Patriot One Technologies Inc. (PAT:TSX; PTOTF:OTCQX) announced in a news release its latest board appointment and summarized its Q1 FY21 operational and financial results.
On Dec. 10, the Toronto-based company appointed to its board of directors Peter Evans, who became its CEO after the quarter that ended Oct. 31, 2020. The change took effect immediately.
The company stated that the appointment of Peter Evans as CEO brings "expertise in revenue growth and profitability, as well as identifying and developing new market opportunities."
As for corporate developments achieved during Q1 FY21, Patriot One commercially debuted PATSCAN Multi-Sensor Gateway, its first covert sensor technology, "which identifies on-body concealed weapons utilizing its unique passive sensor array in uncluttered environments." Also, the company noted that it enhances its partnership portfolio and added resellers as partners, continued its restructuring and cost cutting initiatives and secured wage subsidy funding, "significantly assisting the sustainment of the Company’s operations and near-term cash flow requirements." In August, Karen Hersh became the tech firm's chief financial officer and corporate secretary.
Patriot One posted interim financial results for Q1 FY21. Revenue was CA$0.4 million, up from CA$0.1 million in Q1 FY20. The company's net loss dropped to CA$3.3 million during the quarter compared to last year, when it was CA$7.3 million. Three factors drove the decrease: the company streamlining its operations, receiving of COVID-19 funding and not having to pay transaction costs for acquiring Xtract. Patriot One's Q1 FY21 loss per share was CA$0.02 versus CA$0.05 the previous year.
The company also noted that it has "CA$0.3 million of deferred revenue and CA$0.9 million of contracted revenue not yet recognized as revenue as of October 31, 2020, of which 100% is expected to be recognized over the next twelve months."
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