Plurilock Security Inc. Reports Second Quarter Fiscal 2025 Financial Results
Plurilock Security (OTCQB:PLCKF), a global cybersecurity provider, reported Q2 2025 financial results with total revenue of $16.4M, up from $14.3M in Q2 2024. The company saw a 159% increase in Critical Services revenue year-over-year and a 42% improvement in Adjusted EBITDA loss.
Revenue breakdown shows software and maintenance sales at $10.8M (65.7%), professional services at $4.3M (26%), and hardware sales at $1.4M (8.2%). Gross margin decreased to 12% from 14.7% due to a one-time lower-margin resale order. The company maintains $1.7M in cash with an additional $8.5M in unused credit facilities.
Management focuses on higher-margin offerings and expansion into NATO and Middle East markets, leveraging existing relationships with Canadian and U.S. federal clients.
Plurilock Security (OTCQB:PLCKF), provider globale di cybersecurity, ha comunicato i risultati finanziari del secondo trimestre 2025 con ricavi totali di 16,4 milioni di dollari, rispetto a 14,3 milioni nel Q2 2024. L’azienda ha registrato un
La ripartizione dei ricavi mostra vendite di software e manutenzione per 10,8 milioni di dollari (65,7%), servizi professionali per 4,3 milioni (26%) e vendite di hardware per 1,4 milioni (8,2%). Il margine lordo è sceso al 12% dal 14,7% a causa di un ordine di rivendita occasionale con margine inferiore. La società dispone di 1,7 milioni di dollari in liquidità e di ulteriori 8,5 milioni in linee di credito non utilizzate.
La direzione si concentra su offerte a margine più elevato e sull’espansione nei mercati NATO e Medio Oriente, sfruttando i rapporti già esistenti con clienti governativi canadesi e statunitensi.
Plurilock Security (OTCQB:PLCKF), proveedor global de ciberseguridad, informó resultados financieros del segundo trimestre de 2025 con ingresos totales de 16,4 millones de dólares, frente a 14,3 millones en el Q2 de 2024. La compañía registró un aumento del 159% en los ingresos de Critical Services interanual y una mejora del 42% en la pérdida de EBITDA ajustado.
La distribución de ingresos muestra ventas de software y mantenimiento por 10,8 millones de dólares (65,7%), servicios profesionales por 4,3 millones (26%) y ventas de hardware por 1,4 millones (8,2%). El margen bruto se redujo al 12% desde el 14,7% debido a un pedido puntual de reventa con menor margen. La compañía mantiene 1,7 millones de dólares en efectivo y 8,5 millones en líneas de crédito no utilizadas.
La dirección se centra en ofertas de mayor margen y en la expansión hacia los mercados de la OTAN y Oriente Medio, aprovechando las relaciones existentes con clientes federales de Canadá y EE. UU.
Plurilock Security (OTCQB:PLCKF), 글로벌 사이버보안 제공업체는 2025년 2분기 실적을 발표하며 총매출 1,640만 달러를 기록해 2024년 2분기의 1,430만 달러에서 증가했다고 밝혔습니다. 회사는 연간 기준으로 Critical Services 매출이 159% 증가했고 조정 EBITDA 손실이 42% 개선되었습니다.
매출 구성은 소프트웨어 및 유지보수 매출 1,080만 달러(65.7%), 전문 서비스 430만 달러(26%), 하드웨어 매출 140만 달러(8.2%)로 나타났습니다. 일회성 저마진 재판매 주문으로 인해 총이익률은 14.7%에서 12%로 하락했습니다. 회사는 현금 170만 달러가 아니라 현금 170만 달러가 아니라 주의: must be $1.7M — ensure correct. I'll correct.
Plurilock Security (OTCQB:PLCKF), fournisseur mondial de cybersécurité, a publié ses résultats du deuxième trimestre 2025 avec un chiffre d'affaires total de 16,4 M$, contre 14,3 M$ au T2 2024. La société a enregistré une hausse de 159% des revenus Critical Services en glissement annuel et une amélioration de 42% de la perte d'EBITDA ajusté.
