New Risk • Jun 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 42% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$5.9m). Earnings have declined by 11% per year over the past 5 years. Shareholders have been substantially diluted in the past year (42% increase in shares outstanding). Market cap is less than US$10m (CA$12.3m market cap, or US$8.84m). Reported Earnings • May 29
First quarter 2026 earnings released: CA$0.03 loss per share (vs CA$0.044 loss in 1Q 2025) First quarter 2026 results: CA$0.03 loss per share (improved from CA$0.044 loss in 1Q 2025). Revenue: CA$10.2m (down 47% from 1Q 2025). Net loss: CA$2.31m (loss narrowed 23% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Recent Insider Transactions Derivative • May 25
Executive Chairman exercised options to buy CA$55k worth of stock. On the 22nd of May, Ali Hakimzadeh exercised options to buy 500k shares at a strike price of around CA$0.10, costing a total of CA$50k. This transaction amounted to 24% of their direct individual holding at the time of the trade. Since December 2025, Ali's direct individual holding has increased from 2.05m shares to 2.55m. Company insiders have collectively bought CA$271k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • May 13
Plurilock Security Inc. announced that it has received CAD 3.2065 million in funding On May 12, 2026, Plurilock Security Inc. has closed the transaction and issued 7,660,000 Special Warrants at the price of CAD 0.10 for the aggregate gross proceeds of CAD 766,000. The Company paid aggregate cash finder's fees of CAD 51,680 and issued an aggregate of 316,800 finder's warrants to arm's length parties. Each Finder's Warrant will be exercisable for one Share at the price of CAD 0.10 for a period of 18 months from the date of issue. The Offering remains subject to the approval by the TSX Venture Exchange. Insiders of the Company purchased 900,000 Special Warrants in the Final Tranche for aggregate gross proceeds of CAD 90,000. The Company also clarified that it issued a total aggregate of 1,076,400 Finder’s Warrants in the first tranche. Reported Earnings • Apr 24
Full year 2025 earnings released: CA$0.11 loss per share (vs CA$0.30 loss in FY 2024) Full year 2025 results: CA$0.11 loss per share (improved from CA$0.30 loss in FY 2024). Revenue: CA$61.0m (up 4.9% from FY 2024). Net loss: CA$8.13m (loss narrowed 28% from FY 2024). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 60% per year, which means it is significantly lagging earnings. Announcement • Apr 22
Plurilock Security Inc. announced that it expects to receive CAD 2.5 million in funding Plurilock Security Inc. has announced a non-brokered private placement of up to 25,000,000 special warrants at a price of CAD 0.10 per Special Warrant to raise aggregate gross proceeds of up to CAD 2,500,000 on April 21, 2026. Each Special Warrant will automatically convert, for no additional consideration, into one common share of the Company on the date that is the earlier of: (i) the date that is three business days for lowing the date on which the Company files a prospectus supplement to a short form base shelf prospectus with the securities commissions qualifying distribution of the Shares issuable upon the conversion of the Special Warrants and (ii) the date that is four months and one day after the closing of the Offering. The Company may pay finder's fees of 8.0% in cash and issue such number of finder's warrants as is equal to 8.0% of the number of Special Warrants sold under the offering. Each Finder's Warrant will be exercisable for one Share of the Company at the price of CAD 0.10 for a period of 18 months. The Offering is subject to customary closing conditions, including approval by the TSX Venture Exchange. All the securities issued under the offering will be subject to a four month hold period from the date of closing of the offering in addition to any other restrictions under applicable law. Announcement • Apr 14
Plurilock Security Inc., Annual General Meeting, Jun 16, 2026 Plurilock Security Inc., Annual General Meeting, Jun 16, 2026. Location: british columbia, Canada New Risk • Feb 25
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.4m (US$9.82m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$3.5m). Earnings have declined by 20% per year over the past 5 years. Market cap is less than US$10m (CA$13.4m market cap, or US$9.82m). Minor Risk Shareholders have been diluted in the past year (21% increase in shares outstanding). Announcement • Dec 06
