Gatekeeper Systems (TSX-V:GSI) Inc shares shot up 40% to $0.30 on Wednesday after the provider of video and data solutions for public transportation and smart cities announced that its second-quarter 2023 revenue more than tripled to a record $9,685,773, which company attributed to “significant” growth in both its transit and school segments.
Gatekeeper also said its total comprehensive income for the period was $1,865,904, as compared with a comprehensive loss of $666,208 a year earlier.
“Our Platform as a Service (PAAS) business model is proving to be very successful in increasing our revenues on a per bus/train basis and is solidly contributing to our evolution as a data company,” Gatekeeper Systems (TSX-V:GSI) CEO Doug Dyment said in a statement.
“During the quarter we increased the installed base of mobile data collectors to more than 47,000 and we successfully completed a $4 million contract which was one of the largest in our history,” he added.
Dyment also noted that during the quarter the company launched AI Dash Cam with video analytics for improved safety, which is receiving strong customer interest.
Gatekeeper Systems ended 2Q with working capital of $12,233,848 and about 91.4 million shares outstanding, as of February 28, 2023.
The company uses AI, video analytics, thermal cameras, and mobile data collectors to interconnect public transit assets as part of intelligent transportation systems in a Smart City ecosystem, in order to provide a safer transportation environment for children, passengers, and public safety personnel on multiple transportation modes.
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