Xtract One Releases First Quarter Fiscal 2023 Results
TORONTO, Dec. 06, 2022 (GLOBE NEWSWIRE) — Xtract One Technologies Inc., formerly Patriot One Technologies Inc., (TSX: XTRA) (OTCQX: XTRAF) (FRANKFURT: 0PL) (“Xtract One” or the “Company”) a leading technology-driven threat detection and patron screening solutions company, is pleased to announce its first quarter results for the three month period ended October 31, 2022 (“Q1 2023”). All information is in Canadian dollars unless otherwise indicated.
The following press release should be read in conjunction with the Company’s Condensed Consolidated Interim Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and our Management’s Discussion and Analysis for the periods ended October 31, 2022 and 2021, which can be found under the Company’s profile on SEDAR at www.sedar.com.
“I am pleased to share our first quarter results with investors for fiscal 2023. The Platform continues to experience incredible growth as the total value of contracts signed during the quarter was essentially equal to all contracts signed throughout all twelve months of last year,” stated Peter Evans, Chief Executive Officer of Xtract One. “We have been focused on satisfying the needs of our customers and expanding our presence in the marketplace. The 85% increase in the value of our Platform backlog and signed contracts compared to last quarter is a testament to the strong demand for our products and our ongoing effort to increase customer engagement. We continue to reach new milestones such as the recent strategic partnership with Oak View Group announced this past quarter and see this trajectory continuing throughout the balance of fiscal 2023.”
Company Highlights for the fiscal quarter ended October 31, 2022
The following is a summary of the key business highlights for the quarter ended October 31, 2022:
Accelerated topline growth at our Platform business unit with approximately $0.4 million of revenue recognized during the period, representing a 125% increase in Platform revenue over the same three months period ended October 31, 2021;
Contractual backlog rose to $2.6 million, with an additional $4.0 million pending installation or successful trials that will be recognized as revenues in future periods;
Signed a contract to protect all entrances of the SAP Center, home of the NHL’s San Jose Sharks, and Tech CU Arena, home of the AHL’s San Jose Barracuda;
Announced a new strategic partnership with the Oak View Group (“OVG”) which has introduced a new patron screening technology to multiple properties, enabling OVG owned and operated properties to utilize Xtract One’s SmartGateway system to enhance the customer experience and safety; and
Selected by Oak View Group to protect all entrances of the Angel of the Winds Arena, home of the WHL’s Everett Silvertips.
Company Highlights Subsequent to the fiscal quarter ended October 31, 2022
The following is a summary of the key business highlights subsequent to the quarter ended October 31, 2022:
Secured a contract with Oak View Group to protect all entrances at Total Mortgage Arena in Bridgeport, Connecticut which is the home of the New York Islanders’ AHL team, the Bridgeport Islanders;
Secured a contract with Oak View Group to protect all entrances at Acrisure Arena in Palm Desert, California. This $300 million world-class venue is the future home of the Seattle Kraken’s AHL team, the Coachella Valley Firebirds;
Announced a contract with Lakewood School District in Lakewood, New Jersey to help ensure weapons are not brought into schools throughout the Lakewood Township district;
The Company announced and completed a corporate rebranding including changing the Company’s name to Xtract One Technologies Inc; and
The Company announced it received two gold awards from American Security Today’s ASTORS 2022 Homeland Security Awards in the categories Best Pedestrian Entrance Control and Best Metal/Weapons Detection.
Fiscal 2023 First Quarter Financial Results
Revenue was $0.6 million for the first quarter ended October 31, 2022 as compared to $0.7 million for the same period in fiscal 2022.
Platform revenue was $0.4 million for the first quarter ended October 31, 2022 as compared to $0.2 million for the same period in fiscal 2022.
Net loss from operations increased from $1.1 million in the first quarter ended October 31, 2021 to $4.9 million in the first quarter ended October 31, 2022. The increase in net loss pertains primarily to $2.5 million in non-dilutive funding for research and received in the prior fiscal year.
Conference Call Details
Xtract One will host a conference call to discuss its annual results on Tuesday, December 6, 2022, at 5:30 pm EST. Peter Evans, Xtract One CEO and Director, and Karen Hersh, CFO and Corporate Secretary, will provide an overview of the financial results for Q1 2023 along with management’s outlook for the business, followed by a question-and-answer period.
Investors may register for the live conference call by clicking this link. Participants should dial in at least 10 minutes prior to the start of the call. A recording of the call will be available on the Company’s website after the conference call concludes.
About Xtract One Technologies
Xtract One Technologies is a leading technology-driven threat detection and security solution leveraging AI to provide seamless and secure patron access control experiences. The Company makes unobtrusive threat detection systems that enable venue building operators to prioritize and deliver improved patron experiences while providing unprecedented safety. Xtract One’s innovative multi-sensor Gateway product enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic. Its AI-based Xtract Vision allows venue and building operators to identify weapons and other threats inside and outside of facilities, and Xtract One Insights provides valuable intelligence for optimizing operations. For more information, visit www.xtractone.com or connect on Facebook, Twitter, and LinkedIn.
For further information, please contact:
Xtract One Inquiries
Kristen Aikey, JMG Public Relations
firstname.lastname@example.org – 347-394-8807
CAUTIONARY DISCLAIMER STATEMENT:
This news release contains forward-looking statements within the meaning of applicable securities laws relating to system sales, product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects”,” believes”, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include but are not limited to: results of operational activities, completion of contracts; the Company’s limited profitability; dependence on management; the Company’s need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of better funded competitors; the impact of the Russia-Ukraine conflict on the global economy; the continued impact of the COVID-19 pandemic; the need to build alliances and partnerships, including with customers and suppliers; and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ac967455-e502-431b-93aa-7bfbb54f7ad6
On a bad day for most stocks, shares of electric-vehicle-related ChargePoint Holdings (NYSE: CHPT) and QuantumScape (NYSE: QS), and hydrogen fuel cell maker Plug Power (NASDAQ: PLUG) are down between 6% and 8%. There isn't any big news out from — or about — any of these three companies today that is the specific cause for any of their share-price declines. The most recent news is from ChargePoint, the EV charging station company, which reported third-quarter results on Dec. 1, with a 93% increase in revenue, but continues to report big losses.
