Shares in digital service provider Gatekeeper Systems (GSI) shot up more than 20 per cent this morning, following an impressive full-year report.
The company’s 2020 was most notable coloured by the company’s move into the video and data solutions market, through a new platform-as-a-service business model.
The move appears to have paid off as the company has just reported annual revenue of $20.3 million, a 48 per cent increase year-on-year. The spike in revenue led to a 38 per cent bump to the company’s bottom line, which reached $3.5 million by the year’s end.
Much of the new revnue come from the company’s intelligent transportation system, which collates video and date from various sources to develop a “Smart City ecosystem”.
Doug Dyment, President and CEO, was “extremely pleased with the fantastic results” that the team delivered during a fiscal year which was overshadowed by a global pandemic and economic uncertainty.
“We adjusted our operations quickly and efficiently to protect our employees, allowing our business to operate as an essential service. We continued to develop our new AI-based platform for Smart Cities and developed new solutions to improve passenger safety and transit efficiency as cities reopen following COVID-19 lockdowns,” he said.
Doug Dyment went on to say that the company’s recognition feature has paved the road for future applications like contact tracing, passenger counting or payment verification.
The news caps an impressive year on the market for Gatekeeper, with shares currently sitting at three times their January levels.
Gatekeeper Systems is currently up 14.52 per cent and trading for 71 cents per share at 10:17am EST.