Plurilock Security Inc. Reports Third Quarter Fiscal 2025 Financial Results

Core Insights - Plurilock Security Inc. reported significant financial growth in Q3 2025, with a 165% increase in Critical Services revenue year-over-year and an 11.5% improvement in adjusted EBITDA loss year-over-year [3][6]. Financial Performance - Total revenue for Q3 2025 was CAD 15,393,747, up from CAD 14,263,076 in Q3 2024. For the nine months ended September 30, 2025, total revenue reached CAD 50,498,220, compared to CAD 40,941,846 in the same period last year [4][10]. - Professional services revenue for Q3 2025 was CAD 2,691,471, a significant increase from CAD 1,013,633 in Q3 2024. For the nine months, it was CAD 10,698,452, compared to CAD 4,067,596 in the prior year [4][10]. - Gross margin improved to 8.8% for Q3 2025, compared to 6.9% in Q3 2024, while the nine-month gross margin was 10.7%, down from 11.4% in the previous year [4][10]. - Adjusted EBITDA for Q3 2025 was a loss of CAD 1,608,327, an improvement from a loss of CAD 1,815,868 in Q3 2024. For the nine months, the adjusted EBITDA loss was CAD 3,824,405, compared to CAD 2,536,452 in the same period last year [4][10][12]. Operational Highlights - The company has expanded its operational capabilities, launching a federal capture function and building a dedicated defense practice, which are expected to contribute to revenue growth starting later this year and accelerating through 2026 [6][8]. - Plurilock is experiencing rising deal activity across commercial, public sector, and defense markets, with expectations for continued expansion in the higher-margin Critical Services segment [7][8]. Future Outlook - The company anticipates achieving breakeven during 2026, supported by a growing pipeline, improved cost structure, and increasing demand for advanced cyber-defense capabilities [9][8]. - The restructuring earlier in the year has significantly reduced operating expenses, providing flexibility for execution and selective growth investments [7][8].