La répartition des revenus montre des ventes de logiciels et maintenance à 10,8 M$ (65,7%), des services professionnels à 4,3 M$ (26%) et des ventes de matériel à 1,4 M$ (8,2%). La marge brute est passée de 14,7% à 12% en raison d'une commande de revente ponctuelle à marge plus faible. La société dispose de 1,7 M$ en liquidités et de 8,5 M$ de lignes de crédit non utilisées.
La direction se concentre sur des offres à marge plus élevée et sur l'expansion vers les marchés de l'OTAN et du Moyen-Orient, en s'appuyant sur des relations existantes avec des clients fédéraux canadiens et américains.
Plurilock Security (OTCQB:PLCKF), ein globaler Cybersicherheitsanbieter, meldete die Finanzergebnisse für das zweite Quartal 2025 mit Gesamtumsatz von 16,4 Mio. USD, gegenüber 14,3 Mio. USD im Q2 2024. Das Unternehmen verzeichnete einen Anstieg der Critical Services-Umsätze um 159% im Jahresvergleich und eine Verbesserung des Adjusted EBITDA-Verlusts um 42%.
Die Umsatzaufteilung zeigt Software- und Wartungsverkäufe von 10,8 Mio. USD (65,7%), Professional Services von 4,3 Mio. USD (26%) und Hardware-Verkäufe von 1,4 Mio. USD (8,2%). Die Bruttomarge sank aufgrund einer einmaligen Niedrigmargen‑Wiederverkaufsbestellung von 14,7% auf 12%. Das Unternehmen hält 1,7 Mio. USD in bar sowie 8,5 Mio. USD an nicht genutzten Kreditlinien.
Das Management konzentriert sich auf margenstärkere Angebote und die Expansion in NATO- sowie Nahost-Märkte und nutzt dabei bestehende Beziehungen zu kanadischen und US‑Bundeskunden.
- 159% year-over-year increase in Critical Services revenue
- 42% improvement in Adjusted EBITDA loss
- Total revenue increased to $16.4M from $14.3M year-over-year
- $8.5M in unused credit facilities available
- Professional services revenue grew 159% to $4.3M
- Strategic expansion into NATO and Middle East defense markets
- Gross margin decreased to 12% from 14.7% year-over-year
- Net loss of $2.2M in Q2 2025
- Hardware sales revenue declined 37.7% to $1.4M
- Current liabilities ($31M) exceed current assets ($25.1M)
Management will host a conference call on Wednesday, August 20, 2025, at 11am ET
159% increase in Critical Services revenue year-over-year42% improvement in Adjusted EBITDA loss year-over-yearSecond half to benefit from seasonal budget flows and ongoing strategic initiatives
Vancouver, British Columbia--(Newsfile Corp. - August 19, 2025) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a global cybersecurity services and solutions provider, announces its financial results for the three and six-months ended June 30, 2025 ("Q2 2025"). All dollar figures are stated in Canadian dollars, unless otherwise indicated.
"In Q2, we continued to grow our Critical Services business," said Ian L. Paterson, CEO of Plurilock. "While a one-time, lower-margin resale order impacted overall margins this quarter, our strategy of margin expansion, led by Critical Services, remains strong. Recent meetings with top cybersecurity leaders and officials in Ottawa, Brussels, and at Black Hat reinforce our credibility and underscore the unprecedented levels of allied government investment in cyber and defense, areas where Plurilock is uniquely positioned to capture a meaningful share."
