Plurilock Security (PLUR) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $19.0M, up 48% year-over-year, driven by large orders, growth in professional services and software, and a 178% surge in Critical Services revenue.

• Gross profit increased 28% to $2.3M, with gross margin at 12.2%, down from 14.2% year-over-year.

• Strategic partnerships with OEMs like Forcepoint and CrowdStrike, and expanded advisory council, drove new client acquisition and market reach.

• Nearly $10M in new business announced in Q1 2025, including multi-year contracts in U.S. commercial and public sector markets.

• Net loss widened to $3.0M from $1.8M year-over-year; adjusted EBITDA loss was $(1.3)M versus $(1.0)M in Q1 2024.

Financial highlights

• Q1 2025 revenue was $19,040,614, up from $12,835,308 in Q1 2024.

• Critical Services revenue grew 178% year-over-year to $3.9M.

• Gross profit rose to $2.3M, while gross margin declined to 12.2% from 14.2% year-over-year.

• Cash and equivalents at quarter-end were $2.66M, with $7.8M in unused credit facilities.

• Professional services revenue increased to $3.9M, now 20.6% of total revenue.

Outlook and guidance

• Focus on scaling high-margin Critical Services, expanding recurring revenue, and margin expansion.

• OpEx expected to decrease in 2025, aided by offshore hiring and internal AI adoption.

• Growth anticipated from new client acquisition, expansion within existing accounts, and increased partner-driven demand.

• Preparing for potential U.S. capital market access, with investments in compliance and audit readiness.