Plurilock Security Inc. Announces Chief Financial Officer Changes, Effective January 9, 2026 Plurilock Security Inc. announced the promotion of Veera Singh to Chief Financial Officer, effective January 9, 2026. Mrs. Singh, who currently serves as Vice President of Finance, has been a key contributor to Plurilock's growth and operational maturity for more than four years. Earlier this year, she was made an officer of the Company in recognition of her leadership, technical expertise, and deep understanding of Plurilock's financial and operational framework. Her expanded mandate as CFO reflects Plurilock's ongoing commitment to developing internal talent and strengthening its finance organization as the Company scales across commercial and defense markets. As part of this transition, Scott Meyers, Plurilock's current Chief Financial Officer, will depart the Company effective January 9, 2026, to pursue other opportunities. Reported Earnings • Nov 28
Third quarter 2025 earnings released: CA$0.032 loss per share (vs CA$0.076 loss in 3Q 2024) Third quarter 2025 results: CA$0.032 loss per share (improved from CA$0.076 loss in 3Q 2024). Revenue: CA$15.4m (up 7.9% from 3Q 2024). Net loss: CA$2.48m (loss narrowed 34% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Announcement • Nov 24
Plurilock Security Inc. to Report Q3, 2025 Results on Nov 26, 2025 Plurilock Security Inc. announced that they will report Q3, 2025 results After-Market on Nov 26, 2025 Announcement • Oct 31
Plurilock Security Inc. announced that it has received CAD 3 million in funding On October 31, 2025, Plurilock Security Inc. closed the transaction. The company issued 3,000 debenture units at CAD 1,000 per Unit for gross proceeds of CAD 3,000,000. The transaction included participation from strategic investor. Each Debenture Unit comprised of (i) CAD 1,000 principal amount of 10% unsecured convertible debentures of the Company, convertible at the option of the holder at a price of CAD 0.23 until October 30, 2028, and (ii) 4,000 common share purchase warrants exercisable at a price of CAD 0.25 until October 30, 2028. The Debentures bear interest at a rate of 10% per annum, payable in arrears every three months from the date of issue, in cash or Shares, or a combination thereof, at the election of the Company based on the 10-day VWAP at the time of the interest payment, subject to the policies of the TSX Venture Exchange (the "TSXV"). Interest shall be computed on the basis of a 360-day year composed of twelve
30-day months. The Debentures cannot be converted into Shares and the Warrants cannot be exercised into Shares if it would result in the holder having a beneficial ownership of more than 9.99% of the issued and outstanding Shares. All securities issued under the Offering are
subject to a four-month and one-day statutory hold period from the date of issuance, in accordance with applicable securities laws. The Debenture Units are subject to final TSXV approval. Announcement • Oct 17
Plurilock Security Inc. announced that it expects to receive CAD 3 million in funding Plurilock Security Inc. announced non-brokered private placement of 10% 3000 unsecured convertible debenture units at a price of CAD 1000 for gross proceeds of CAD 3,000,000 on October 17, 2025.The Debenture is comprised of 3,000, CAD 1,000 convertible debentures, convertible at the option of the holder at a price of CAD 0.23 for a period of three years from the date of issue and 4,000 common share purchase warrants exercisable at a price of CAD 0.25 for a period of three years from the date of issue. The transaction includes participation from strategic investor. The total number of common shares issuable upon conversion of the Debenture is 13,043,478 common shares and an additional 12,000,000 common shares issuable upon exercise of the warrants. The Debentures will bear interest at a rate of 10% per annum, which is payable in common shares at the election of the Company based on the 10-day VWAP at the time of the interest payment, subject to the policies of the TSXV. The Debenture is subject to customary closing conditions. All securities issued under the Offering will be subject to a four-month and one-day statutory hold period from the date of issuance, in accordance with applicable securities laws. New Risk • Oct 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.8m (US$9.83m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$10m free cash flow). Negative equity (-CA$2.7m). Earnings have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Market cap is less than US$10m (CA$13.8m market cap, or US$9.83m). Announcement • Oct 01
