platform operating segment was $4.6 million for the fiscal 2024 third quarter versus $0.8 million in the prior-year period, reflecting new business contract wins and a greater number of installations. Revenue for the Xtract operating segment was approximately $0.1 million for the third quarter in both fiscal years.
Loss and comprehensive loss was $2.7 million for the three month period ended April 30, 2024 as compared to $3.8 million for the same period in fiscal 2023. The decrease reflects higher Platform revenue and a corresponding increase in gross profit, while total operating expenses rose only $1.1 million year-over-year, primarily reflecting higher research and development efforts.
This press release should be read in conjunction with the Company’s Unaudited Condensed Consolidated Interim Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and the Company’s Management’s Discussion and Analysis for the three and nine month periods ended April 30, 2024 and 2023, which can be found under the Company’s profile on SEDAR+ at
www.sedarplus.ca.
Conference Call Details Xtract One will host a conference call to discuss its results on Friday, June 7, 2023, at 10:00 am EST. Peter Evans, Xtract One CEO and Director, and Karen Hersh, CFO and Corporate Secretary, will provide an overview of the interim financial results along with management’s outlook for the business, followed by a question-and-answer period.
The webcast and presentation will be accessible on the company’s website. The
webcast can be accessed here and the telephone number for the conference call is 844-481-3016 (412-317-1881 for international callers).