The following press release should be read in conjunction with the Company’s Condensed Consolidated Interim Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and our Management’s Discussion and Analysis for the periods ended
"I am pleased to share our first quarter results with investors for fiscal 2023. The Platform continues to experience incredible growth as the total value of contracts signed during the quarter was essentially equal to all contracts signed throughout all twelve months of last year,” stated
Company Highlights for the fiscal quarter ended
The following is a summary of the key business highlights for the quarter ended
- Accelerated topline growth at our Platform business unit with approximately
$0.4 million of revenue recognized during the period, representing a 125% increase in Platform revenue over the same three months period endedOctober 31, 2021 ; - Contractual backlog rose to
$2.6 million , with an additional$4.0 million pending installation or successful trials that will be recognized as revenues in future periods; - Signed a contract to protect all entrances of the SAP Center, home of the NHL’s
San Jose Sharks , andTech CU Arena , home of the AHL’s San Jose Barracuda; - Announced a new strategic partnership with the
Oak View Group (“OVG”) which has introduced a new patron screening technology to multiple properties, enabling OVG owned and operated properties to utilize Xtract One’s SmartGateway system to enhance the customer experience and safety; and - Selected by
Oak View Group to protect all entrances of the Angel of theWinds Arena , home of the WHL’s Everett Silvertips.
Company Highlights Subsequent to the fiscal quarter ended
The following is a summary of the key business highlights subsequent to the quarter ended
- Secured a contract with
Oak View Group to protect all entrances atTotal Mortgage Arena inBridgeport, Connecticut which is the home of the New York Islanders’ AHL team, the Bridgeport Islanders; - Secured a contract with
Oak View Group to protect all entrances atAcrisure Arena inPalm Desert, California . This$300 million world-class venue is the future home of the Seattle Kraken’s AHL team, the Coachella Valley Firebirds; - Announced a contract with
Lakewood School District inLakewood, New Jersey to help ensure weapons are not brought into schools throughout theLakewood Township district; - The Company announced and completed a corporate rebranding including changing the Company’s name to
Xtract One Technologies Inc ; and - The Company announced it received two gold awards from American Security Today’s ASTORS 2022 Homeland Security Awards in the categories Best Pedestrian Entrance Control and Best Metal/Weapons Detection.
Fiscal 2023 First Quarter Financial Results
- Revenue was
$0.6 million for the first quarter endedOctober 31, 2022 as compared to$0.7 million for the same period in fiscal 2022. - Platform revenue was
$0.4 million for the first quarter endedOctober 31, 2022 as compared to$0.2 million for the same period in fiscal 2022. - Net loss from operations increased from
$1.1 million in the first quarter endedOctober 31, 2021 to$4.9 million in the first quarter endedOctober 31, 2022 . The increase in net loss pertains primarily to$2.5 million in non-dilutive funding for research and received in the prior fiscal year.
Conference Call Details
Xtract One will host a conference call to discuss its annual results on
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
For further information, please contact:
Xtract One Inquiries
info@xtractone.com
http://www.xtractone.com/
Media Contact
kristen@jmgpr.com - 347-394-8807
Investor Relations
xtract1@rbmilestone.com
CAUTIONARY DISCLAIMER STATEMENT:
This news 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
No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this release.
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Xtract One Releases First Quarter Fiscal 2023 Results
Xtract One Releases First Quarter Fiscal 2023 Results
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