Plurilock Security Inc. Reports Third Quarter Fiscal 2025 Financial Results
Executive Summary
- Plurilock reported Q3 2025 revenue of C$15.39 M (+15% YoY) and nine‑month revenue of C$50.50 M (+23% YoY), driven by strong growth in Critical Services.
- Adjusted EBITDA loss narrowed to $(1.61) M for the quarter (−11% vs. prior year) and $(3.82) M for the nine‑month period, reflecting improved cost structure and higher margin mix.
- The company completed a $3 M strategic investment via convertible debentures/warrants, secured US$624 k software/services contract with a U.S. state law‑enforcement agency, and US$868.6 k critical services contracts with a Nasdaq‑listed semiconductor manufacturer.
Key Details
- Revenue Highlights
- Q3 2025 total revenue: C$15,393,747 vs. C$14,263,076 (2024).
- Nine‑month revenue: C$50,498,220 vs. C$40,941,846 (2024).
- Hardware & systems sales fell to 9.8% of Q3 revenue (C$1.52 M) versus 22.0% a year earlier.
- Software, license & maintenance sales rose to 72.7% of Q3 revenue (C$11.19 M).
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Professional services grew to 17.5% of Q3 revenue (C$2.69 M), up from 7.1% YoY.
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Margin & Profitability
- Gross margin: 8.8% (Q3) vs. 6.9% (2024).
- Adjusted EBITDA loss: $(1,608,327) (Q3) vs. $(1,815,868) (2024).
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Net loss for the quarter narrowed to $(1,023,214) from $(3,985,610) a year earlier.
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Cash Position
- Cash & cash equivalents: C$1,519,767 at September 30 2025 vs. C$1,419,463 (Dec 31 2024).
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Operating cash use: $169,878 (Q3) vs. $4.74 M used in Q3 2024; $5.19 M used for nine months vs. $6.91 M prior year.
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Operational Highlights
- July 10 2025 – Named Certified Services Partner for Forcepoint.
- Sep 9 2025 – Closed CloudCodes asset sale to Scope Technologies Corp. (non‑cash impact $1.388 M).
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Oct 1 2025 – Appointed Michael Ruiz as CTO & GM of Critical Services Division.
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Financing / Investments
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Oct 31 2025 – Completed $3 M strategic investment via convertible debentures and warrants (terms not disclosed).
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New Contracts
- Nov 3 2025 – US$624,000 software & services contract with a major U.S. state law‑enforcement agency.
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Nov 5 2025 – US$868,600 critical services contracts with a Nasdaq‑listed semiconductor manufacturer.
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Outlook
- Management expects Q4 2025 to show continued deal activity and margin improvement, targeting breakeven in 2026.
- Emphasis on expanding the higher‑margin Critical Services segment, federal capture program, and defense practice.
Notable Quotes
“Critical Services delivered another quarter of triple‑digit year‑over‑year growth… Demand continues to expand across North America and increasingly from NATO‑aligned nations…” – Ian L. Paterson, CEO
All boilerplate, forward‑looking statements, and disclaimer sections have been omitted for brevity.