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Earnings

Gatekeeper Reports $31.8M Revenue in Fiscal 2025

By The Northwire Desk — AI Analysis Dec 29, 2025 · 16:49 GSI · 1.92 Gatekeeper Systems Inc.
GSI · Price

Executive Summary

  • Gatekeeper Systems reported FY 2025 revenue of $31.8 M (↓16% YoY) and a comprehensive loss of $3.0 M, reversing the prior year’s profit.
  • The company secured $25 M in two bought‑deal financings during 2025 and added a $13.5 M financing in November, expanding its cash position to $14.8 M plus undrawn credit facilities.
  • New contract wins totalled $43.8 M, highlighted by a $27 M transit video contract with the NY MTA Long Island Rail Road and a $9.3 M school‑bus video deal.

Key Details

  • FY 2025 Revenue: $31,785,173 (down from $37,810,957 in FY 2024). Excluding a one‑time $9 M transit contract in 2024, regular business grew ~10%.
  • New Business Contracts (post‑Aug 31 2025):
  • $27 M transit video contract – New York MTA Long Island Rail Road
  • $9.3 M school‑bus video contract – unnamed student transportation provider
  • OEM video contract – Alstom
  • Proof‑of‑concept freight rail project – L&T Technology Services (Middle East)
  • Gross Profit: $13,102,781 (41% margin) vs. $17,242,182 (46%) FY 2024.
  • Operating Expenses: $16,945,190 vs. $13,047,639 FY 2024.
  • Comprehensive Loss: $(2,976,542) FY 2025 vs. $1,899,718 profit FY 2024.
  • Quarter‑ended Aug 31 2025 (Q4):
  • Revenue $11,102,000 (↓5% YoY)
  • Gross margin 36% (down from 40%)
  • Comprehensive loss $(2,200,000) (vs. $(1,200,000) prior year)
  • Mobile Data Collectors (MDCs): ~8,000 installed in FY 2025; total installations ≈65,000.
  • Hosted Services Subscriptions: ~4,000 MDC subscriptions since data‑center launch Feb 2024.
  • Financings: Two bought‑deal financings – $11.5 M (July 2025) and $13.5 M (Nov 2025); aggregate gross proceeds $25 M.
  • Liquidity (as of Aug 31 2025): Working capital $23.6 M; cash $14.8 M. Undrawn facilities: $6 M credit facility + $7.5 M letter of credit with TD Bank.
  • Board Appointment: Hamish Dobson, security‑industry executive, appointed to board of directors.

Notable Quotes

“2025 has been a transformational year for Gatekeeper… we secured $25 million in two bought‑deal financings and expanded our TD Bank credit facilities to support larger projects.” – Doug Dyment, President & CEO

Materiality Assessment: Material – Negative (significant revenue decline, loss reversal, large new contracts and financing that materially affect the company’s financial position).

Read the original news release →

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