Plurilock Security Inc. (TSX-V:PLUR) has reported increased revenue for 2023 driven by the cybersecurity solutions providers' strategic acquisitions of Integra and Atrion and cross-selling between its solutions and technology divisions.
Revenue increased from $64.6 million in 2022 to $70.4 million for the year ended December 31, 2023, a 9% year-over-year jump.
Hardware and systems sales revenue was steady at $55.7 million as software, license and maintenance sales revenue surged from $6.9 million in 2022 to $11.9 million and professional services revenue grew from $742,546 to $2.8 million.
The company grew its gross margin from 7.7% in the previous year to 8.3%.
Additionally, the company achieved $494,000 in cost savings for the year, attributed to its streamlining efforts and new business synergies from its acquisitions.
"We made many significant changes in 2023 and continue to move forward as we grow the business and drive forward towards profitability," said Ian Paterson, CEO of Plurilock.
Paterson added that, while the economic outlook was unclear for 2024, cybersecurity threats are on the rise and showed no signs of slowing.
“Increased cyber threats are one of the main drivers of our growing sales pipeline, particularly with Plurilock Critical Services,” he said. "Our focus remains on reaching cash flow breakeven by expanding the delivery of our Plurilock Critical Services to existing and new customers."
Further, the company said that, as of December 2023, it plans to identify more ways to achieve financial and operational efficiencies across all of its business units which are expected to result in about $2 million in savings on an annualized basis.
For 2023, Plurilock reported a net loss of $9 million or a loss per share of $0.10.