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Yahoo
a day ago
- Business
- Yahoo
Xtract One Announces Third Quarter Fiscal 2025 Results
Total Backlog Remains at Record Levels; Company Well Positioned for Growth TORONTO, June 05, 2025 (GLOBE NEWSWIRE) -- Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL) ('Xtract One' or the 'Company') a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging AI, today announced fiscal third quarter results for the three months ended April 30, 2025. All information is in Canadian dollars unless otherwise indicated. Third Quarter Highlights Quarterly revenue of $3.5 million for the three months ended April 30, 2025 versus $4.7 million in the prior-year period. Gross margin of 57% for the third quarter of fiscal 2025 versus 58% in the prior-year period. Total contract value of new bookings1 was $4.6 million for the three months ending April 30, 2025 as compared to $9.5 million for the same period last year. Contractual backlog was $15.4 million at the end of the third quarter as compared to $13.8 million in the prior-year period, excluding an additional $21.1 million of agreements pending installation1 versus approximately $12.8 million at the end of the third quarter of fiscal 2024. Subsequent to the quarter, the Company announced that its new innovative security platform, Xtract One Gateway, has been certified in Canada and the U.S and is on track to start shipping in July, with a current aggregate order value of approximately $6.7 million across five different customers. The Company has completed numerous demonstrations and trials across the education, healthcare and manufacturing and distribution markets. 'While revenue was lower than anticipated for the quarter due to some delayed deployments, we remain on track for a solid year of performance and continue to have a growing backlog that strengthens our outlook for the future,' stated Peter Evans, Chief Executive Officer of Xtract One. 'As recently announced, our Xtract One Gateway will start shipping this July, and we already have $6.7 million of orders in hand. While increasing our expectations for the quarters to come, recent investments in inventory and product rollout reduced our cash level during the period, which was expected. At the same time, we've announced several exciting developments including new wins with the Colorado Rockies and an international entertainment giant which, along with other awards, position us well for the year ahead. We remain upbeat about the fourth quarter and look to end fiscal 2025 on a high note.' Financial Results for the Three Month Period Ended April 30, 2025 Consolidated revenue was $3.5 million for the three months ended April 30, 2025 as compared to $4.7 million for the same period last year, reflecting timing of order deployments. Gross profit was $2.0 million, or a gross profit margin of 57%, in the fiscal 2025 third quarter versus $2.7 million, or a gross profit margin of 58%, in the prior-year period. Comprehensive loss was $3.3 million for the three month period ended April 30, 2025 as compared to $2.7 million for the same period in fiscal 2024, reflecting a reduced gross profit offset by lower overall operating costs. This press release should be read in conjunction with the Company's Unaudited Condensed Consolidated Interim Financial Statements, prepared in accordance with International Financial Reporting Standards ('IFRS') and the Company's Management's Discussion and Analysis for the three and nine month periods ended April 30, 2025 and 2024, which can be found on the Company's website and under the Company's profile on SEDAR+ at Conference Call Details Xtract One will host a conference call to discuss its results tomorrow, June 6, 2025 at 10:00 am EST. Peter Evans, Xtract One CEO and Director, and Karen Hersh, CFO and Corporate Secretary, will provide an overview of the interim financial results along with management's outlook for the business, followed by a question-and-answer period. The webcast and presentation will be accessible on the company's website. The webcast can be accessed here and the telephone number for the conference call is 844-481-3016 (412-317-1881 for international callers). About Xtract One Technologies Xtract One Technologies is a leading technology-driven threat detection and security solution leveraging AI to provide seamless and secure patron access control experiences. The Company makes unobtrusive weapons and threat detection systems that are designed to assist facility operators in prioritizing- and delivering improved 'Walk-right-In' experiences while enhancing safety. Xtract One's innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit or connect on Facebook, Twitter, and LinkedIn. About Threat Detection and Security Solutions Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today's world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security. For further information, please contact: Xtract One Inquiries: info@ Media Contact: Kristen Aikey, JMG Public Relations, 212-206-1645, kristen@ Relations: Chris Witty, Darrow Associates, 646-438-9385, cwitty@ 1 Supplementary Financial Measures: The Company utilizes specific supplementary financial measures in this earnings release to allow for a better evaluation of the operating performance of the Company's business and facilitates meaningful comparison of results in the current period with those in prior periods and future periods. Supplementary financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to measures presented by other companies. Supplementary financial measures presented in this earnings release include 'Agreements pending installation' and 'Total contract value of new bookings.' Agreements pending installation reflects total value of signed contracts awarded to the Company that has not been installed at the customer site. 