Plurilock Security (PLUR) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 48% year-over-year to CAD 19 million, driven by large orders, professional services, and software growth.

• Critical Services revenue surged 178% year-over-year to CAD 3.9 million, reflecting strong demand and successful client engagements.

• Gross profit increased 28% to CAD 2.3 million, though gross margin declined to 12.2% from 14.2% due to higher resale revenue.

• Adjusted EBITDA loss widened to CAD 1.3 million from a loss of CAD 1 million in Q1 2024; net loss increased to CAD 3 million from CAD 1.8 million.

• The company executed several high-profile contracts, expanded its advisory council, and is prioritizing recurring managed services and client relationships in key sectors.

Financial highlights

• Hardware and systems sales reached CAD 2.7 million (14.3% of revenue), software license and maintenance sales were CAD 12.4 million (65.2%), and professional services revenue was CAD 3.9 million (20.6%).

• Gross sales bookings (unaudited) were CAD 11.7 million, a 4.1% increase from Q1 2024.

• Cash and equivalents stood at CAD 2.7 million, with an additional CAD 7.8 million in unused credit facilities at quarter-end.

• Basic and diluted loss per share was $(0.04) for Q1 2025.

Outlook and guidance

• The company reiterates its outlook, focusing on scaling high-margin critical services, converting project work into recurring revenue, and expanding in North America.

• Margin expansion and expense reduction are key priorities for the remainder of 2025, with OpEx expected to decrease as early 2025 investments bear fruit.

• Growth is expected to be driven by recurring and repeatable revenue from critical services, supported by strong client demand and inbound referrals.