Xtract One Announces Strong Preliminary First Quarter 2024 Results
Continued Acceleration of Platform Bookings and Revenue Driven by Unprecedented Market Demand
News provided byXtract One Technologies Inc.
Nov 21, 2023, 7:59 AM ET
TORONTO, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL) (“Xtract One” or the “Company”) a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging AI, today announced strong preliminary first quarter 2024 financial results. All information is in Canadian dollars unless otherwise indicated. Based on preliminary unaudited results, the Company is expecting:
- Total contract value of new bookings1 during the quarter of $9.6M (Q4 2023: $5.3M), with a minimum of $10.5 million of agreements pending installation1 (Q4 2023: $10.4M);
- Expected contractual backlog in the range of $8.2 million to $9.4 million (Q4 2023: $4.1M);
- Record revenue for the quarter, to range between $2.9 million to $3.2 million (Q4 2023: $1.8M); and,
- Gross profit margin of between 64%-67% for the three months ended October 31, 2023 (Q1 2023: 52%).
“Based on our preliminary evaluation, Q1 2024 marks a noteworthy milestone for our Company as our preliminary results have exceeded expectations and provide a solid springboard into continued growth for fiscal 2024. We are thrilled to report record-breaking revenue, accompanied by a significant increase in our contractual backlog and agreements pending installation for the Platform business. These achievements underscore our dedication to deliver exceptional value to our customers and to solidify our position as a leader in the industry,” stated Peter Evans, Chief Executive Officer of Xtract One. The Company intends to provide further details on the quarter following the release of its official results on December 7, 2023. Call details are provided below.
Conference Call Details
Xtract One will host a conference call to discuss its annual results on Thursday, December 7, 2023, at 5:30 pm EST. Peter Evans, Xtract One CEO and Director, and Karen Hersh, CFO and Corporate Secretary, will provide an overview of the financial results along with management’s outlook for the business, followed by a question-and-answer period.
Investors may register for the live conference call by clicking this link. Participants should dial in at least 10 minutes prior to the start of the call. A recording of the call will be available on the Company’s website after the conference call concludes.
About Xtract One Technologies
Xtract One Technologies is a leading technology-driven threat detection and security solution leveraging AI to provide seamless and secure patron access control experiences. The Company makes unobtrusive threat detection systems that enable venue building operators to prioritize and deliver improved patron experiences while providing unprecedented safety. Xtract One’s innovative AI-powered Gateway product enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic. Its AI-based Xtract One Vision allows venue and building operators to identify weapons and other threats inside and outside of facilities, and Xtract One Insights provides valuable intelligence for optimizing operations. For more information, visit www.xtractone.com or connect on Facebook, Twitter, and LinkedIn.
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1 Supplementary Financial Measures:
The Company utilizes specific supplementary financial measures in this earnings release to allow for a better evaluation of the operating performance of the Company’s business and facilitates meaningful comparison of results in the current period with those in prior periods and future periods. Supplementary financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to measures presented by other companies. Supplementary financial measures presented in this earnings release include ‘Agreements pending installation’ and ‘Total contract value’ of new bookings. Agreements pending installation reflects total value of signed contracts awarded to the Company that have not been installed at the customer site. ‘Total contract value of new bookings’ is comprised of all new contracts signed and awarded to the Company, regardless of the performance obligations outstanding as at the end of the reporting period. Total contract value is the aggregate value of sales commitments from customers as at the end of the reporting period without consideration of the Company’s completion of the associated performance obligations outlined in each contract.
CAUTION NOTE REGARDING PRELIMINARY ESTIMATES:
The foregoing preliminary financial information reflects management's current views with respect to the Company's financial results. Such preliminary financial information is subject to finalization and should not be viewed as a substitute for full quarterly financial statements prepared in accordance with applicable accounting standards. In the course of preparing and finalizing the Company's financial statements for the first quarter ended October 31, 2023, these preliminary estimates will be subject to change and the Company may identify items that will require it to make adjustments to such estimates. For these or other reasons, these preliminary financial estimates may not ultimately be indicative of the Company's results for the first quarter ended October 31, 2023 and actual results may differ materially from those described above. No independent registered public accounting firm has reviewed, examined or performed any procedures with respect to, nor have they expressed any form of assurance on, these preliminary estimated results.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release contains statement which constitute “forward-looking information” within the meaning of applicable securities laws relating to revenue, contractual backlog, total contract value of new bookings, gross profit margin, 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”, “anticipates”, “expects”, “believes”, and similar expressions or the negative of these words or other comparable terminology. 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 but are not limited to: results of operational activities, completion of contracts; the Company’s limited profitability; dependence on management; the Company’s need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of better funded competitors; the impact of the Russia-Ukraine and Israel-Palestine conflict on the global economy; any adjustments made in the process of finalizing the Company’s financial statements for the three months ended October 31, 2023; the need to build alliances and partnerships, including with customers and suppliers; 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.
This news release also contains future-oriented financial information or a financial outlook (collectively, “FOFI”) about the Company’s prospective results of operations including expected revenue and gross profit margin, all of which are subject to the same assumptions, risk factors, limitations and qualifications set forth in the above paragraph. The FOFI contained in this news release was approved by management as of the date hereof and is provided for the purposes of providing an indication of the preliminary first quarter 2024 results. The Company disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Readers are cautioned not to place undue reliance on any FOFI.
No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this release.
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