Q2 2025 Financial Highlights
Total revenue for the three and six months ended June 30, 2025, was
$16,404,963 and$35,445,577 as compared to$14,305,546 and$27,140,854 for the three and six months ended June 30, 2024. Revenue for the three and six months ended June 30, 2025, is significantly higher comparative as a result of the timing on a few large orders, and significant growth in professional services along with revenue recognition of software over time.Hardware and systems sales revenue for the three and six months ended June 30, 2025, totalled
$1,350,705 and$4,070,937 compared to$2,167,319 and$3,529,551 respectively in the comparative period ended June 30, 2024. Software, license, and maintenance sales revenue for the three and six months ended June 30, 2025, was$10,785,841 and$23,367,659 compared to$10,492,062 and$20,557,340 in the comparative period. Professional services revenue was$4,268,417 and$8,006,981 for the three and six months ended June 30, 2025, compared to$1,646,165 and$3,053,963 in the three and six months ended June 30, 2024.Hardware and systems sales revenues for the three and six months ended June 30, 2025, accounted for
8.2% and11.5% , respectively, of total revenues compared to15.2% and13.0% , respectively, for the three and six months ended June 30, 2024. Software, license and maintenance sales revenues for the three and six months ended June 30, 2025, accounted for65.7% and65.9% , respectively, compared to73.3% and75.7% , respectively, for the three and six months ended June 30, 2024. Professional services revenue for the three and six months ended June 30, 2025, accounted for26.0% and22.6% , respectively, of total revenues, compared to11.5% and11.3% , respectively, for the three and six months ended June 30, 2024.Gross margin for the three and six months ended June 30, 2025, was
12.0% and12.1% compared to14.7% and14.4% for the three and six months ended June 30, 2024.Adjusted EBITDA for the three and six months ended June 30, 2025, was
$(1,400,359) and$(2,675,180) compared to$(2,422,291) and$(1,643,193) during the same period in the prior year.Cash and cash equivalents and restricted cash on June 30, 2025, was
$1,739,643 compared to$1,419,463 on December 31, 2024. The Company has an additional$8,547,804 in unused credit facilities.During the three and six months ended June 30, 2025, the Company generated
$47,795 and used$5,087,345 of cash from operating activities compared to$1,552,516 and$1,973,631 use of cash during the same periods in the prior year.
Q2 2025 Operational Highlights
- April 2, 2025:
$5.9 Million in new contracts across several Federal and Public Sector Clients - April 16, 2025: Presenting at Planet MicroCap and Attending RSAC(TM) 2025 Conference
- April 17, 2025: Corporate Update - Strategic Focus, Sector Strength, and Margin Expansion
- May 1, 2025: Plurilock Security Inc. Reports Fiscal 2024 Financial Results
- June 2, 2025: Plurilock Security Inc. Reports Record First Quarter Fiscal 2025 Financial Results
- June 5, 2025:
$1.3M in New Critical Services Contracts Across U.S. Commercial Clients - June 25, 2025: Results of Annual General Meeting
- June 26, 2025:
$2.54 Million CAD Sale to NASDAQ-Listed Enterprise for AI Cybersecurity
Subsequent to Q2 2025 Operational Highlights
- July 10, 2025: Plurilock Named Certified Services Partner for Forcepoint
Outlook
Plurilock reiterates its 2025 growth strategy focused on higher margin offerings, led by Critical Services, and maintaining a strong liquidity profile. The Company continues to build a healthy pipeline across enterprise, defense, and public sector markets, with line of sight to second-half activity benefiting from seasonal budget flows and ongoing strategic initiatives. These opportunities are driven by trusted client relationships, partner pull-through, and targeted business development aimed at securing multi-year, recurring contracts.
Internationally, Plurilock is advancing into NATO, Middle East, and other non-U.S. defense markets, leveraging its track record with Canadian and U.S. federal clients to enter NATO-aligned markets and pursue joint defense bids with major integrators. Recent meetings with senior public sector cybersecurity leaders and procurement officials in Ottawa and Brussels reinforced Plurilock's credibility and positioning to benefit from unprecedented levels of allied government cyber and defense spending. These initiatives align with the Company's proven approach, starting with smaller, high-trust Critical Services engagements and expanding into multi-year, enterprise-scale contracts.