'Total contract value of new bookings' is comprised of all new contracts signed and awarded to the Company, regardless of the performance obligations outstanding as of the end of the reporting period. Total contract value is the aggregate value of sales commitments from customers as at the end of the reporting period without consideration of the Company's completion of the associated performance obligations outlined in each contract. CAUTIONARY DISCLAIMER STATEMENT: This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as 'will', 'may', 'should', 'anticipates', 'expects', 'believes', and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include but are not limited to the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law. No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this release. Unaudited Interim Statements of Loss and Comprehensive Loss for the Three and Nine Months Ended April 30, 2025 and 2024 The following table is extracted from the Company's unaudited condensed consolidated interim financial statements and presented in Canadian dollars to demonstrate the Statements of Loss and Comprehensive loss for the three and nine months ended April 30, 2025 and 2024: Three months ended April 30, Nine months ended April 30, 2025 2024 2025 2024 Revenue $ 3,466,433 $ 4,683,639 $ 10,506,459 $ 10,720,050 Cost of revenue 1,489,181 1,977,223 3,811,031 4,145,551 Gross profit $ 1,977,252 $ 2,706,416 $ 6,695,428 $ 6,574,499 Operating expenses Selling and marketing $ 1,563,446 $ 1,259,445 $ 4,451,180 $ 4,066,829 General and administration 1,854,764 1,936,552 5,367,644 5,277,387 Research and development 1,638,988 2,182,756 5,078,617 5,967,553 Loss on inventory write-down 26,868 4,167 308,297 111,180 Loss on retirement of assets 2,029 40,538 23,704 40,538 Total operating expenses $ 5,086,095 $ 5,423,458 $ 15,229,442 $ 15,463,487 Loss before the undernoted (3,108,843 ) (2,717,042 ) (8,534,014 ) (8,888,988 ) Other income Interest and other income 28,606 44,704 170,196 197,287 Net loss for the period $ (3,080,237 ) $ (2,672,338 ) $ (8,363,818 ) $ (8,691,701 ) Other comprehensive income (loss) for the period Currency translation differences for foreign operations (197,348 ) - 348,771 - Comprehensive loss for the period $ (3,277,585 ) $ (2,672,338 ) $ (8,015,047 ) $ (8,691,701 ) Weighted average number of shares 218,426,987 200,110,734 218,415,199 198,924,490 Basic and diluted loss per share $ (0.02 ) $ (0.01 ) $ (0.04 ) $ (0.04 ) Unaudited Interim Statements of Financial Position as of April 30, 2025 and July 31, 2024 The following table is extracted from the Company's unaudited condensed consolidated interim financial statements and presented in Canadian dollars to demonstrate the Company's financial position as of April 30, 2025 and July 31, 2024: April 30, 2025 July 31, 2024 Assets Current assets Cash and cash equivalents (Note 15) $ 1,921,103 $ 8,628,521 Receivables (Note 4) 1,301,903 3,862,199 Prepaid expenses and deposits 2,423,043 949,012 Current portion of deferred cost of revenue (Note 6) 397,649 371,309 Inventory (Note 5) 3,463,467 3,688,246 9,507,165 17,499,287 Property and equipment (Note 7) 2,326,031 2,135,956 Intangible assets (Note 8) 4,730,705 4,465,755 Non-current portion of deferred cost of revenue (Note 6) 280,467 496,868 Right of use assets (Note 9) 928,941 344,304 Total assets $ 17,773,309 $ 24,942,170 Liabilities Current liabilities Accounts payable and accrued liabilities $ 1,771,976 $ 3,991,292 Current portion of deferred revenue (Note 10) 5,247,967 3,443,524 Current portion of lease liability (Note 9) 156,797 190,400 7,176,740 7,625,216 Non-Current liabilities Non-current portion of deferred revenue (Note 10) 2,841,068 3,155,579 Non-current portion of lease liability (Note 9) 923,972 190,526 $ 10,941,780 $ 10,971,321 Shareholders' equity Share capital (Note 13) $ 144,398,090 $ 144,372,452 Contributed surplus 17,014,039 16,163,950 Accumulated deficit (154,929,371 ) (146,565,553 ) Accumulated other comprehensive income 348,771 - $ 6,831,529 $ 13,970,849 Total liabilities and shareholders' equity $ 17,773,309 $ 24,942,170 Unaudited Interim Statements of Cash Flows for the Nine Months Ended April 30, 2025 and 2024 The following table is extracted from the Company's unaudited condensed consolidated interim financial statements and presented in Canadian dollars to demonstrate the Company's cash