TORONTO, June 10, 2021 (GLOBE NEWSWIRE) -- Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”) is pleased to release its third quarter interim financial results for the three and nine month periods ended April 30, 2021. All information is in Canadian dollars unless otherwise indicated.
The following press release should be read in conjunction with the Company’s Condensed Consolidated Interim Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and our Management’s Discussion and Analysis for the three and nine month periods ended April 30, 2021, which can be found on SEDAR at www.sedar.com and on the Company’s website at www.patriot1tech.com.
“We continue to see an upturn and strong acceleration in market activity, resulting in a significant increase in the number of customer engagements, site surveys, demonstrations and trials” stated Peter Evans, Chief Executive Officer of Patriot One. “With this momentum, along with our new focused sales organization and our strengthening sales pipeline, I am very optimistic, and believe we are well-positioned to deliver a strong end to our fiscal year.”
Company Highlights for the Three and Nine Month Periods Ended April 30, 2021
The following is a summary of the key business highlights for the Company for the three month period ended April 30, 2021:
- Continued to capitalize on newly hired seasoned sales representatives who have begun closing long-term contracts and building a strong pipeline of business for both our threat detection and advanced video AI solutions;
- Closed multiple long-term PATSCAN platform subscription arrangements during the quarter bringing our total PATSCAN backlog to over $800,000. Many prospective customers are in final negotiations or undergoing pilots which should lead to additional commitments in the coming months;
- Xtract was awarded multiple government projects during and subsequent to the quarter, totaling over $2.4 million including a 12-month contract worth $999,940 to adapt its innovative artificial intelligence (AI) solutions to provide misinformation and disinformation detection for Canada’s Department of National Defence; and
- Continued to implement restructuring and cost cutting efforts to improve operating efficiencies and to better align the Company with its strategic direction and business development plans.
Fiscal 2021 Third Quarter Financial Results
- Revenue was $0.2 million and $0.8 million for the three and nine month periods ended April 30, 2021 respectively as compared to $1.2 million and $1.7 million for the same periods ended April 30, 2020. The year-over-year decrease was attributable to a single substantial contract with a Government agency for $0.7 million for the three and nine month periods ended April 30, 2020.
- The Company had $0.3 million of deferred revenue and $1.0 million of contracted revenue not yet recognized as revenue as of April 30, 2021. Subsequent to quarter end, the Company was awarded an additional $2.2 million in contract commitments.
- Net loss was $3.2 million and $9.7 million for the three and nine month periods ended April 30, 2021 as compared to $5.2 million and $18.7 million for the same periods ended April 30, 2020. The decrease in loss pertains to streamlining of the Company’s business operations, COVID-19 relief funding received and transaction costs incurred in the comparative nine month period for the acquisition of Xtract Technologies Inc.
- Basic and diluted loss per share was $0.02 and $0.06 for the three and nine month periods ended April 30, 2021 respectively as compared to $0.03 and $0.13 for the same periods ended April 30, 2020.
About Patriot One Technologies
Patriot One Technologies makes unobtrusive, artificial intelligence (AI)-driven weapons and threat detection systems that enable arenas, schools, theaters and other businesses to provide unprecedented safety while also improving the customer experience. The company’s Multi-Sensor Gateway enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic, and its AI-based video-recognition software (VRS) enables venue and building operators to identify weapons and other threats inside and outside of facilities, while also providing valuable intelligence for optimizing operations. Follow us on Twitter @patriot1tech.
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CAUTIONARY DISCLAIMER STATEMENT:
No securities exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements relating to system sales, product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects”,” believes”, and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include counterparty default and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
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