Plurilock Security Inc (CVE:PLUR) (OTCQB:PLCKF) reported that it ended its first quarter of 2021 with cash and equivalents of about C$5.9 million as of March 31, up from $1.7 million during the same period last year.
The company said it generated revenue of $75,761 for the quarter, which does not include results from its recent acquisition of Aurora Systems Consulting Inc, completed on March 31. Aurora Systems realized revenue of $35.8 million in 2020.
“Fiscal Q1 2021 saw us accelerate our growth by achieving multiple operational initiatives that have positioned us well for the remainder of the year,” Plurilock Security CEO Ian Paterson said in a statement.
READ: Plurilock Security inks contract with California state agency
“Despite the challenging economic environment, we were able to raise over $5 million in growth capital from leading Canadian investors, add notable personnel to our advisory board with global cybersecurity experience and put ourselves in the best position we have been in as a company since we began trading in September 2020,” Paterson added.
“With cybersecurity threats continuing to rise globally, we will look to accelerate our presence in the industry by expanding our product portfolio and pursuing additional M&A opportunities that can expand our sales pipeline and deliver needed solutions to this fast-growing industry.”
The company noted that with its acquisition of Aurora Systems, Plurilock has increased its distribution by adding an experienced sales force, as well as a base of more than 140 customers.
Electronic software license and maintenance sales revenues accounted for 89% of its 1Q revenue, up from 81% a year earlier, with professional services revenue accounting for the remaining 11%.
Plurilock said its 1Q adjusted EBITDA loss widened to C$1.1 million from $495,000 a year ago.
Victoria, British Columbia-based Plurilock Security is a cybersecurity company that provides multi-factor authentication (MFA) and true continuous authentication using AI-driven behavioral biometrics to confirm a user’s identity.
Unlike competing MFA solutions, Plurilock does not require users to complete lengthy login workflows using mobile messaging or code generators and, unlike competing continuous authentication solutions, the company provides true full-workday authentication in the background.
Contact Sean at sean@proactiveinvestors.com