Plurilock Security (PLUR) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached CAD 19 million (USD 19M), up 48% year-over-year from Q1 2024, driven by large orders, professional services, and software growth.

• Critical Services revenue surged 178% year-over-year to CAD 3.9 million (USD 3.9M), reflecting strong demand and successful client engagements.

• Gross profit increased 28% to CAD 2.3 million (USD 2.3M), with gross margin at 12.2%, down from 14.2% due to higher resale revenue.

• Nearly CAD 10 million (USD ~$10M) in new business was announced, including multi-year contracts in U.S. commercial and public sectors.

• Strategic partnerships, such as with Forcepoint and CrowdStrike, generated referrals and expanded market reach.

Financial highlights

• Q1 2025 revenue was CAD 19,040,614 (USD 19.0M), up from CAD 12,835,308 (USD 12.8M) in Q1 2024.

• Services revenue grew from CAD 1,407,798 (USD 1.4M) in Q1 2024 to CAD 3,914,907 (USD 3.9M) in Q1 2025.

• Gross profit rose from CAD 1,819,272 (USD 1.8M) in Q1 2024 to CAD 2,328,861 (USD 2.3M) in Q1 2025.

• Gross margin declined to 12.2% from 14.2% year-over-year.

• Adjusted EBITDA loss widened to CAD 1.3 million (USD 1.27M) from CAD 1 million (USD 1.03M) in Q1 2024.

• Cash and equivalents stood at CAD 2.7 million (USD 2.66M), with CAD 7.8 million (USD 7.8M) in unused credit facilities at quarter-end.

Outlook and guidance

• The company reiterates its outlook, focusing on scaling high-margin Critical Services, expanding recurring managed services, and deepening client relationships in North America and select international markets.

• Margin expansion and expense reduction are key priorities for 2025, with OpEx expected to decrease as early investments bear fruit.

• Growth is expected from recurring and repeatable revenue, supported by strong client demand and inbound referrals.