flows for the nine month periods ended April 30, 2025 and 2024: Nine months ended April 30, 2025 2024 Cash flow used in operating activities Loss for the period $ (8,363,818 ) $ (8,691,701 ) Adjustment for: Share-based compensation (Notes 13, 14) 858,758 668,555 Depreciation (Notes 7, 9, 12) 1,084,022 938,567 Amortization (Notes 8, 12) 637,279 604,425 Finance cost (Notes 9) 34,020 17,839 Loss on retirement of assets 23,704 40,538 Loss on inventory (Note 5) 308,297 111,180 (5,417,738 ) (6,310,597 ) Changes in non-cash working capital Receivables 2,610,436 (3,266,008 ) Prepaid expenses and deposits (1,469,555 ) 334,746 Inventory (793,081 ) (3,664,444 ) Deferred cost of revenue (Note 6) 190,061 172,754 Accounts payable and accrued liabilities (2,232,051 ) 942,696 Deferred revenue 1,540,851 5,357,879 Cash used in operating activities (5,571,077 ) (6,432,974 ) Cash flow used in investing activities Purchase of property, plant and equipment (Note 7) (185,045 ) - Internally developed intangible assets (Note 8) (729,730 ) - Proceeds from disposal of property, plant and equipment 1,000 - Acquisition of right of use asset (Note 9) (5,028 ) - Cash used in investing activities (918,803 ) - Cash flow used in financing activities Proceeds on issue of share capital 16,970 8,131,985 Lease payments (Note 9) (214,358 ) (286,066 ) Cash (used) received in financing activities (197,388 ) 7,845,919 Effect of exchange rate changes on cash and cash equivalents (20,150 ) - Net (decrease) increase in cash and cash equivalents for the period $ (6,707,418 ) $ 1,412,945 Cash and cash equivalents beginning of the period 8,628,521 8,327,449 Cash and cash equivalents end of the period $ 1,921,103 $ 9,740,394 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
The Market Online
3 days ago
- Business
- The Market Online
A growing weapons detection company on a path to profitability
Xtract One Technologies (TSX:XTRA), a growing provider of AI-enabled weapons detection solutions, will begin shipping units of its new Xtract One Gateway device in July to five separate customers The company has grown revenue by more than 8 times since 2020 and decreased net losses annually since 2022 Xtract One Technologies is a technology company specializing in threat detection and security for schools, hospitals, arenas, stadiums, manufacturing and distribution, among other markets Xtract One stock is up by 8.89 per cent year-over-year but remains down by 56.64 per cent since 2020 Xtract One Technologies (TSX:XTRA), a growing provider of AI-enabled weapons detection solutions, will begin shipping units of its new Xtract One Gateway device in July to five separate customers. The orders, valued at about C$6.7 million, follow the product's certification in both the U.S. and Canada, with additional markets expected to open up in Q3 driven by trials and demonstrations with potential clients spanning education, healthcare, manufacturing and distribution. The Xtract One Gateway scans patrons and their belongings in a continuous fashion as they walk through the device, dynamically differentiating between larger, mass-casualty weapons and everyday items such as laptops, keys and phones, learning from its environment and dramatically reducing wait times by up to four times compared to physical bag checks. The news follows Xtract One's stellar Q2 2025 marked by a record backlog of C$37.2 million, a quarterly record of C$13.5 million in new contract bookings and management's confidence in the company's path to profitability. The company grew revenue from C$2.07 million in F2020 to C$16.36 million in F2024, while reducing net losses from C$39.72 million in F2022 to C$11.06 million in F2024, with operations on track to extend this trend in 2025. Leadership insights 'I'm pleased to say that market response to the demonstrations of Xtract One Gateway has been strong. Shipments are set to begin shortly, and demand continues to rise as we work on additional contracts following customer engagement,' Peter Evans, Xtract One Technologies' chief executive officer, said in a statement. 'We've shown our unique threat-detection capabilities to dozens of companies and are excited to see this product put to use in the very near future in multiple applications and markets. After experiencing Xtract One Gateway, potential clients are thrilled at the way we can improve overall efficiency and safety by accurately, and quickly, alerting staff to dangerous items instead of just anything made of metal. The future of threat-detection starts now.' About Xtract One Technologies Xtract One Technologies is a technology company specializing in threat detection and security for schools, hospitals, arenas, stadiums, manufacturing and distribution, among other markets. Xtract One stock (TSX:XTRA) is up by 4.26 per cent trading at C$0.49 as of 9:44 am ET. The stock is up by 8.89 per cent year-over-year but remains down by 56.64 per cent since 2020. Join the discussion: Find out what everybody's saying about this weapons detection stock on the Xtract One Technologies Inc. Bullboard and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
