Plurilock Security Inc. (TSX-V:PLUR) has highlighted its growth in key business areas as it released a positive set of quarterly financial results.
The identity-centric cybersecurity specialist reported a significant increase in gross margin, which reached $2.5 million, or 21.9% of sales, compared to $2.1 million, or 13.6%, in the first quarter of 2023.
This improvement was largely driven by a 66% growth in Plurilock Critical Services sales, which rose to $1.0 million from $0.6 million in the same period last year.
Total revenue for the first quarter of 2024 was $11.57 million, down from $15.77 million in the first quarter of 2023. This decline was attributed to the timing of large orders and lower volume from the Integra acquisition, partially offset by increased professional services sales.
Hardware and systems sales revenue totaled $8.92 million, while software, license, and maintenance sales generated $1.65 million. Professional services revenue reached $1.01 million, marking a significant increase from $0.61 million in the previous year.
Earnings (adjusted EBITDA) improved significantly, reducing the loss to $0.4 million from a loss of $1.0 million in the same period a year ago. The company attributed this improvement to stronger margins and cost containment measures.
"During the first quarter of 2024, Plurilock achieved growth in its services, a key strategic initiative for the company," chief executive Ian Paterson said.
"Plurilock is diligently marching forward with its Critical Services offer and gaining momentum towards its profitability goals."