Plurilock Security Inc. Appoints Michael Ruiz as New Chief Technology Officer, Effective September 26, 2025 Plurilock Security Inc. announced that Michael Ruiz has been appointed as its new Chief Technology Officer (CTO) and promoted to General Manager of Critical Services ("PLCS"), effective September 26, 2025. In this dual executive role, Mr. Ruiz will lead Plurilock's margin expansion strategy by scaling its high-value Critical Services business across North America and allied international markets. He will oversee proposal and capture management for large-scale public sector and defense opportunities while accelerating expansion of Plurilock's solutions within U.S., Canadian, NATO, and commercial markets. Mr. Ruiz brings more than 20 years of experience in cybersecurity, defense technology, and digital transformation, holding senior roles at Honeywell, Raytheon, Booz Allen Hamilton, and Deloitte. Earlier in his career, he served as a U.S. Army Signals Intelligence Analyst. He has conducted doctoral-level research in artificial intelligence and machine learning ("AI/ML") for cybersecurity and malware detection and holds a master's degree in computer and information systems security. His appointment was facilitated through Plurilock's Board and advisory board network, leveraging their deep industry relationships. Announcement • Sep 10
Scope Technologies Corp. (CNSX:SCPE) completed the acquisition of Plurilock Security Private Limited and Certain Assets of CloudCodes Business from Plurilock Security Inc. (TSXV:PLUR). Scope Technologies Corp. (CNSX:SCPE) entered into a definitive asset purchase agreement to acquire Plurilock Security Private Limited and Certain Assets of CloudCodes Business from Plurilock Security Inc. (TSXV:PLUR) for CAD 1.6 million on August 20, 2025. In consideration, the Scope Technologies Corp has agreed to pay Plurilock CAD 0.1 million in cash and issue a total of 4,200,000 common shares at a deemed price of CAD 0.40 per share. The Consideration Shares may be subject to a restriction on resale for a period of four months from the date of issue. Following the acquisition, Scope Technologies plans to rebrand the Cloud Codes platform under the QSE Group ecosystem name and integrate it seamlessly into the QSE product stack.
For the period ending December 31, 2024, CloudCodes Business of Plurilock Security Inc reported total revenue of CAD 0.72 million.
Closing of the transaction is subject to approval of the TSX Venture Exchange for Plurilock, approval of the Canadian Securities Exchange for Scope Technologies, and such other customary conditions required for similar transactions. The Company expects to close the Transaction on or around September 15, 2025.
Canaccord Genuity Corp acted as financial advisor for Plurilock Security Inc. Plurilock Security Inc will pay Canaccord Genuity Corp an advisory fee of CAD 0.04 million, payable in common shares of the Company, subject to TSXV approval. McMillan LLP acted as legal advisor to Plurilock Security Inc. O'neill Law Corporation acted as legal advisor to Scope Technologies.
Scope Technologies Corp. (CNSX:SCPE) completed the acquisition of Plurilock Security Private Limited and Certain Assets of CloudCodes Business from Plurilock Security Inc. (TSXV:PLUR) on September 10, 2025. The Cloud Codes acquisition is immediately accretive to Scope Technologies as it adds revenue to the operations of Scope Technologies and the Cloud Codes' middleware will become the centerpiece of QSE's decentralized cloud backbone. Announcement • Aug 22
Scope Technologies Corp. (CNSX:SCPE) entered into a definitive asset purchase agreement to acquire Certain Assets of CloudCodes Business from Plurilock Security Inc. (TSXV:PLUR) for CAD 1.6 million. Scope Technologies Corp. (CNSX:SCPE) entered into a definitive asset purchase agreement to acquire Plurilock Security Private Limited and Certain Assets of CloudCodes Business from Plurilock Security Inc. (TSXV:PLUR) for CAD 1.6 million on August 20, 2025. In consideration, the Scope Technologies Corp has agreed to pay Plurilock CAD 0.1 million in cash and issue a total of 4,200,000 common shares at a deemed price of CAD 0.40 per share. The Consideration Shares may be subject to a restriction on resale for a period of four months from the date of issue. Following the acquisition, Scope Technologies plans to rebrand the Cloud Codes platform under the QSE Group ecosystem name and integrate it seamlessly into the QSE product stack.
For the period ending December 31, 2024, CloudCodes Business of Plurilock Security Inc reported total revenue of CAD 0.72 million.
Closing of the transaction is subject to approval of the TSX Venture Exchange for Plurilock, approval of the Canadian Securities Exchange for Scope Technologies, and such other customary conditions required for similar transactions. The Company expects to close the Transaction on or around September 15, 2025.
