Cybersecurity firm Plurilock (PLUR) has released its latest results from a notable third quarter.
Ending on September 30, the quarter closed out just two weeks after the company entered trading on the TSX via a reverse takeover of Libby K Industries.
Despite the short window of trading, the company made some notable progress in its first fortnight on the exchange. Total revenue for the quarter reached just under C$169,000, of which around half was generated from government sources.
A significant portion of the revenue came from the U.S. Department of Homeland Security, as part of a contract awarded to Plurilock to continue developing advanced machine-to-machine authentication tools.
Adjusted earnings before various expenses came in at a loss of around $275,000. However, the company’s coffers were bolstered by the $2.6 million in financing cash, generated during the quarter.
Ian Paterson, CEO of Plurilock, said the results represent a major milestone in the company’s development, following the company’s reverse takeover and rebrand.
" With funds now in hand, we are able to execute on our organic growth strategy by expanding our sales force to cater to a growing and global customer base of mid to large sized enterprise companies in need of an authentication solution while pursuing a transformative acquisition strategy to continue broadening our asset mix of cybersecurity tools," he added.
Turning to Plurilock’s inaugural weeks on the TSX, PLUR shares stumbled a little following its listing in September but have re-couped much of their value in recent weeks and are back trading around its original 30 cent apiece opening price.
In trading today, Plurilock remains in the grey at 29 cents per share at 11:06am EST.