Abbotsford, British Columbia--(Newsfile Corp. - September 10, 2024) - Gatekeeper Systems Inc. (TSXV: GSI) (OTC Pink: GKPRF) ('Gatekeeper' or the 'Company'), a video and data solutions provider for public transportation and smart cities, announces select preliminary financial results for the fiscal fourth quarter and fiscal year ended August 31, 2024.
Based on preliminary unaudited information, the Company expects:
- Revenue for the fiscal fourth quarter of 2024 to be approximately $11.5 million which compares to $7.3 million in the fiscal fourth quarter of 2023, representing an increase of approximately 57% and the highest fiscal quarterly revenue in the Company's history; and
- Revenue for the 2024 fiscal year to be approximately $37.6 million which compares to $27.8 million in the 2023 fiscal year, representing an increase of approximately 35% and the highest fiscal yearly revenue in the Company's history.
The Company expects to report its audited financial and operating results for the fiscal year ended August 31, 2024, in December 2024. Accordingly, actual financial and operating results that will be reflected in the Company's audited financial statements, when they are completed and publicly disclosed, may differ from these preliminary results.
About Gatekeeper Systems Inc.
Gatekeeper is a leading provider of intelligent video and data solutions designed to provide a safer transportation environment for children, passengers, and public safety personnel on multiple transportation modes. The Company uses AI, video analytics, and Mobile Data Collectors to inter-connect public transportation assets within a Smart City ecosystem. The Company's Platform-as-a-Service (PaaS) business model is centered around wirelessly enabled Mobile Data Collectors which forms the foundation of the Company's data company evolution. www.gatekeeper-systems.com.
Cautionary Note Regarding Preliminary Financial Results
The preliminary revenue figures set forth above are based on an initial review of the results of the Company's operations for the three months and year ended August 31, 2024 and are subject to change. These figures are preliminary and are inherently uncertain due to a number of factors, and remain subject to the Company's management's and audit committee's reviews and the completion of regular financial closing and review procedures and audit procedures for the periods. The Company's auditor has not audited, reviewed or performed any procedures with respect to the preliminary revenue figures, and accordingly does not express an opinion or any other form of assurance with respect thereto. These financial estimates should not be viewed as a substitute for audited financial statements prepared in accordance with generally accepted accounting principles and are not necessarily indicative of the Company's results for any future period. Additional adjustments to the preliminary figures presented above may be identified, and final results for the relevant fiscal periods may differ materially from these preliminary figures and will not be finalized until after the Company completes its normal year-end accounting procedures, including execution of internal controls over financial reporting. These financial estimates are intended to provide information about management's current expectations regarding certain aspects of the Company's financial performance. Reliance on the information presented herein may not be appropriate for other purposes.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made in this press release that are not historical facts are forward-looking statements within the meaning of securities laws. Forward-looking statements in this news release include, but are not limited to, our statements related to preliminary revenue for the fiscal fourth quarter of 2024 and the fiscal year ended 2024 and the timing of the release of full financial results for the quarter and year, and are subject to important risks, uncertainties and assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize, and readers are cautioned not to place undue reliance on these forward-looking statements.
Such forward-looking information is based on management's expectations and assumptions, including that the Company's business and financial position and general economic conditions will not be adversely affected; that no material changes and adjustments will be made to the financial results disclosed herein resulting from the Company's management's and audit committee's reviews or regular financial closing and review procedures and audit procedures; and that the Company will be able to implement its business strategies.
These risks underlying the forward-looking statements in this news release include, without limitation, risks related to the Company's business and financial position; risks related to changes and adjustments to these preliminary estimates resulting from the Company's management's and audit committee's reviews or regular financial closing and review procedures and audit procedures; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; and the ability of the Company to implement its business strategies. For more exhaustive information on these risks and uncertainties, the reader should refer to the risk factors described in the Company's management's discussion and analysis for the period ended May 31, 2024.
The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements. Forward-looking statements are presented for the purpose of providing information about management's current expectations and plans and allowing investors and others to obtain a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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