Plurilock Security Inc. Reports Fiscal 2025 Financial Results

2026-04-21 07:05:21

(MENAFN- Newsfile Corp) Plurilock Security Inc. Reports Fiscal 2025 Financial Results

April 21, 2026 7:00 AM EDT | Source: Plurilock Security Inc.

5% increase in consolidated revenue growth year-over-year, for a total of $61.0M 48% revenue growth in Critical Services year-over-year, for a total of $12.6M at 28% gross margins 45% EBITDA loss improvement year-over-year, reflecting on-going focus on streamlining operations

Vancouver, British Columbia--(Newsfile Corp. - April 21, 2026) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and related subsidiaries ("Plurilock" or the "Company"), a global cybersecurity solutions provider, today announces its financial results for the year ended December 31, 2025. All dollar figures are stated in Canadian dollars, unless otherwise indicated.

"2025 was a transformative year for Plurilock, establishing a strong foundation to capitalize on the defense opportunity before us," said Ian L. Paterson, CEO of Plurilock Security. "Our Critical Services division grew by 48% while overall revenues grew 5% to $61M for the year. We continue to focus on growing our high margin business, Critical Services, which now represents 20.8% of total revenue, and averaging gross margin of 28%.

"We made meaningful progress on our path to profitability, reducing our EBITDA loss to $5.5 million from $9.9 million and improving our working capital deficit to $5.4 million from $8.8 million. In 2025, the Company materially improved its liquidity position by disciplined cost management, improved operating efficiency, and enhanced financial flexibility. As a result, we are a leaner, more focused business, better positioned to continue advancing toward sustainable profitability."

Fiscal 2025 Financial Highlights

Professional services revenue was $12,652,708 for the year ended December 31, 2025, compared to $8,574,526 in the year ended December 31, 2024. This has been restated and re-presented to reflect the discontinued operations from the technology division. Hardware and systems sales revenue for the year ended December 31, 2025, totalled $6,144,293 compared to $8,755,823 in the comparative year ended December 31, 2024. Software, license, and maintenance sales revenue for the year ended December 31, 2025, was $42,191,823 compared to $40,819,016 in the comparative period.

Gross margin for the year ended December 31, 2025, was 10.9% compared to 12.2% for the year ended December 31, 2024. This has been restated and re-presented to reflect the discontinued operations from the technology division.

Cash and cash equivalents and restricted cash on December 31, 2025 was $2,560,764 compared to $1,419,463 on December 31, 2024.

During the year ended December 31, 2025, the Company used $6,219,789 of cash from operating activities compared to $7,056,064 used of cash during the same periods in the prior year. Of which $7,072 was used in discontinued operating activities for the year ended December 31, 2025 and $40,062 was provided from discontinued operating activities during the same period in the prior year.

Select Annual 2025 Highlights

September 10, 2025: Sale of CloudCodes assets to Scope Technologies Corp. completed

June 26, 2025: Plurilock Announces $2.54 Million CAD Sale to NASDAQ-Listed Enterprise for AI Cybersecurity

March 18, 2025: Plurilock Recognized for Cybersecurity Excellence with Multiple Industry Awards

January 28, 2025: Plurilock Appoints Former Deputy National Security Advisor to the British Prime Minister to Its Industry Advisory Council, Elizabeth Sizeland

Select Highlights Subsequent to Fiscal Year End 2025:

February 4, 2026: Plurilock Announces Four Cybersecurity Contract Renewals Totaling $1.19 Million Across Two Enterprise and Government Customers

Outlook

Plurilock entered 2025 with strong operational momentum, driven by continued growth in our Critical Services business and the shift toward services-led, product enabled and AI-native cybersecurity. As demand increases for hands-on expertise to architect, deploy, manage and operate complex environments, our focus on high-value, re-occurring revenue continues to drive margin expansion.

Accelerating defence and security investments across Canada and NATO-aligned markets are creating sustained demand tailwinds in areas where Plurilock is already well established. At the same time, the rapid advancement of artificial intelligence, combined with its increasing adoption by threat actors, is increasing the complexity, speed, and sophistication of the cyber threat landscape, reinforcing the need for advanced, adaptive cyber defense capabilities.

We see meaningful opportunity in expanding our presence within NATO-aligned and Canadian defense markets, where we already have an established footprint. Rising global defense spending and cybersecurity priorities are creating opportunities to deepen relationships with new and existing partners.

Looking ahead, we remain focused on driving toward profitability through disciplined execution. This includes converting one-time engagements into re-occurring and long-term contracts, improving services mix, and maintaining a strong emphasis on operational efficiency.

At the same time, we are strengthening collaboration with strategic partners and pursuing new relationships with major defense prime contractors, enabling access to larger and more complex programs.

This strategy is supported by a disciplined approach to cost management, with a focus on optimizing spend and investing in high-margin growth areas. Together, these efforts position Plurilock to achieve continued margin expansion and progress toward cash-flow positivity.

