- Xtract One Technologies (TSX:XTRA) announced its fiscal second quarter results for the three months ended January 31, 2025.
- C$3.4 million quarterly revenue for the three months ended January 31st, 2025, compared to C$2.9 million in the prior-year period.
- C$13.5 million total contract value of new bookings for the three months ending January 31, 2025 – the strongest quarterly results in the company’s history – compared to C$5.1 million for the same period last year.
- Xtract One stock (TSX:XTRA) opened trading at $0.46
Xtract One Technologies (TSX:XTRA) announced its fiscal second quarter results for the three months ended January 31st, 2025.
Q2 highlights
- Quarterly revenue: C$3.4 million for the three months ended January 31st, 2025, compared to C$2.9 million in the prior-year period.
- Gross margin: 70 per cent for Q2 fiscal 2025, up from 61 per cent in the prior-year period.
- Total contract value of new bookings: C$13.5 million for the three months ending January 31, 2025 – the strongest quarterly results in the company’s history – compared to C$5.1 million for the same period last year.
- Contractual backlog: $16.7 million at the end of the second quarter, compared to C$12.3 million in the prior-year period, excluding an additional $20.5 million of agreements pending installation, versus approximately C$10.0 million at the end of the second quarter of fiscal 2024.
“By booking a record C$13.5 million of orders, we ended the period with C$37.2 million in total backlog – a new level for the company – strengthening our outlook for the balance of fiscal 2025 and beyond and putting us on track for our best year ever,” Peter Evans, chief executive officer of Xtract One stated in a news release. “We are very pleased to be experiencing revenue growth despite second quarter results being tempered by deployment timing and a larger than typical percentage of subscription contracts. We are also pleased that we continue to win new contracts in multiple industry verticals and geographies – another strategic step in accelerating market penetration and acceptance and diversifying the business. At the same time, we are seeing significant interest in our Xtract One Gateway solution. The outlook for the second half of fiscal 2025 remains bright, and we are well positioned on the path to profitability.”
Financial results for the three months ended January 31st, 2025
- Consolidated revenue: C$3.4 million for the three months ended January 31st, 2025, compared to C$2.9 million for the same period last year, reflecting new business wins and a greater number of installations.
- Gross profit: C$2.4 million, or a gross profit margin of 70 per cent, in the fiscal 2025 second quarter, versus C$1.8 million, or a gross profit margin of 61 per cent, in the prior-year period.
- Comprehensive loss: C$2.1 million for the three-month period ended January 31, 2025, compared to C$3.3 million for the same period in fiscal 2024. This reflects higher revenue and gross profit as well as lower research and development expenses.
A leading technology-driven threat detection and security solution provider that prioritizes the patron access experience by leveraging AI, Xtract One’s portfolio of screening solutions is specifically designed to scan individuals and their belongings. This can reduce the need for separate bag searches, significantly improving screening times. The Gateway can unobtrusively scan individuals, their pockets, bags, and backpacks for potential mass casualty weapons while distinguishing harmless personal items such as laptops, tablets, three-ring binders, notebooks, eyeglass cases, keys, and phones. This streamlined process ensures that access into and out of facilities is efficient and uninterrupted.
Xtract One stock (TSX:XTRA) opened trading up 5.8 per cent at $0.46 but has fallen 32.84 per cent since this time last year.
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(Top image via Xtract One Technologies Inc.)