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Imagine's Long-Term Value of Limited-Time Destinations
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Fulton businesses adapt as downtown construction enters final stretch
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Plurilock Security Inc. Reports Second Quarter Fiscal 2025 Financial Results
Management will host a conference call on Wednesday, August 20, 2025, at 11am ET 159% increase in Critical Services revenue year-over-year 42% improvement in Adjusted EBITDA loss year-over-year Second 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% and 11.5%, respectively, of total revenues compared to 15.2% and 13.0%, 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 for 65.7% and 65.9%, respectively, compared to 73.3% and 75.7%, 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 for 26.0% and 22.6%, respectively, of total revenues, compared to 11.5% and 11.3%, 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% and 12.1% compared to 14.7% and 14.4% 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 sales10,785,841 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 (%) 12.0% 14.7% 12.1% 14.4% 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 86,206Amortization 46,730 81,416 149,238 186,272Interest expenses 139,670 262,485 299,656 679,144Impairment 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 209,093 377,959 433,435 438,798Financing expenses 15,550 215,285 241,367 219,128Acquisition-related expenses 41,609 87,975 108,552 92,255Investor relations 278,935 313,290 647,597 365,284Loss (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 and under Plurilock's SEDAR+ profile at 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 or contact: Ian L. PatersonChief Executive Officerian@ Ali HakimzadehExecutive Chairmanali@ Sean PeasgoodInvestor Relationssean@ 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 To view the source version of this press release, please visit Sign in to access your portfolio
