Patriot One Technologies Inc. (PAT:TSX; PTOTF:OTCQX) announced in a news release its operational and financial results from fiscal year 2020 (FY20) and Q4 FY20.
Operationally during FY20, Patriot One concentrated on derisking its technology for commercialization. It commercially released PATSCAN VRS-W, VRS-HS and VRS-T solutions, its video-based sensor technology in the year's last quarter. Subsequently, it released its MSG 1.0 Fastlane solution, its first multisensory gateway system, which is being installed in numerous places. Also during the last quarter, the company agreed to purchase NanoBio's 49% interest in Sotech Secure for US$3 million.
"The key focus this year has been the de-risking the company's technology for full commercial release," said Martin Cronin, Patriot One's CEO. "Like many corporations around the world, it has been challenging for Patriot One to service our customers since the onset of the COVID-19 global pandemic which began in March 2020. Instead, the company has taken this opportunity to use its existing capabilities to provide solutions to assist other businesses safely reopen. The company has identified opportunities to service public and private sectors with technology solutions to mitigate the risks of this pandemic, and other possible threats to business continuity and public health."
During Q3 FY20, Patriot One generated its first revenue, which came from its PATSCAN platform that it deployed as part of Canada's innovation program. The security tech company also acquired the artificial intelligence firm Xtract Technologies and recorded its first revenue related to the deployment of the PATSCAN platform.
Earlier in the year, Canada's Digital Technology Supercluster chose Patriot One to participate in a funding program for up to CA$4.5 million in coinvestment capital, which the company is using to advance its PATSCAN health and safety modules.
FY20 was the first fiscal year in which Patriot One generated revenue, and it totaled CA$2.1 million. The company's loss from operations during the year was CA$23.4 million versus CA$17.6 million in FY19, which was due mainly to "increased expenditures being made on a wider portfolio of solutions under commercial development, the non-recurring costs associated with acquiring Xtract, and the associated personnel resources to support the commercialization efforts of the technology portfolio." Basic and diluted loss per share for FY20 was CA$0.17 per share, compared to CA$0.13 per share in the previous year.
Regarding Q4 FY20 results, revenue was CA$0.4 million, and net loss was CA$6.4 million compared to CA$0 in Q4 FY19.
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