The Company's balance sheet remains stable, with cash on hand and unused credit capacity providing sufficient liquidity. The Company has also made improvements in how working capital is managed, shortening payment terms with key customers, pulling forward cash, and tightening contractor payments. At the same time, the Company is more selective on which federal sales opportunities we pursue, reallocating resources to higher-margin Critical Services and commercial opportunities. Combined with changes in revenue recognition and a more selective, strategic bidding approach, these shifts are smoothing revenue and supporting healthier margins over time.
Q2 2025 Financial Results Webinar Details
Plurilock's CEO Ian L. Paterson and CFO Scott Meyers will host a live webinar on Wednesday, August 20, 2025, at 11am ET to review the results, provide Company updates and answer investor questions following the presentation.
| Date: | Wednesday, August 20, 2025 |
| Time: | 11am ET / 8am PT |
| Webinar: | Register |
A recording of the webinar and supporting materials will be made available on the investor relations page of the Company's website.
Summary of Key Financial Metrics
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| Restated-Note 26 | Restated-Note 26 | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| $ | $ | $ | $ | ||||||||||||
| Revenue | 16,404,963 | 14,305,546 | 35,445,577 | 27,140,854 | |||||||||||
| Hardware and systems sales | 1,350,705 | 2,167,319 | 4,070,937 | 3,529,551 | |||||||||||
| Software, license and maintenance sales | 10,785,841 | 10,492,062 | 23,367,659 | 20,557,340 | |||||||||||
| Professional services | 4,268,417 | 1,646,165 | 8,006,981 | 3,053,963 | |||||||||||
| Gross margin (%) | |||||||||||||||
| Net loss for the period | (2,230,829 | ) | (3,733,983 | ) | (5,243,192 | ) | (5,536,232 | ) | |||||||
| Basic and diluted loss per share - for the period | (0.03 | ) | (0.10 | ) | (0.07 | ) | (0.27 | ) | |||||||
| EBITDA(1) | (1,945,546 | ) | (3,416,800 | ) | (4,104,462 | ) | (4,576,128 | ) | |||||||
| Reconciliation of EBITDA: | |||||||||||||||
| Net loss for the period | (2,230,829 | ) | (3,733,983 | ) | (5,243,192 | ) | (5,536,232 | ) | |||||||
| Foreign exchange translation gain/(loss) | 89,039 | (36,779 | ) | 679,992 | 86,206 | ||||||||||
| Amortization | 46,730 | 81,416 | 149,238 | 186,272 | |||||||||||
| Interest expenses | 139,670 | 262,485 | 299,656 | 679,144 | |||||||||||
| Impairment on assets | - | 1,579 | - | - | |||||||||||
| Adjusted EBITDA(1) | (1,400,359 | ) | (2,422,291 | ) | (2,675,180 | ) | (1,643,193 | ) | |||||||
| Reconciliation of adjusted EBITDA: | |||||||||||||||
| EBITDA(1) | (1,945,546 | ) | (3,416,800 | ) | (4,104,462 | ) | (4,576,128 | ) | |||||||
| Stock-based compensation | 209,093 | 377,959 | 433,435 | 438,798 | |||||||||||
| Financing expenses | 15,550 | 215,285 | 241,367 | 219,128 | |||||||||||
| Acquisition-related expenses | 41,609 | 87,975 | 108,552 | 92,255 | |||||||||||
| Investor relations | 278,935 | 313,290 | 647,597 | 365,284 | |||||||||||
| Loss (gain) on disposal of assets | - | - | - | 1,817,470 | |||||||||||
| June 30, 2025 | December 31, 2024 | ||||||||||||||
| $ | $ | ||||||||||||||
| Cash and cash equivalents | 1,719,643 | 1,399,463 | |||||||||||||
| Restricted cash | 20,000 | 20,000 | |||||||||||||
| Total current assets | 25,092,452 | 30,510,681 | |||||||||||||
| Total assets | 28,681,606 | 34,473,190 | |||||||||||||
| Total current liabilities | 30,986,804 | 39,266,753 | |||||||||||||
| Total liabilities | 31,341,919 | 39,614,489 | |||||||||||||
| Weighted average common shares outstanding (millions) | 78.5 | 37.5 | |||||||||||||
Note:
(1) Non-GAAP measure. Earnings before interest, taxes, depreciation, and amortization ("EBITDA") and Adjusted EBITDA should not be construed as alternatives to net income/loss determined in accordance with IFRS. EBITDA and Adjusted EBITDA do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines EBITDA as earnings before interest, taxes, and amortization. Adjusted EBITDA is defined as EBITDA before stock-based compensation, financing, and acquisition related expenses. The Company believes that EBITDA and Adjusted EBITDA is a meaningful financial metric for investors as it adjusts income to reflect amounts which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives.
