- Total revenue for the three and six months ended June 30, 2021, was $8,604,310 and $8,680,071 respectively
- Hardware sales revenues accounted for 88.1 per cent and 87.3 per cent for the three and six months ended June 30, 2021
- Adjusted EBITDA was $(985,142) and $(2,041,539) for the three and six months ended June 30, 2021
- During Q2 2021 the company announced US$3,319,000 of new orders and contracts
- Plurilock is an innovative, identity-centric cybersecurity company
- Plurilock Security Inc. (PLUR) opened trading at C$0.72 per share
Plurilock Security (PLUR) has announced its financial results for the six months ended June 30, 2021.
All dollar figures are stated in Canadian dollars unless otherwise indicated.
“We are very pleased to report the second quarter of 2021 saw us deliver strong year over year revenue growth, add industry leading professionals to the organization, and expand our operational presence to new markets globally,” said Ian L. Paterson, CEO of Plurilock.
“The growth exhibited provides further validation that enterprise customers look to Plurilock for a partner that delivers simple, reliable, industry leading cybersecurity solutions to some of the world’s leading organizations.”
“As part of our stated strategy of acquiring assets to complement our existing authentication products, we completed our first acquisition of cybersecurity solutions provider Aurora Systems Consulting Inc.,” continued Mr. Paterson.
“With Aurora, we have secured a channel partner with an experienced sales force and over 140 government and commercial customers to offer our high margin software. As well, we have seen success of our sales strategy with our recent $672,000 multi-year purchase order of DEFEND continuous authentication product by a leading overseas financial institution.”
Following a series of high-profile cyberattacks, discussions on cybersecurity infrastructure and investment have been top of mind for governmental and private-sector organizations.
Q2 financial highlights
- Total revenue for the three and six months ended June 30, 2021, was $8,604,310 and $8,680,071 respectively ($79,512 and $182,851 over the same periods in the prior fiscal year). The increase in revenue is due to the acquisition of Aurora Systems Consulting Inc.
- Hardware sales revenues accounted for 88.1 per cent and 87.3 per cent for the three and six months ended June 30, 2021, respectively of total revenues.
- Electronic software, license and maintenance sales revenues accounted for 8.6 per cent and 9.3 per cent for the three and six months ended June 30, 2021, respectively of total revenues.
- Professional services revenue accounted for 3.3 per cent and 3.4 per cent of total revenues for the three and six months ended June 30, 2021. Hardware sales revenue was the new revenue stream added to the company after the acquisition of Aurora.
- Hardware sales revenue was $7,581,208 for both the three and six months ended June 30, 2021.
- Electronic software license and maintenance sales revenue was $738,054 and $805,810 for the three and six months ended June 30, 2021, respectively.
- Professional services sales revenue was $285,048 and $293,053 for the three and six months ended June 30, 2021, respectively, compared to nil and $19,371 over the same periods in the prior year.
- Adjusted EBITDA was $(985,142) and $(2,041,539) for the three and six months ended June 30, 2021, respectively, compared to $(482,375) and $(1,037,749) over the same periods in the prior year.
- Cash & cash equivalents on June 30, 2021, was $4,977,387 compared to $1,721,179 on December 31, 2020.
- Cash used in operating activities for the three and six months ended June 30, 2021 was $418,094 and $1,576,549, compared to $321,435 and $518,543 during the same periods in the prior fiscal year.
Q2 operational highlights
- On April 13, 2021, Wells Fargo Bank outstanding LOC totalling US$500,000 was repaid in full.
- On April 27, 2021, Aurora’s Paycheck Protection Program loan obtained from the Coronavirus Aid, Relief, and Economic Security Act loan including US$199,830 in principal and US$2,053.81 in interest was forgiven.
- On April 27, 2021, Plurilock filed two additional U.S. provisional patent applications for new advancements in continuous authentication technology. The first application documents new techniques for utilizing behavioral biometrics in forensic analysis of insider threats. The second application covers enhancements to Plurilock’s invisible authentication technology.
- On June 28, 2021, the company released a new Splunk® SIEM application for its DEFEND continuous authentication product.
- On June 29, 2021, the company added retired U.S. Navy vice-admiral Jan E. Tighe to its advisory board, who currently serves as an independent director on the board of Goldman Sachs.
- During Q2 2021 the company announced US$3,319,000 of new orders and contracts which included a US$1.15 million order with the U.S. Department of the Navy under National Aeronautics and Space Administration’s Solution for Enterprise-Wide Procurement, United States Government-Wide Acquisition Contract Vehicle that was announced on May 7, 2021.
Plurilock is an innovative, identity-centric cybersecurity company that provides identity-centric cybersecurity for today’s workforces.
Plurilock Security Inc. (PLUR) opened trading at C$0.72 per share.