Summary of Key Financial Metrics

	Year ended December 31,
	2025	2024
	$	$
Operating Revenues
Revenue	60,988,824	58,149,365
Hardware and systems sales	6,144,293	8,755,823
Software, license and maintenance sales	42,191,823	40,819,016
Professional services	12,652,708	8,574,526

Gross margin (%)	10.9%	12.2%

Net loss for the year	(7,264,482)	(11,532,473)
Basic and diluted loss per share - for the year	(0.10)	(0.31)

EBITDA ⁽¹⁾	(5,465,411)	(9,877,930)
Reconciliation of EBITDA:
Net loss for the year	(7,264,482)	(11,532,473)
Foreign exchange translation gain/(loss)	69,514	235,268
Amortization	246,304	317,321
Interest expenses	1,387,304	1,071,599
Income tax recovery expense (recovery)	95,007	25,568
Impairment on assets	942	4,787

Adjusted EBITDA ⁽¹⁾	(5,206,437)	(3,866,787)
Reconciliation of adjusted EBITDA:
EBITDA ⁽¹⁾	(5,465,411)	(9,877,930)
Stock-based compensation	770,031	1,690,639
Financing expenses	285,512	271,022
Acquisition-related expenses	161,442	461,645
Investor relations	992,891	998,334
Loss (gain) on disposal of assets	(1,669)	(407)
Loss on settlement of debt	-	454,128
Loss on convertible debt conversion inducement	-	1,817,470
Unrealized gain on marketable security	(1,086,224)	-
Impairment on assets	-	-
(Income) loss from discontinued operations	(863,009)	318,312


	December 31, 2025	December 31, 2024
	$	$
Cash and cash equivalents	2,540,764	1,399,463
Restricted cash	20,000	20,000
Total current assets	21,739,247	30,510,681
Total assets	25,263,812	34,473,190

Total current liabilities	27,137,517	39,266,753
Total liabilities	29,540,222	39,614,489

Weighted average common shares outstanding (millions)	76.3	37.5

Note:

(1) Non-GAAP measure. Earnings before interest, taxes, depreciation, and amortization (" EBITDA ") and Adjusted EBITDA should not be construed as alternatives to net income/loss determined in accordance with IFRS. EBITDA and Adjusted EBITDA do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines EBITDA as earnings before interest, taxes, impairment on assets and amortization. Adjusted EBITDA is defined as EBITDA before stock-based compensation, financing, investor relations and acquisition related expenses, loss on convertible debt conversion, loss on settlement of debt, impairment of assets and impairment of goodwill and intangibles. The Company believes that EBITDA and Adjusted EBITDA is a meaningful financial metric for investors as it adjusts income to reflect amounts which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives.

Non-IFRS measures

This news release presents information about EBITDA and Adjusted EBITDA, both of which are non-IFRS financial measures, to provide supplementary information about operating performance. Plurilock defines EBITDA as earnings before interest, income taxes, depreciation, amortization, impairment on assets and foreign exchange translation. Adjusted EBITDA removes non-cash share-based compensation, financing, investor relations, loss on convertible debt conversion inducement, loss on settlement of debt, impairment on assets and acquisition-related expenses from EBITDA. The Company believes that EBITDA and Adjusted EBITDA is a meaningful financial metric for investors as it adjusts income to reflect amounts which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. EBITDA and Adjusted EBITDA are not intended as a substitute for IFRS measures. A limitation of utilizing these non-IFRS measures is that the IFRS accounting effects of the adjustments do in fact reflect the underlying financial results of Plurilock's business and these effects should not be ignored in evaluating and analyzing Plurilock's financial results. Therefore, management believes that Plurilock's IFRS measures of net loss and the same respective non-IFRS measure should be considered together. Non-IFRS measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Readers should refer to the Company's most recently filed MD&A for a more detailed discussion of these measures and their calculations.

Annual Filings

Management's Discussion and Analysis and Consolidated Financial Statements and the notes thereto for the year ended December 31, 2025, can be obtained from Plurilock's corporate website at and under Plurilock's SEDAR+ profile at .

About Plurilock

Plurilock sells Cyber Security solutions to the United States and Canadian Federal Governments along with Global 2000 companies. Through these relationships, Plurilock sells its unique brand of Critical Services – aiding clients with our expertise to defend against, detect, and prevent costly data breaches and cyber-attacks.

For more information, visit or contact:

Ian L. Paterson
Chief Executive Officer
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416.800.1566

Ali Hakimzadeh
Executive Chairman
...
604.306.5720

Forward-Looking Statements

This press release may contain certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") which relate to future events or Plurilock's future business, operations, and financial performance and condition. Forward-looking statements normally contain words like "will", "intend", "anticipate", "could", "should", "may", "might", "expect", "estimate", "forecast", "plan", "potential", "project", "assume", "contemplate", "believe", "shall", "scheduled", and similar terms. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances. Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Plurilock's business. Additional material risks and uncertainties applicable to the forward-looking statements herein include, without limitation, unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. Many of these factors are beyond the control of Plurilock. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as at the date hereof and Plurilock undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws.

Cautionary Note Regarding Future Oriented Financial Information

This news release also contains future-oriented financial information and financial outlook (collectively, " FOFI ") regarding the Company's eventual recognition of backlogged service contract revenue, which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this news release was made by management as of the date of this news release and was provided for the purpose of providing readers with an understanding of the importance of such backlogged contractual revenues, and is not an estimate of profitability or any other measure of financial performance. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein. The Company disclaims any intention or obligation to update or revise any FOFI contained in this News Release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein. The Company's Chief Executive Officer and Chief Financial Officer approved the FOFI contained in this news release on April 21, 2026.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit

Source: Plurilock Security Inc.

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