Plurilock Security (PLUR) Q2 2025 earnings summary

Executive summary

• Global cyber threats surged in Q2 2025, with attacks up 20% year-over-year, driving demand for advanced cybersecurity solutions.

• The company is repositioning as services-led, product-enabled, and AI-native, focusing on Critical Services for higher margins and long-term client relationships.

• Critical Services revenue grew 159% year-over-year, driving overall business expansion and strategic focus on margin expansion and high-trust government and defense contracts.

• Adjusted EBITDA loss improved by 42% year-over-year, reflecting operational efficiencies.

• Divestiture of CloudCodes reflects a strategic shift away from SMBs to focus on enterprise and government markets.

Financial highlights

• Q2 2025 revenue rose 15% year-over-year to CAD 16.4 million, driven by Critical Services and software revenue recognition changes.

• Gross margin declined to 12% in Q2 2025 from 14.7% in Q2 2024, impacted by a one-time low-margin resale order.

• Adjusted EBITDA loss for Q2 2025 was CAD 1.4 million, an improvement from CAD 2.4 million in Q2 2024.

• Net loss for Q2 2025 was CAD 2.2 million, or CAD 0.03 per share, compared to CAD 3.7 million, or CAD 0.10 per share, in Q2 2024.

• Cash and equivalents at June 30, 2025, were CAD 1.74 million, with CAD 8.5 million in unused credit facilities.

Outlook and guidance

• Margin expansion is a key pillar, with a focus on high-margin Critical Services and selective commercial resale.

• Strong pipeline across enterprise, defense, and public sector, with anticipated second-half activity from seasonal budget resets.

• International expansion targets Europe, NATO, Middle East, and allied defense markets, leveraging government relationships.

• Focus on multi-year, recurring contracts and ongoing strategic initiatives.

• No specific EBITDA-positive guidance, but management is focused on gross margin growth and OpEx reduction.