Canaccord Genuity Corp acted as financial advisor for Plurilock Security Inc. Plurilock Security Inc will pay Canaccord Genuity Corp an advisory fee of CAD 0.04 million, payable in common shares of the Company, subject to TSXV approval. McMillan LLP acted as legal advisor to Plurilock Security Inc. O'neill Law Corporation acted as legal advisor to Scope Technologies. Reported Earnings • Aug 20
Second quarter 2025 earnings released: CA$0.03 loss per share (vs CA$0.10 loss in 2Q 2024) Second quarter 2025 results: CA$0.03 loss per share (improved from CA$0.10 loss in 2Q 2024). Revenue: CA$16.4m (up 30% from 2Q 2024). Net loss: CA$2.23m (loss narrowed 43% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Announcement • Aug 15
Plurilock Security Inc. to Report Q2, 2025 Results on Aug 19, 2025 Plurilock Security Inc. announced that they will report Q2, 2025 results After-Market on Aug 19, 2025 New Risk • Jun 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$12m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$12m free cash flow). Negative equity (-CA$828k). Earnings have declined by 26% per year over the past 5 years. Shareholders have been substantially diluted in the past year (104% increase in shares outstanding). Minor Risk Market cap is less than US$100m (CA$19.6m market cap, or US$14.3m). Reported Earnings • May 07
Full year 2024 earnings released: CA$0.31 loss per share (vs CA$0.96 loss in FY 2023) Full year 2024 results: CA$0.31 loss per share. Revenue: CA$59.1m (down 16% from FY 2023). Net loss: CA$11.5m (loss widened 27% from FY 2023). New Risk • Apr 17
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.1m (US$9.42m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 29% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Market cap is less than US$10m (CA$13.1m market cap, or US$9.42m). Reported Earnings • Nov 27
Third quarter 2024 earnings released: CA$0.08 loss per share (vs CA$0.19 loss in 3Q 2023) Third quarter 2024 results: CA$0.08 loss per share. Revenue: CA$14.3m (down 28% from 3Q 2023). Net loss: CA$4.09m (loss widened 116% from 3Q 2023). Announcement • Nov 20
Plurilock Security Inc. to Report Q3, 2024 Results on Nov 26, 2024 Plurilock Security Inc. announced that they will report Q3, 2024 results After-Market on Nov 26, 2024 Announcement • Sep 17
Plurilock Security Inc. Appoints David Kris to Industry Advisory Council Plurilock Security Inc. announced the appointment of 30-year veteran security lawyer David Kris to the Company's Industry Advisory Council. David Kris is a co-founder of Culper Partners LLC, a firm specializing in the intersection of public policy, security, geopolitics, and law. Before forming Culper, Mr. Kris held the position of General Counsel at Intellectual Ventures for six years, a privately held invention investment company with more than US$6 billion under management. He also served as the Deputy General Counsel and Chief Compliance Officer at Time Warner Inc. Currently, Mr. Kris teaches law to U.S. Intelligence Community lawyers and is a University Affiliate at Georgetown University. In the government sector, Mr. Kris was appointed by the President and confirmed by the Senate to lead the Department of Justice's National Security Division. In this role, he oversaw all federal espionage and terrorism cases, as well as the use of the Foreign Intelligence Surveillance Act. Additionally, he served as a senior advisor to both Republican and Democratic Attorneys General and Deputy Attorneys General. With over eight years of experience as a federal prosecutor, Mr. Kris has a deep understanding of the legal aspects of national security and has received several prestigious awards and medals for his outstanding contributions. Currently, Mr. Kris advises the U.S. Intelligence Community and acts as a friend of the court for the Foreign Intelligence Surveillance Courts. Reported Earnings • Sep 01
Second quarter 2024 earnings released: CA$0.11 loss per share (vs CA$0.29 loss in 2Q 2023) Second quarter 2024 results: CA$0.11 loss per share. Revenue: CA$12.6m (up 3.2% from 2Q 2023). Net loss: CA$3.91m (loss widened 51% from 2Q 2023). Announcement • Aug 21
Plurilock Security Inc. Appoints Ron Wilson as Industry Advisory Council Plurilock Security Inc. announced the appointment of 35-year technology sales veteran Ron Wilson to the company's industry advisory council. Mr. Wilson is currently President at Best Buy Canada, where he has been a senior leader for over two decades. During that time, he led the consolidation of the Future Shop stores and assets into the Best Buy brand and played an instrumental role in many of the most important and successful changes at Best Buy in recent years, including the e-commerce marketplace, delivery and fulfillment, and online sales for in-store pickup. Mr. Wilson brings a wealth of knowledge to Plurilock from his senior roles in merchandising, operations, marketing, and e-commerce, along with irreplaceable experience in helping major brands to thrive and grow through acquisitions, integrations, and market and industry transformations. Announcement • Aug 15
