- Xtract One Technologies stock (TSX:XTRA) added to its market-beating year-over-year return on strong preliminary results for Q1 2024
- Revenue is expected to reach a record for the quarter, in the range of C$2.9 million to C$3.2 million
- Xtract One Technologies offers AI-based threat detection and security solutions for seamless patron access control experiences
- Xtract One Technologies stock (TSX:XTRA) opened with a gain of 5.48 per cent, trading at C$0.77 per share
Xtract One Technologies stock (TSX:XTRA) added to its market-beating year-over-year return on strong preliminary results for Q1 2024.
Highlights from Q1 2024
Total contract value of new bookings for the quarter was C$9.6 million, up from C$5.3 million in Q4 2023, with a minimum of C$10.5 million of agreements pending installation, up from C$10.4 million in Q4 2023.
Management expects a contractual backlog in the range of C$8.2 million to C$9.4 million, up from C$4.1 million in Q4 2023.
Gross profit margin is estimated to be between 64-67 per cent for the three months ended Oct. 31, up from 52 per cent in Q1 2023.
Revenue is expected to reach a record for the quarter, in the range of C$2.9 million to C$3.2 million, up from C$1.8 million in Q4 2023. Xtract One has increased revenue by more than 100 per cent from C$2.07 million in fiscal 2020 to C$4.11 million in fiscal 2023 on the back of its differentiated technology.
The company will host a conference call about its annual results and future outlook at 5:30 pm ET Dec. 7. Click here to register.
Value-added technology with a successful track record
Xtract One’s touchless Gateway patron screening products offer up to a 7x increase in patron throughput compared with competitors, with an up to 70 per cent reduction in staffing requirements. This value proposition has won the company 51 contracts as of July 2023 with a C$91 million pipeline and numerous strategic partners including Madison Square Garden Sports.
“Based on our preliminary evaluation, Q1 2024 marks a noteworthy milestone for our company as our preliminary results have exceeded expectations and provide a solid springboard into continued growth for fiscal 2024. We are thrilled to report record-breaking revenue, accompanied by a significant increase in our contractual backlog and agreements pending installation for the platform business. These achievements underscore our dedication to deliver exceptional value to our customers and to solidify our position as a leader in the industry,” Peter Evans, CEO of Xtract One Technologies, said in a statement.
Xtract One Technologies offers AI-based threat detection and security solutions for seamless patron access control experiences.
Xtract One Technologies stock (TSX:XTRA) opened with a gain of 5.48 per cent, trading at C$0.77 per share. The stock is up by approximately 33.5 per cent year-over-year – well ahead of the TSX Index’s 1.35 per cent return over the period – but has lost about 60 per cent since 2018, in stark contrast to Xtract One’s growing prevalence in its multi-billion-dollar addressable market.
Join the discussion: Find out what everybody’s saying about Xtract One stock on the Xtract One Technologies Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.