Plurilock Security ends FY2020 with a strong cash position of C$1.7M as its license revenue climbs

Plurilock Security Inc (CVE:PLUR) (OTCQB:PLCKF) announced that it finished fiscal year 2020 with cash and equivalents of C$1.7 million on December 31, as its license revenue for the year increased to $326,322 from $158,669 in 2019. 

The company said its license revenue accounted for 68% of total revenues in 2020, up from 25% in the previous year. 

“Despite the headwinds of COVID-19, we were able to achieve our primary strategic objectives, which included a successful listing of Plurilock on the TSX Venture Exchange, capitalizing the company with $3.4 million in net financing proceeds, and laying the foundation for both organic and in-organic future growth,” Plurilock Security CEO Ian Paterson said in a statement. 

READ: Plurilock Security is locked in to rapid organic and M&A growth

“Most importantly, we were also able to grow our product licensing revenue by roughly 206% and increase our license revenue as a percentage of total revenue to 68% in fiscal 2020 from 25% in fiscal 2019,” Paterson added.

“Furthermore, we have made several key additions to the team with notable cybersecurity leaders, which makes us well-positioned to capture new opportunities in this global market in 2021.”

Plurilock reported revenue of $479,329 in 2020 as cash generated from financing activities for the year climbed to $3.4 million from $1.1 million in 2019.

As well, the company said cash used for operating activities for Fiscal 2020 increased to $1.8 million from $1.4 million last year, resulting in an adjusted EBITDA deficit of $2.2 million.

Its gross margin for the year was 83.6%.

Victoria, British Columbia-based Plurilock Security is a cybersecurity company that provides multi-factor authentication (MFA) and true continuous authentication using AI-driven behavioral biometrics to confirm a user’s identity.

Unlike competing MFA solutions, Plurilock does not require users to complete lengthy login workflows using mobile messaging or code generators and, unlike competing continuous authentication solutions, the company provides true full-workday authentication in the background.

Contact Sean at [email protected]

Story by ProactiveInvestors