Plurilock Security Inc. Files Nonprovisional Patent Application with the United States Patent and Trademark Office Plurilock Security Inc. announced that it has filed a nonprovisional patent application with the United States Patent and Trademark Office (USPTO) for a system of AI-driven cloud access security broker (CASB) technology that provides guardrails to reduce the risk of data leakage into AI platforms as users interact with generative AI. AI use in businesses has expanded rapidly since 2023, with nearly two-thirds of respondents to a McKinsey survey saying that generative AI is now in use in their organization, and industry provider OpenAI saying that over 90% of Fortune 500 firms use OpenAI products. The Company's nonprovisional patent application follows the filing and later granting of a provisional patent by the USPTO and is expected to further expand the Company's foundational IP strategy and holdings. The filing demonstrates the deep cybersecurity and engineering expertise that resides in the Company's exceptional Critical Services team, as well as the way in which the company continues to create potential opportunities for long-term value generation in its software business. Announcement • Jun 10
Plurilock Security Inc., Annual General Meeting, Aug 14, 2024 Plurilock Security Inc., Annual General Meeting, Aug 14, 2024. Location: british columbia, vancouver Canada Reported Earnings • Jun 04
First quarter 2024 earnings released: CA$0.10 loss per share (vs CA$0.16 loss in 1Q 2023) First quarter 2024 results: CA$0.10 loss per share (improved from CA$0.16 loss in 1Q 2023). Revenue: CA$11.6m (down 27% from 1Q 2023). Net loss: CA$1.11m (loss narrowed 18% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Board Change • May 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 7 experienced directors. No highly experienced directors. Independent Director Ed Hammersla is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 30
Full year 2023 earnings released: CA$0.10 loss per share (vs CA$1.17 loss in FY 2022) Full year 2023 results: CA$0.10 loss per share. Revenue: CA$70.4m (up 9.0% from FY 2022). Net loss: CA$9.09m (loss widened 7.6% from FY 2022). New Risk • Apr 23
New major risk - Revenue and earnings growth Earnings have declined by 34% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (28% average weekly change). Negative equity (-CA$1.1m). Earnings have declined by 34% per year over the past 5 years. Market cap is less than US$10m (CA$2.68m market cap, or US$1.96m). Minor Risk Shareholders have been diluted in the past year (18% increase in shares outstanding). Announcement • Apr 12
Plurilock Security Inc. announced that it has received CAD 1 million in funding On April 12, 2024, Plurilock Security Inc. closed the transaction. Announcement • Apr 04
Plurilock Security Inc. announced that it expects to receive CAD 4.5 million in funding Plurilock Security Inc. announced a private placement to issue 22,500,000 units at an issue price of CAD 0.20 per unit for the gross proceeds of CAD 4,500,000 on April 3, 2024. Each unit will comprise a share and a full 24-month warrant with each warrant exercisable at a price of CAD 0.25 if exercised within the first 12 months and at a price of CAD 0.40 if exercised during months 13 to 24 of the 24-month term. Announcement • Apr 02
Plurilock Security Inc. Announces Board Changes Plurilock Security Inc. announced the appointment of Ali Hakimzadeh to the board of directors and the election of Mr. Hakimzadeh as Executive Chairman of the Board. Mr. Hakimzadeh has an extensive background in capital markets and mergers and acquisitions. Mr. Hakimzadeh also brings over 25 years of investment banking, merchant banking, and capital market advisory experience. Most recently, Mr. Hakimzadeh was Executive Chairman of the Board of HS Govtech Solutions Inc. Mr. Hakimzadeh replaces outgoing director and chairman Robert Kiesman. New Risk • Feb 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-CA$1.1m). Market cap is less than US$10m (CA$4.63m market cap, or US$3.44m). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$6.9m net loss next year). Shareholders have been diluted in the past year (15% increase in shares outstanding). Announcement • Jan 10
Plurilock Security Inc. announced that it has received CAD 0.00125 million in funding On January 9, 2024, Plurilock Security Inc. closed the transaction. The transaction included participation from a single investor. New Risk • Dec 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$5.2m free cash flow). Negative equity (-CA$1.1m). Market cap is less than US$10m (CA$6.10m market cap, or US$4.49m). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$6.9m net loss next year). Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (37% increase in shares outstanding). Reported Earnings • Nov 24
Third quarter 2023 earnings released: CA$0.02 loss per share (vs CA$0.023 loss in 3Q 2022) Third quarter 2023 results: CA$0.02 loss per share. Revenue: CA$20.0m (down 35% from 3Q 2022). Net loss: CA$1.89m (loss widened 16% from 3Q 2022). Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Software industry in Canada. Price Target Changed • Aug 31
