Gatekeeper Systems (GSI) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 revenue was $31.8 million, down from $37.8 million in the prior year due to a one-time $9 million transit contract in 2024; regular business grew approximately 10% year-over-year when excluding that contract.

• Gross profit for the year was $13.1 million with a gross margin of 41%, compared to $17.2 million and 46% in the prior year.

• Total comprehensive loss for the year was $3.0 million, compared to income of $1.9 million in the prior year.

• Fourth quarter revenue was $11.1 million, with a gross margin of 36% and a comprehensive loss of $2.2 million.

Financial highlights

• Operating expenses increased to $16.9 million from $13.0 million year-over-year.

• Earnings per share for the year were $(0.03) basic and diluted, compared to $0.02 in the prior year.

• Working capital at year-end was $23.6 million, including $14.8 million in cash.

• Total assets increased to $38.5 million from $22.4 million year-over-year.

• Shareholders' equity rose to $26.1 million from $18.2 million year-over-year.

Outlook and guidance

• Management highlighted a strategic shift to pursue larger contracts and customers, supported by increased investment in sales, engineering, and project management.

• Focus on expanding recurring hosted services and global growth opportunities, including new contracts in North America and the Middle East.