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Plurilock Security (PLUR) investor relations material
Plurilock Security Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary27 Nov, 2025
Executive summary
Q3 2025 saw 165% year-over-year growth in Critical Services revenue to CAD 2.7 million, now 21.2% of total revenue, up from 9.9% last year.
Total Q3 2025 revenue rose 8% year-over-year to CAD 15.4 million, driven by software and services, while hardware sales declined.
Strategic focus shifted to higher-margin business, cost optimization, and expansion into defense, NATO, and allied markets.
Operational streamlining and divestiture of non-core assets resulted in CAD 2.7 million annualized cost savings and improved balance sheet flexibility.
Management expects continued expansion in higher-margin Critical Services and margin improvement as revenue mix shifts toward recurring and services-led work.
Financial highlights
Q3 2025 revenue: CAD 15.4 million (up from CAD 14.3 million in Q3 2024); nine-month revenue: CAD 50.5 million (up from CAD 40.9 million year-over-year).
Software license and maintenance revenue: CAD 11.2 million (72.7% of total), up from CAD 10.1 million (70.9%).
Hardware and system sales: CAD 1.5 million (9.8% of total), down from CAD 3.1 million (22%).
Professional services revenue: CAD 2.7 million (17.5% of total), up from CAD 1 million (7.1%).
Gross margin improved to 8.8% from 6.9% year-over-year; nine-month gross margin was 10.7%.
Adjusted EBITDA loss for Q3 2025 was CAD 1.6 million, an 11.5% improvement year-over-year.
Net loss for Q3 2025 was CAD 1.02 million, or CAD 0.01 per share, compared to CAD 3.99 million, or CAD 0.08 per share, in Q3 2024.
Cash and equivalents at September 30, 2025, were CAD 1.5 million; post-quarter CAD 3 million convertible debenture closed.
Outlook and guidance
Entering Q4 with rising deal activity across commercial, public sector, and defense markets.
Multi-year growth opportunity expected across commercial and government sectors, with pipeline acceleration in both.
Operating leverage anticipated to improve as revenue mix shifts further toward higher-margin services.
No plans to raise equity in the next 12-18 months; focus remains on reaching breakeven through margin expansion.
OpEx run rate targeted at CAD 10 million for 2026, with most cost savings realized in Q4 and beyond.
Company anticipates potential breakeven during 2026, supported by a growing pipeline and improved cost structure.
Critical Services growth drivers beyond Q3
How to reach breakeven without equity?
NATO/Europe defense market impact?
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Next Plurilock Security earnings date
Q4 20251 May, 2026
Next Plurilock Security earnings date
Q4 20251 May, 2026
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Frequently asked questions
Plurilock Security Inc. is a Canada-based cybersecurity company specializing in identity-centric solutions to prevent cyber threats. The company provides advanced authentication and access control technologies, including continuous behavioral biometrics that verify users based on unique behavioral patterns. The company is headquartered in Victoria, British Columbia, Canada, and its shares are listed on the TSX.
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