Plurilock Security Inc saw its revenue skyrocket after its acquisition of Aurora Systems Consulting Inc, according to its second-quarter financial results.
The cybersecurity company reported revenue of C$8.6 million during the three-month period to end June 2021, compared to C$79,512 from the same year-ago quarter.
Hardware sales – a new revenue stream added after the acquisition of Aurora during 2Q 2021 – contributed nearly C$7.6 million in revenue or 88.1% of total sales during the quarter.
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The company also recorded a bump in electronic software license and maintenance sales revenue, which came in at C$738,000 compared to C$80,000 a year ago.
Professional services sales revenue made up the rest of the total quarterly figure, coming in at C$285,000 compared to nil in the year-ago quarter.
The company reported an adjusted EBITDA loss of C$985,000 during the period.
Aurora gives Victoria-based Plurilock a channel partner with an experienced sales team, and more than 140 government and commercial clients for Plurilock’s high-margin software, CEO Ian Paterson said in a statement.
"We have seen success of our sales strategy with our recent $672,000 multi-year purchase order of DEFEND continuous authentication product by a leading overseas financial institution,” Paterson told investors.
Commenting on the firm’s overall results, the CEO added: "The growth exhibited provides further validation that enterprise customers look to Plurilock for a partner that delivers simple, reliable, industry-leading cybersecurity solutions to some of the world's leading organizations."
Plurilock offers cybersecurity solutions paired with AI-driven, cloud-friendly security technologies that deliver persistent identity assurance.
The firm ended the quarter with around C$5 million in cash.
Contact Angela at angela@proactiveinvestors.com
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