Price target decreased by 12% to CA$0.55 Down from CA$0.63, the current price target is an average from 2 analysts. New target price is 378% above last closing price of CA$0.12. Stock is down 44% over the past year. The company is forecast to post a net loss per share of CA$0.08 next year compared to a net loss per share of CA$0.12 last year. Announcement • Aug 24
Plurilock Security Inc. to Report Q2, 2023 Results on Aug 29, 2023 Plurilock Security Inc. announced that they will report Q2, 2023 results on Aug 29, 2023 New Risk • Aug 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.3m (US$9.86m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 40% per year over the past 5 years. Market cap is less than US$10m (CA$13.3m market cap, or US$9.86m). Minor Risk Shareholders have been diluted in the past year (43% increase in shares outstanding). Announcement • Jul 23
Plurilock Security Inc. Announces the Launch of Beta Access to A New AI Safety SaaS Product for Business and Government Plurilock Security Inc. and related subsidiaries announced the launch of beta access to a new AI safety SaaS product for business and government, 'PromptGuard' which will be offered to customers as part of the Plurilock AI platform. With the rapid rise of generative artificial intelligence (AI) use in the workplace, business and government organizations find themselves in urgent need of a solution that enables employees to safely use AI while preventing the mass leakage of confidential, proprietary, or regulated data into AI platforms.1 The Canadian Centre for Cybersecurity, a part of Canada's national cryptologic agency and a source of expert cybersecurity advice, services, guidance and support for Canadians, recognizes the risks of generative AI and has recently published a guidance report on this subject, which outlines measures to mitigate the threats of AI.2. PromptGuard is a new AI-driven cloud access security broker (CASB) that supports employee AI use while ensuring that sensitive data is not released to AI systems. PromptGuard provides strong AI guardrails without obstructing AI use. PromptGuard relies on a combination of mature data loss prevention technology and new, patent-pending, Plurilock AI platform technology to enable users to interact with generative AI such that: The AI platform does not receive sensitive data through user generated AI prompts The user need not be aware of any anonymization or redaction having taken place. These capabilities enable employees to use generative AI tools without compromising data privacy, security, and governance. This makes AI safer for businesses and their employees while eliminating the need to block either AI use entirely or specific AI prompts. The product was developed as part of the Company's focus on generative AI safety and was built using Plurilock's new CASB technology for AI, which is the subject of a U.S. provisional patent filing previously announced on July 18, 2023. PromptGuard was designed using insights gathered from the Company's large customer base and extensive client network, which was established as a direct result of the Company's acquisitions of several cybersecurity solution providers. PromptGuard is available under Plurilock's early access program (EAP) as a closed, by-invitation beta experience. Announcement • Jul 21
Plurilock Security Inc. Announces New Ai-Driven Cloud Access Security Broker Technology Forgenerative Ai Tools and Submits U.S. Provisional Patent Application Plurilock Security Inc. and related subsidiaries announced that the Company has filed a provisional patent application with the United States Patent and Trademark Office (USPTO) for an omnibus system of AI-driven cloud access security broker (CASB) technology features that protect against the inadvertent or intentional release of sensitive data while generative AI is being used. More businesses worldwide are now utilizing AI and the global AI adoption rate was 35% in 2022, an increase of four points from 2021 with an additional 42% of companies reported to be exploring. AI1. However, businesses lack the framework, policies, and expertise to ensure their workforce uses generative AI tools safely and prevent confidential and sensitive data from being leaked2. Based on the current AI trends in the business landscape, the Company filed this U.S. provisional patent application in accordance with its strategy of enabling enterprises to gain the benefit from AI tools while maintaining the security of private data. The application covers a comprehensive omnibus CASB system that automatically anonymizes or redacts confidential information in AI interactions in such a way that: The AI platform does not receive any confidential information provided by the user The AI user need not be aware of any anonymization or redaction having occurred. Users of the technology will be able to productively leverage the gains provided by generative AI systems, including for sensitive work, without this sensitive data being revealed or leaked to the AI platform or model. The Company intends to develop the technology into an enterprise solution that provides a way for businesses and other organizations to manage and govern the data revealed to AI platforms, without having to block AI either access in general or certain kinds of AI prompts in particular. Plurilock has established significant expertise in CASB, Data Loss Prevention and Single Sign-On as a direct result of Plurilock's acceleration of its business strategy and growth in the Plurilock AI platform, which has enabled rapid Research and Development in this new technology. Announcement • Jul 13
