Mr. Douglas Dyment reports

GATEKEEPER REPORTS $27.8M REVENUE, 39% YOY GROWTH IN FY 2023, AND IMPROVES NET INCOME BY 50% TO $2.9M

Gatekeeper Systems Inc. has released its audited financial results for its fiscal year ended Aug. 31, 2023.

Highlights for Fiscal Year Ended August 31, 2023

• Revenue was $27,848,838 which compares to $20,031,288 the same prior year comparable period, representing an increase of 39%;
• Gross margin was $12,543,394 which compares to $9,308,813 for the same prior year comparable period, representing an increase of 35%. Gross margin as a percentage of revenue was 45%, compared to 47% for the same prior year comparable period;
• Total comprehensive income was $2,887,078 which compares to $1,929,180 for the same prior year comparable period, representing an increase of 50%;
• At August 31, 2023, the Company had cash and cash equivalents of $4,110,859, working capital of $13,434,551, no borrowed-money debt, and approximately 91.8 million shares outstanding; and
• Total basic and diluted income per share for the year ended August 31, 2023 was $0.03.

Management Commentary

Doug Dyment, President and CEO, commented, "Our financial performance for fiscal year 2023 was record-breaking in all aspects. We continue to see significant growth in both the school and transit segments of our business. Our Platform as a Service (PaaS) business model and our comprehensive suite of product offerings are proving to be very successful in growing our business. We have grown our installed base of Mobile Data Collectors (MDCs) to more than 50,000 and we are now actively preparing and selling recurring-revenue solutions to help our customers monitor and optimize the vast amounts of video and data being recorded every day. These new offerings utilize AI, video analytics, hosted software solutions, and wireless data connectivity, and they form the data layer in our PaaS business model that enables Gatekeeper's evolution as a data company."

Full details of the financial reports and operating results for the fiscal year ended August 31, 2023, are described in the Company's audited consolidated financial statements with accompanying notes and related Management's Discussion and Analysis, available on SEDAR+.

About Gatekeeper Systems Inc.

Gatekeeper is a leading provider of intelligent video and data solutions designed to provide a safer transportation environment for children, passengers, and public safety personnel on multiple transportation modes. The Company uses AI, video analytics, and Mobile Data Collectors to inter-connect public transportation assets within a Smart City ecosystem. The Company's Platform-as-a-Service (PaaS) business model is centered around wirelessly enabled Mobile Data Collectors which forms the foundation of the Company's data company evolution.

We seek Safe Harbor.