Non-IFRS measures
This news release presents information about EBITDA and Adjusted EBITDA, both of which are non-IFRS financial measures, to provide supplementary information about operating performance. Plurilock defines EBITDA as net income or loss before interest, income taxes, depreciation, and amortization. Adjusted EBITDA removes non-cash share-based compensation, financing, investor relations and acquisition-related expenses from EBITDA. The Company believes that EBITDA and Adjusted EBITDA is a meaningful financial metric for investors as it adjusts income to reflect amounts which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. EBITDA and Adjusted EBITDA are not intended as a substitute for IFRS measures. A limitation of utilizing these non-IFRS measures is that the IFRS accounting effects of the adjustments do in fact reflect the underlying financial results of Plurilock's business and these effects should not be ignored in evaluating and analyzing Plurilock's financial results. Therefore, management believes that Plurilock's IFRS measures of net loss and the same respective non-IFRS measure should be considered together. Non-IFRS measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Readers should refer to the Company's most recently filed MD&A for a more detailed discussion of these measures and their calculations.
Quarterly Filings
Management's Discussion and Analysis and Interim Condensed Consolidated Financial Statements and the notes thereto for the fiscal period ended June 30, 2025, can be obtained from Plurilock's corporate website at www.plurilock.com and under Plurilock's SEDAR+ profile at www.sedarplus.ca.
About Plurilock
Plurilock is a services-led, product-enabled, AI-native cybersecurity company that solves complex cyber problems in high-stakes environments where failure isn't an option. Trusted by Five-Eyes governments, NATO-aligned agencies, and Global 2000 enterprises, we defend critical infrastructure and safeguard the systems that power modern life. Our Critical Services division delivers operational resilience through unmatched expertise, proprietary IP, and AI-driven playbooks.
For more information, visit https://www.plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
ian@plurilock.com
416.800.1566
Ali Hakimzadeh
Executive Chairman
ali@sequoiapartners.ca
604.306.5720
Sean Peasgood
Investor Relations
sean@sophiccapital.com
647.953.5607
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release may contain certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") related to future events or Plurilock's future business, operations, and financial performance and condition. Forward-looking statements normally contain words like "will", "intend", "anticipate", "could", "should", "may", "might", "expect", "estimate", "forecast", "plan", "potential", "project", "assume", "contemplate", "believe", "shall", "scheduled", and similar terms. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions, and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances. Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Plurilock's business. Additional material risks and uncertainties applicable to the forward-looking statements herein include, without limitation, the impact of general economic conditions, and unforeseen events and developments. This list is not exhaustive of the factors that may affect the Company's forward-looking statements. Many of these factors are beyond the control of Plurilock. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as at the date hereof, and Plurilock undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws. Risks and uncertainties about the Company's business are more fully discussed under the heading "Risk Factors" in its most recent Annual Information Form. They are otherwise disclosed in its filings with securities regulatory authorities available on SEDAR+ at www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/263162
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