Plurilock Security Inc saw a big jump in third-quarter revenue as its acquisition of Aurora Systems Consulting Inc continues to pay off.
The cybersecurity company reported revenue of C$15.2 million during the three-month period to end September 2021, compared to C$168,854 in the same year-ago quarter.
Hardware sales – a new revenue stream added after the acquisition of Aurora during 2Q 2021 – contributed nearly C$13.9 million in revenue or 91% of total sales during the quarter.
READ: Plurilock says Aurora Systems subsidiary continues to grow sales as cyber threats increase
The company also recorded a bump in electronic software license and maintenance sales revenue, which came in at C$1.29 million compared to C$84,915 a year ago.
Professional services sales revenue made up the rest of the total quarterly figure, coming in at C$85,175 compared to C$83,939 in the year-ago quarter.
The company reported an adjusted underlying loss (EBITDA) of C$1.24 million during the period.
"The third quarter of fiscal 2021 saw us deliver strong year over year revenue growth, achieve multiple operational milestones with key product initiatives domestically and abroad while having our organization highlighted by winning 2021 Cybersecurity Breakthrough award," Plurilock CEO Ian L Paterson said in a statement.
"Many US state and federal agencies have become our customers, validating how integral security is to the structure of government organizations and why our organization is a leader in providing trusted, reliable and simple cybersecurity tools,” he added.
During 3Q, the company announced US$8.36 million in new orders and contracts which included US$1.7 million and US$1.9 million orders with the US Department of Defense that were announced in July, and an order for US$1.08 million with the US Air Force that was announced in August as part of the National Aeronautics and Space Administration's Solution for Enterprise-Wide Procurement (SEWP) program, a US Government-Wide Acquisition Contract Vehicle (GWAC).
"Moving into the end of the year and 2022, we are focused on executing on our stated strategy of acquiring synergistic assets that can help our operation scale while providing our customers with a broader range of options when it comes to protecting their enterprise from cyber threats,” Paterson concluded.
The firm ended the third quarter with C$7.05 million in cash and cash equivalents, up from C$1.72 a year earlier.
Contact the author at stephen.gunnion@proactiveinvestors.com