Patriot One Releases Second Quarter Results
March 09 2022 - 4:39PM
Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF)
(FRANKFURT: 0PL) (“Patriot One” or the “Company”), a
technology-leading threat detection and patron screening solutions
developer, is pleased to announce its second quarter interim
financial results for the three and six month periods ended January
31, 2022. All information is in Canadian dollars unless otherwise
indicated.
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 three and six month periods ended
January 31, 2022 and 2021, which can be found under the Company’s
profile on SEDAR at www.sedar.com.
“We are hitting an inflection point in our
company’s growth. This quarter we’ve won several deals and continue
to work many notable customers through the sales cycle. We are also
starting to see our sales efforts translate into recurring revenues
evidenced within our growing backlog,” stated Peter Evans, Chief
Executive Officer of Patriot One. “We are really encouraged by the
continued uptick in the number of customers who are asking about
our solutions and are requesting demonstrations. A lot of these
customers are seeking us out after hearing the buzz about Patriot
in the marketplace. The word has gotten out and we’re working hard
to keep up.”
Company Highlights for the Fiscal
Quarter Ended January 31, 2022
The following is a summary of the key business
highlights for the Company for the quarter ended January 31,
2022:
- Accelerated revenue growth and
recognized approximately $1.2 million of revenue during the fiscal
quarter;
- Continued to build the Company’s
backlog totaling over $3.5 million with an additional $1.2 million
pending successful trials that will result in revenue that will be
recognized in future periods;
- Completed a third party operational
exercise with the National Center for Spectator Sports Safety and
Security (NCS4) to demonstrate Platform performance relative to
industry and professional sports leagues’ security standards;
- Secured a contract worth $1 million
with Canada’s Department of National Defence (DND), to further
develop an artificial intelligence (AI)-enabled full motion video
analytics application;
- Signed a contract with the Office
of the Inspector General to provide patron screening solution for
use at its headquarters to secure employee entrances;
- Commercially released the next
phase of its threat detection multi-sensor gateway with technology
enhancements that make it increasingly accurate, flexible,
deployable and practical for sports and entertainment venues;
and
- Filed a final short form base shelf
prospectus allowing the Company to offer and issue up to $50
million of securities over a 25-month period.
Fiscal 2022 Second Quarter Financial
Results
- Revenue was $1.2 million and $1.9
million for the three and six months periods ended January 31, 2022
respectively as compared to $0.3 million and $0.7 million for the
same periods ended January 31, 2021.
- The backlog of sales commitments
not yet recognized as revenue was $3.5 million as of January 31,
2022 as compared to $0.8 million as at January 31, 2021.
- Loss and comprehensive loss was
$3.1 million and $4.2 million for the three and six month periods
ended January 31, 2022 as compared to $3.1 million and $6.5 million
for the same periods ended January 31, 2021. The decrease in loss
pertains to an increase in revenue and non-dilutive funding from
Raytheon
- Basic and diluted loss per share
was $0.02 and $0.03 for the three and six month periods ended
January 31, 2022 respectively as compared to $0.02 and $0.04 for
the same periods ended January 31, 2021.
About Patriot One
TechnologiesPatriot One Technologies makes unobtrusive,
artificial intelligence (AI)-driven weapons and threat detection
systems that enable arenas, schools, theaters and other businesses
to provide unprecedented safety while also improving the customer
experience. The company’s Multi-Sensor Gateway enables companies to
covertly screen for weapons at points of entry without disrupting
the flow of traffic, and its AI-based Video Recognition Software
enables venue and building operators to identify weapons and other
threats inside and outside of facilities, while also providing
valuable intelligence for optimizing operations. Follow us on
Twitter @patriot1tech.
For further information, please contact:
Patriot One Technologies
Inquiriesinfo@patriot1tech.comwww.patriot1tech.com
Media ContactCaroline
MetellPatriotOne@threeringsinc.com
CAUTIONARY DISCLAIMER STATEMENT:
No securities exchange has reviewed nor accepts
responsibility for the adequacy or accuracy of the content of this
news release. 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 counterparty default 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.
Neither the Toronto Stock Exchange (TSX) nor its
Regulation Services Provider (as that term is defined in policies
of the TSX) accepts responsibility for the adequacy or accuracy of
this release.
A graphic accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d2ef3a02-471e-4e5d-a750-387057daf539
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