- Patriot One Technologies (PAT) has released its interim financial results for the third quarter of the 2021 fiscal year
- Although the company experienced lower revenues year-over-year, the company had about $1.3 million in deferred and contracted revenue that were not recognized at the end of the quarter
- In the third quarter, the company continued to build its strong pipeline of business in both threat detection and advanced AI solutions
- Patriot One Technologies is a Canadian security systems developer
- Patriot One Technologies Inc. (PAT) is down 3.57 per cent, trading at $0.54 per share
Patriot One Technologies (PAT) has released its interim financial results for the third quarter of the 2021 fiscal year.
Peter Evans, Patriot One CEO, commented on the results.
“We continue to see an upturn and strong acceleration in market activity, resulting in a significant increase in the number of customer engagements, site surveys, demonstrations and trials,” he remarked.
The company’s third quarter financial report included the following results:
- Revenues of $0.2 million compared to $1.2 million in Q3 2020, a significant decrease which was due in part to a substantial contract with a government agency for $0.7 million;
- A net loss of $3.2 million compared to a $5.2 million loss in Q3 2020, an improvement brought on by streamlining the company’s business operations;
- $0.3 million of deferred revenue and $1.0 million of contracted revenue were not yet recognized as revenue at the end of the third quarter, also contributing to lower revenues.
Subsequent to quarter end, the company was awarded an additional $2.2 million in contract commitments.
In the third quarter, the company continued to build its strong pipeline of business in both threat detection and advanced AI solutions. The company’s new acquisition, Xtract, was awarded multiple government projects, including a 12-month contract to adapt its AI solutions for Canada’s Department of National Defence.
Patriot One also continued to implement cost cutting efforts that would improve its operating efficiencies and better align with its strategic direction.
“With this momentum,” added Mr. Evans, “along with our new focused sales organization and our strengthening sales pipeline, I am very optimistic, and believe we are well-positioned to deliver a strong end to our fiscal year.”
Patriot One Technologies is a Canadian security systems developer.
Patriot One Technologies Inc. (PAT) is down 3.57 per cent, trading at $0.54 per share as of 2:53 pm ET.