- Gatekeeper Systems (TSXV:GSI), a smart video and data technology stock, benefitted from profitable operations in fiscal 2024, ending August 31, generating net income of C$1.89 million
- The company has been profitable in four out of the past five fiscal years
- Gatekeeper Systems is a leading provider of smart video and data solutions to the transportation sector
- Gatekeeper Systems stock has added 31.82 per cent year-over-year and 176.19 per cent since 2019
Gatekeeper Systems (TSXV:GSI), a smart video and data technology stock, benefitted from profitable operations in fiscal 2024, ending August 31, generating net income of C$1.89 million.
The company has been profitable in four out of the past five fiscal years, generating net income of C$3.58 million in 2020, a loss of C$1 million in 2021, C$1.88 million in 2022 and C$2.81 million in 2023.
Fiscal 2024 highlights
- Revenue of C$37,810,957, up by 36 per cent from C$27,848,838 year-over-year (YoY), representing the highest fiscal yearly revenue in company history.
- School bus segment revenue of C$22.6 million, up by 20 per cent YoY.
- Transit segment revenue of C$12.5 million, up by 76 per cent YoY.
- Service and recurring revenue of C$2.7 million, up by 41 per cent YoY.
- Gross profit of C$17,242,182, up by 37 per cent from C$12,543,394 YoY.
- Operating profit of C$4,194,543, up by 56 per cent from C$2,692,107 YoY.
- Total comprehensive income of C$1,899,718, down from C$2,887,078 YoY.
- Cash and cash equivalents of C$6,721,250 and working capital of C$16,702,256 with no borrowed-money debt.
Q4 2024 highlights
- Revenue of C$11,670,476, up by 59 per cent from C$7,344,882 YoY, setting a new record for highest fiscal quarterly revenue in company history.
- Operating profit of C$776,422, up by 5 per cent from C$742,189 YoY.
Leadership insights
“Our financial performance in fiscal year 2024 was our strongest ever and marks our third consecutive year of profitability,” Doug Dyment, Gatekeeper Systems’ president and chief executive officer, said in a statement.
“During the year we installed approximately 9,000 Mobile Data Collectors (MDCs) for our customers on their buses, increasing the installed base to approximately 57,000. These MDCs record and store video from roughly 200,000 video devices on school and transit buses daily, which elevates the need for automated video analytics,” Dyment added. “Therefore, this year we established a data center for our AI-based video analytics hosted services offerings and school districts are now beginning to embrace our solutions for full-fleet, AI-assisted video analytics and evidence management.”
“We also developed and launched new AI-based video cameras, such as our Pedestrian Protector, which helps the bus driver with blind spot detection when children are around the bus, or our Cell Phone Detection Camera that uses video algorithms to automatically detect if a school bus driver is texting while driving. School districts are increasingly turning towards technology to improve school bus safety for school children, and we are innovating accordingly. Our transit segment witnessed very strong revenue growth and we added new smaller transit customers throughout the year. We continue to invest in our people and we are extremely proud of the exceptional customer service our employees delivered to our valued customers in 2024,” he concluded.
About Gatekeeper Systems
Gatekeeper Systems is a leading provider of smart video and data solutions to the transportation sector.
Gatekeeper Systems stock (TSXV:GSI) is down by 12.12 per cent trading at C$0.58 as of 11:48 am ET. The stock has added 31.82 per cent year-over-year and 176.19 per cent since 2019.
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(Top photo of a Gatekeeper Systems camera: Gatekeeper Systems)