Xtract One Announces Strong Preliminary First Quarter 2024 Results
November 21 2023 - 7:59AM
Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL)
(“Xtract One” or the “Company”) a leading technology-driven threat
detection and security solution that prioritizes the patron access
experience by leveraging AI, today announced strong preliminary
first quarter 2024 financial results. All information is in
Canadian dollars unless otherwise indicated. Based on preliminary
unaudited results, the Company is expecting:
- Total contract value of new
bookings1 during the quarter of $9.6M (Q4 2023: $5.3M), with a
minimum of $10.5 million of agreements pending installation1 (Q4
2023: $10.4M);
- Expected contractual backlog in the
range of $8.2 million to $9.4 million (Q4 2023: $4.1M);
- Record revenue for the quarter, to
range between $2.9 million to $3.2 million (Q4 2023: $1.8M);
and,
- Gross profit margin of between
64%-67% for the three months ended October 31, 2023 (Q1 2023:
52%).
“Based on our preliminary evaluation, Q1 2024
marks a noteworthy milestone for our Company as our preliminary
results have exceeded expectations and provide a solid springboard
into continued growth for fiscal 2024. We are thrilled to report
record-breaking revenue, accompanied by a significant increase in
our contractual backlog and agreements pending installation for the
Platform business. These achievements underscore our dedication to
deliver exceptional value to our customers and to solidify our
position as a leader in the industry,” stated Peter Evans, Chief
Executive Officer of Xtract One. The Company intends to provide
further details on the quarter following the release of its
official results on December 7, 2023. Call details are provided
below.
Conference Call Details
Xtract One will host a conference call to
discuss its annual results on Thursday, December 7, 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 AI-powered Gateway product enables
companies to covertly screen for weapons at points of entry without
disrupting the flow of traffic. Its AI-based Xtract One 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.com,
www.xtractone.com
Media Contact: Kristen Aikey, JMG Public
Relations, kristen@jmgpr.com, 347-394-8807
Investor
Relations: xtract1@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 reflects total value of signed
contracts awarded to the Company that have 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.
CAUTION NOTE REGARDING PRELIMINARY
ESTIMATES:
The foregoing preliminary financial information
reflects management's current views with respect to the Company's
financial results. Such preliminary financial information is
subject to finalization and should not be viewed as a substitute
for full quarterly financial statements prepared in accordance with
applicable accounting standards. In the course of preparing and
finalizing the Company's financial statements for the first quarter
ended October 31, 2023, these preliminary estimates will be subject
to change and the Company may identify items that will require it
to make adjustments to such estimates. For these or other reasons,
these preliminary financial estimates may not ultimately be
indicative of the Company's results for the first quarter ended
October 31, 2023 and actual results may differ materially from
those described above. No independent registered public accounting
firm has reviewed, examined or performed any procedures with
respect to, nor have they expressed any form of assurance on, these
preliminary estimated results.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION:
This news release contains statement which
constitute “forward-looking information” within the meaning of
applicable securities laws relating to revenue, contractual
backlog, total contract value of new bookings, gross profit margin,
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 and Israel-Palestine conflict on the
global economy; any adjustments made in the process of finalizing
the Company’s financial statements for the three months ended
October 31, 2023; 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.
This news release also contains future-oriented
financial information or a financial outlook (collectively, “FOFI”)
about the Company’s prospective results of operations including
expected revenue and gross profit margin, all of which are subject
to the same assumptions, risk factors, limitations and
qualifications set forth in the above paragraph. The FOFI contained
in this news release was approved by management as of the date
hereof and is provided for the purposes of providing an indication
of the preliminary first quarter 2024 results. The Company
disclaims any intention or obligation to update or revise any FOFI
contained in this news release, whether as a result of new
information, future events or otherwise, except as required by
applicable securities law. Readers are cautioned not to place undue
reliance on any FOFI.
No securities exchange or commission has
reviewed or accepts responsibility for the adequacy or accuracy of
this release.
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