- Xtract One Technologies (TSX:XTRA) will deploy its SmartGateway patron screening solution at three venues overseen by the NHL’s Florida Panthers, which took home the Stanley Cup on Monday
- The deal with the Panthers continues Xtract One’s scorching pace when it comes to securing new contracts, which have grown from 46 in April 2023 to 84 in April 2024
- Xtract One Technologies offers AI-powered threat-detection and security solutions
- Xtract One stock has given back 30 per cent year-over-year and 65.57 per cent since 2019
Xtract One Technologies (TSX:XTRA) will deploy its SmartGateway patron screening solution at three venues overseen by the NHL’s Florida Panthers, which took home the Stanley Cup on Monday.
Devices will be installed over the next 12 month at:
- Amerant Bank Arena, home to the Panthers and Florida’s largest indoor arena, hosting hundreds of events and more than 30 million visitors per year.
- The Baptist Health IcePlex, the official practice facility for the Panthers and a meeting place for hockey enthusiasts of all ages.
- The FTL War Memorial, site of the upcoming 3,400-seat War Memorial Auditorium.
The venues will benefit from SmartGateway’s AI-powered sensors designed to unobtrusively screen up to 2,400 patrons per hour for guns, knives and other prohibited items, surpassing conventional metal detector throughput by 2-to-7 times with operating expense efficiencies of up to 80 per cent.
(Source: Xtract One Technologies)
The deal with the Stanley Cup champions continues Xtract One’s scorching pace when it comes to securing new contracts, which have grown from 46 in April 2023 to 84 in April 2024, increasing its backlog from C$11.6 million to C$26.6 million over the period, on top of a platform pipeline of C$88 million to be negotiated towards further growth.
With revenue up by 313 per cent year-over-year to C$6 million in the first half of FY2024, in addition to record revenue in Q3 2024, Xtract One is confident in its ability to leverage U.S. regulatory validation (slide 13) and key partners such as Oak View Group (350+ venues), Madison Square Garden Sports and the American Association of Professional Baseball to expand into new market segments across the world and scale into profitability.
Leadership insights
“Following our recent announcement of professional sports team wins, we’re excited to be able to now name this new win with an outstanding organization,” Peter Evans, chief executive officer of Xtract One Technologies, said in a statement. “Together with the Panthers, we look forward to further enhancing these iconic venues that embody both sportsmanship and community. This collaboration goes beyond security – it’s about establishing a seamless, protected environment that allows patrons to fully engage and enjoy the experience without interruption.”
“We are excited to be working with Xtract One to enhance the security of our venue entrances,” added Bryce Hollweg, COO of the Florida Panthers. “This collaboration allows us to set new standards in fan safety and overall enjoyment, ensuring that locals and tourists alike can fully immerse themselves in the excitement of our events with peace of mind. Together, we’re raising the bar for security and creating unforgettable moments for fans of all ages, setting a new standard in sports venue safety.”
About Xtract One Technologies
Xtract One offers AI-powered threat-detection and security solutions.
Xtract One stock (TSX:XTRA) last traded at C$0.63 per share. The stock has given back 30 per cent year-over-year and 65.57 per cent since 2019.
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(Top photo of the Stanley Cup champion Florida Panthers: Florida Panthers Facebook page)