Should investors prepare for a winter full of persistent headwinds? Inflation remains high, rising interest rates are putting a squeeze on capital as well as making consumer credit more expensive, and both the China COVID lockdowns and the Russian war in Ukraine continue to crimp global supply chains. But even though the markets are facing serious headwinds, not every stock is going to react by falling. According to the analysts at Wall Street giant Deutsche Bank, two interesting stocks are like
Shares of many of America's largest banks are tumbling again on Tuesday after a period of outperformance that saw Goldman Sachs Group GS claw back practically all of its losses year-to-date.
Textron stock soared Tuesday after the defense company won a contract worth up to $80 billion to build a new helicopter for the Army. The Army is turning to Textron (ticker: TXT) subsidiary Bell Helicopter for a new long-range assault helicopter—the Bell V-280 Valor—that will replace the service’s 40-plus-year-old UH-60 Black Hawk. Textron beat a joint bid from Lockheed Martin (LMT) and Boeing (BA).
While NIO and Li Auto (LI) hit monthly-record deliveries in November, XPeng (XPEV) sees a sharp fall in deliveries on a yearly basis.
The first fast-paced company with serious upside is hydrogen fuel-cell solution provider Plug Power (NASDAQ: PLUG). According to analyst Amit Dayal of H.C. Wainwright, Plug Power can reach $78. For those of you keeping score at home, this would work out to a near-quintupling in the company's share price in 2023.
Don’t get fooled into thinking the stock market’s recent positive action has legs. Morgan Stanley’s Chief U.S. Equity Strategist Mike Wilson thinks it’s time to take profits “before the Bear returns in earnest.” Wilson notes that his team’s tactical targets have been met and thinks the recent run-up has run its course. “Bear market rally runs into our original resistance levels–it's time to fade it,” says Wilson. With the “risk-reward of playing for more upside quite poor at this point,” Wilson
Binance CEO CZ is speaking out against SBF after FTX’s collapse and arguing he had nothing to do with his rival’s downfall.
The FTX-linked trading firm made a number of unorthodox investments in the months leading up to its stunning collapse.
Shares of Devon Energy (NYSE: DVN) fell 11.4% in November, according to data provided by S&P Global Market Intelligence. The primary factor weighing on the oil stock was its third-quarter report, where the company unveiled a lower total dividend payment. Devon Energy launched the oil industry's first fixed-plus-variable dividend framework in early 2021.
Even a dour outlook for the broader stock market couldn't outweigh good news for these companies.
Growth stocks got hit with another round of big sell-offs today, and Roku (NASDAQ: ROKU) was once again caught up in the pullback. Tech stocks soared last week after comments from Federal Reserve officials suggested that the central banking authority could take a softer approach to raising interest rates this month. Following last week's big gains, investors are once again taking a more cautious stance on the market, and Roku stock has now given up all the gains it posted across last week's trading.
(Bloomberg) — Chinese stocks listed in Hong Kong suffered a late-day rout, as investors judged that the path to a reopening will be rocky and the prospects for an economic recovery uncertain.Most Read from BloombergTrump Companies Are Convicted in NY Criminal Tax Fraud TrialWall Street Goes Risk Off as Bank CEOs Sound Alarm: Markets Wrap‘Huge, Missing and Growing:’ $65 Trillion in Dollar Debt Sparks ConcernEx-Deutsche Bank Trader Builds $6 Billion Fortune on Trading BoomWorld Economy Heads for
General Electric, whose spinoff of its health care and energy companies will leave Evendale-based GE Aerospace as the sole company, bought out every single print add in the New York Times for the first time in the newspaper's history.
Recessions aren't fun to live through. But if you're prepared, they don't have to be painful for your portfolio, either.
In this article, we will look at the 12 best growth stocks to buy according to George Soros. If you want to skip reading about George Soros’ investment philosophy, you can go directly to 5 Best Growth Stocks To Buy According To George Soros. George Soros is a Hungarian-born American billionaire investor and philanthropist who […]Blackstone Inc said redemptions from its $50 billion non-traded business development company reached its pre-set limit for the first time but investors were still allowed to cash out on their investments. This is the first time redemption requests had reached the pre-set limit of 5% since Blackstone launched the product in January last year. It also comes after Blackstone announced last Thursday that it would curb withdrawals from its $69 billion unlisted real estate income trust (REIT) following a surge in redemption requests.
The market rally has erased all the gains from Fed chief Jerome Powell's Nov. 30 speech. Apple and Exxon undercut key levels. Here's what to do now.
A broad cross-section of stocks tumbled again on Tuesday as market watchers focused on the Federal Reserve Bank's ongoing battle against inflation. Over the past several days, a couple of strong economic reports have increased concerns about the trajectory of an already overheated economy. With that as a backdrop, shares of Amazon (NASDAQ: AMZN) fell 2%, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) tumbled 2.4%, and Shopify (NYSE: SHOP) had slumped 4% as of 12:19 p.m. ET.
Oppenheimer Senior Analyst Christopher Glynn joins Yahoo Finance Live to discuss upgrading GE to Outperform, the company’s stock performance, industrial stocks, and the outlook for GE’s health care spinoff.