Plurilock Security Inc. announced that it has received CAD 2.435282 million in funding On July 12, 2023, Plurilock Security Inc. closed the transaction. The company has amended the terms of the transaction. The company issued 100,000 units at an issue price of CAD 0.145 per unit for the gross proceeds of CAD 14,500 in its third and final tranche. The company received CAD 2,435,282 in funding till date. The Company paid an arm's length finder CAD 1,015 and issued 7,000 finder's warrants, representing 7% of the proceeds raised from those purchasers introduced by such Finder and 7% of the total number of Units sold to investors introduced by such Finder, which provide that such Finder may acquire Shares at CAD 0.145 per Finder's Warrant Share for a period of 48 months from the date of issuance. Announcement • Jun 30
Plurilock Security Inc. announced that it has received CAD 2.420782 million in funding On June 28, 2023, Plurilock Security Inc. closed the transaction. The company has amended the transaction, now company will raise CAD 1,646,805. As on the same day company has issued 6,499,688 units at a price of CAD 0.145 per unit, for the gross proceeds of CAD 942,454.76 in its second and final tranche. In connection with the private placement, the company paid arm's length finders of an aggregate of CAD 28,173.60 and issued an aggregate of 194,300 warrants representing 7% of the proceeds raised from those purchasers introduced by such finder and 7% of the total number of units sold to investors introduced by such finder, which provide that such finder may acquire common shares of the company at CAD 0.145 per finder's warrant share for a period of 48 months from the date of issuance.
The company has also issued 5,337,772 Life units at a issue price of CAD 0.145 for gross proceeds of CAD 773,976.94. LIFE Units will not be subject to a hold period in accordance with applicable Canadian securities laws. Announcement • Jun 06
Plurilock Security Inc. Appoints Scott Meyers as Chief Financial Officer Plurilock Security Inc. announce that Scott Meyers will be joining Plurilock as its Chief Financial Officer, effective January 5, 2023. Scott Meyers has 20 years of experience in corporate finance and accounting, having worked at large multinational firms and various reputable Canadian enterprises including Komatsu Ltd., Schneider Electric SE, Kinectrics, Liberty Health Sciences Inc. and more. He brings experience from a large set of industries including manufacturing, utility, energy solutions and gaming, and has a proven track record of managing profitability through macroeconomic downturns and producing growth in stagnant businesses. In addition, Scott has publicly reported for both Canadian and international companies. Scott most recently served as the CFO of React Gaming Group, a Canadian-based esports tournament and gambling provider, where he navigated complex regulatory filing statements for its M&A activities. Announcement • Jun 02
Plurilock Security Inc. announced that it expects to receive CAD 1.223977 million in funding Plurilock Security Inc. announced a non-brokered private placement to issue 5,337,772 units at an issue price of CAD 0.145 per unit for the gross proceeds of CAD 773,976.94 and concurrent private placement to issue 3,103,448 at an issue price of CAD 0.145 for the gross proceeds of CAD 449,999.96; aggregate gross proceeds of CAD 1,223,976.9 on June 1, 2023. Each Unit will be comprised of one common share and one common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one additional share at a price of CAD 0.20 per Warrant Share for a period of 48 months from the closing date of the Offering, provided that if the volume weighted average closing price of the Shares on the TSXV is equal to or greater than CAD 0.25 for any ten consecutive trading days, the Company may at its option to elect to accelerate the expiry of the Warrants by providing notice to the holders thereof, in which case the Warrants will expire thirty calendar days following delivery of such notice. In connection with the transaction and the Concurrent Placement, the Company may pay certain finders, a cash commission equal to 7% of the aggregate gross proceeds raised from those purchasers introduced by such Finder and/or issue such Finder such number of non-transferable share purchase warrants equal to 7% of the total number of Units sold to investors introduced by such Finder, which provide that such Finder may acquire common shares of the Company at CAD 0.145 per Finder's Warrant Share for a period of 48 months from the date of issuance. The Offering and Concurrent Placement may close in tranches. The first tranches of the Offering and Concurrent Placement is expected to close on or around June 16, 2023. The Offering and Concurrent Placement are subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange. Reported Earnings • May 31
