Xtract One Releases Third Quarter Fiscal 2023 Financial Results
08 Junho 2023 - 6:27PM
Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRANKFURT:
0PL) (“Xtract One” or the “Company”) a leading technology-driven
threat detection and security solution that prioritizes the patron
access experience by leveraging AI, is pleased to announce its
third quarter results for the three and nine month periods ended
April 30, 2023. All information is in Canadian dollars unless
otherwise indicated.
The following press release should be read in
conjunction with the Company’s Unaudited Condensed Consolidated
Interim Financial Statements, prepared in accordance with
International Financial Reporting Standards (“IFRS”) and the
Company’s Management’s Discussion and Analysis for the periods
ended April 30, 2023 and 2022, which can be found under the
Company’s profile on SEDAR at www.sedar.com.
"I am pleased to share with investors that we
are experiencing a record year for sales activity. The bookings
generated by the Platform operating segment was a 792% increase
compared to the same period last year,” stated Peter Evans, Chief
Executive Officer of Xtract One. “In the last three months alone,
we have more than doubled the total contract value of signed
agreements in the current year, and I am pleased with the pace at
which our SmartGateway solution is gaining traction in the
marketplace. The demand for our products is significant and we are
only scratching the surface of the total addressable market. As we
execute on our business strategy, we continue to balance scaling
the business efficiently while focusing on keeping customers highly
satisfied.”
Company highlights for the fiscal
quarter ended April 30, 2023
The following is a summary of the key business
highlights for the fiscal quarter ended April 30, 2023:
- Total contract value (“TCV”) of new
bookings1 was $9.8 million as of April 30, 2023 which is an
increase of 792% compared to the same balance as of April 30, 2022.
Almost $5.6 million of TCV was signed during the three months ended
April 30, 2023, representing a record quarter for the Company;
- Platform contractual backlog was
$3.1 million as of April 30, 2023, as compared with $1.2 million as
of April 30, 2022, representing an increase of 160%. The Platform
backlog as of April 30, 2023, excludes an additional $7.9 million
in signed agreements that are pending installation1 representing an
increase of $6.3 million over last year and an increase of $4.9
million from the previous quarter;
- Accelerated topline growth for our
Platform operating segment with approximately $0.8 million in
revenue for the three months ended April 30, 2023, representing an
841% increase over the same period in 2022 as we begin to see
traction in our subscription revenue;
- Completed a strategic investment of
$13.4 million from Madison Square Garden Sports Corp. to fund
continued innovation and support accelerated growth in
revenue;
- Entered into a commercial agreement
with Sphere Entertainment Co. (formerly Madison Square Garden
Entertainment Corp.), which allows Sphere Entertainment Co. and its
affiliate Madison Square Garden Entertainment Corp. (“MSG
Entertainment”) (formerly MSGE Spinco, Inc.) to deploy SmartGateway
solutions across the Sphere in Las Vegas, which is expected to open
in September 2023, and MSG Entertainment’s portfolio of iconic
venues, including New York’s Madison Square Garden, The Theater at
Madison Square Garden, Radio City Music Hall, and Beacon Theatre;
and The Chicago Theatre;
- Secured a contract with Oak View
Group and the City of Memphis to protect all entrances at Simmons
Bank Liberty Stadium in Memphis, Tennessee. This 58,000-seat
stadium is the home of the USFL’s Memphis Showboats and the
University of Memphis Tigers football team;
- Secured a contract with the City of
Bangor and Oak View Group to deploy SmartGateway at Cross Insurance
Arena to secure all entrances for concerts, conferences, and other
live events at the venue;
- Announced a partnership with
Sentara Health to provide weapons detection services at all
hospitals in Virginia and North Carolina following a successful
deployment of SmartGateway entry screening technology at two of
Sentara Health’s hospitals; and
- Subsequent to the period, secured a
contract with the City of Phoenix to increase security and ensure
public safety at the City’s Court Building which houses the
courtrooms for the Phoenix Municipal Court.
Q3 2023 Financial
Highlights
- Consolidated revenue was $0.9
million and $2.3 million for the three and nine month periods ended
April 30, 2023 as compared to $0.9 million and $2.8 million for the
same periods in 2022.
- Revenue from the Platform operating
segment was $0.8 million and $2.0 million for the three and nine
month periods ended April 30, 2023 as compared to $0.1 million and
$0.5 million for the same periods in fiscal 2022, representing an
increase of 841% and 285% respectively.
- Revenue for the Xtract operating
segment was $0.1 million and $0.4 million for the three and nine
month periods ended April 30, 2023 as compared to $0.9 million and
$2.3 million for the same period in 2022 as the Company focuses its
efforts on the growing Platform business.
- Loss and comprehensive loss was
$3.8 million for the three month period ended April 30, 2023
compared to $4.4 million for the same period last year. The
decrease in net loss for the three month period pertains to an
overall reduction in expenses as well as an increase revenue from
the Platform operating segment. Loss and comprehensive loss was
$13.0 million for the nine month period ended April 30, 2023,
compared $8.6 million for the same period in 2022. The increase in
net loss for the nine month period pertains primarily to the $3.3
million in non-dilutive funding received in the prior fiscal year
and a decrease in revenue from the Xtract operating segment as the
Company focuses on growing the Platform business.
Conference Call Details
Xtract One will host a conference call to
discuss its annual results on Thursday, June 8, 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 multi-sensor Gateway product enables
companies to covertly screen for weapons at points of entry without
disrupting the flow of traffic. Its AI-based Xtract 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.
For further information, please contact:
Xtract One Inquiries
info@xtractone.comhttp://www.xtractone.com/
Media ContactKristen Aikey, JMG Public
Relationskristen@jmgpr.com - 212-206-1645
Investor Relationsxtract1@rbmilestone.com
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 reflect total value of signed
contracts awarded to the Company that has 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.
CAUTIONARY DISCLAIMER
STATEMENT: This earnings release contains forward-looking
statements within the meaning of applicable securities laws
relating to 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 conflict on
the global economy; the continued impact of the COVID-19 pandemic;
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.
No securities exchange or commission has
reviewed or accepts responsibility for the adequacy or accuracy of
this release.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d0d56fce-44c0-47f9-b9b2-847768e17717
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