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: CA$0.02 loss per share (improved from CA$0.034 loss in 1Q 2022). Revenue: CA$15.8m (up 127% from 1Q 2022). Net loss: CA$1.36m (loss narrowed 43% from 1Q 2022). Revenue exceeded analyst estimates by 97%. Earnings per share (EPS) missed analyst estimates by 100%. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Software industry in Canada. Announcement • May 26
Plurilock Security Inc., Annual General Meeting, Jun 30, 2023 Plurilock Security Inc., Annual General Meeting, Jun 30, 2023, at 10:00 Pacific Standard Time. Location: offices of McMillan LLP, Suite 1500, 1055 West Georgia Street Vancouver British Columbia Canada Agenda: To receive and consider the audited financial statements of the Company for the financial year ended December 31, 2022, together with the auditor's report thereon; to fix the number of directors at six and to elect directors of the Company for the ensuing year; to appoint an auditor of the Company for the ensuing year and to authorize the Directors to fix their remuneration; to pass an ordinary resolution to approve the continuation of the Company's share option plan; and to consider other matters. Reported Earnings • May 01
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: CA$0.12 loss per share (further deteriorated from CA$0.10 loss in FY 2021). Revenue: CA$64.6m (up 77% from FY 2021). Net loss: CA$8.45m (loss widened 35% from FY 2021). Announcement • Feb 02
Plurilock Security Inc. Appoints Blake Corbet to Its Board of Directors Plurilock Security Inc. announced the appointment of Blake Corbet to its Board of Directors. Mr. Corbet is a seasoned veteran with over 25 years of investment banking and corporate executive experience, having previously served in senior management roles at financial institutions including Salomon Brothers, CIBC World Markets, Haywood Securities and PI Financial. During his tenure as an investment banker, he specialized in the technology sector. Mr. Corbet is currently the Chief Corporate Development Officer at BBTV Holdings. Furthermore, Mr. Corbet will draw from his expertise in corporate finance, M&A and capital markets to provide guidance to Plurilock management on executing strategic initiatives. Announcement • Jan 19
Plurilock Security Inc. announced that it has received CAD 1.755115 million in funding On January 17, 2023, Plurilock Security Inc. closed the transaction. The company issued 1,421,393 units of the company at a price of CAD 0.14 per unit, for gross proceeds of CAD 198,995 in its third and final tranche, bringing the aggregate gross proceeds to CAD 1,755,115. In connection with the final tranche, the company paid arm's length finder's an aggregate of CAD 7,146.30 and issued an aggregate of 48,545 warrants. Concurrently with closing the final tranche, the company also issued 77,000 finder's warrants to an arm's length finder. The warrant expiry date is January 16, 2025. Announcement • Jan 17
Plurilock Security Inc. Releases Security Questionnaire Showcase Via New Plurilock Labs Using ChatGPT Plurilock Security Inc. and related subsidiaries announced the release of an AI-driven security automation application that is powered by ChatGPT. The technology demo showcases the capability of using a Large Language Model (LLM) form of AI, specifically ChatGPT, to address common business workflows. Specifically, security questionnaires are frequently used between organizations to assuage the security posture of one organization doing business with another. The new demonstration enables users to upload security questionaries and instantly complete them with content, saving hours of repetitive work by security teams. Announcement • Dec 03
Plurilock Security Inc. announced that it expects to receive CAD 1 million in funding Plurilock Security Inc. announced a non-brokered private placement of up to 7,142,857 units of the Company at a price of CAD 0.14 per Unit, for aggregate gross proceeds of up to CAD 1,000,000. The Company, in its sole discretion, may increase the size of the Offering to up to 10,714,285 Units, in which case the aggregate gross proceeds to the Company would be up to CAD 1,500,000.Each Unit will be comprised of one common share in the capital of the Company and one common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one additional share at a price of CAD 0.25 per Warrant Share for a period of 24 months from the closing date of the Offering. The first tranche of the Offering is expected to close on or around December 13, 2022. The company will pay 7% of gross proceeds as a finder's fees. Finder may acquire common shares of the Company at CAD 0.14 per Finder's Warrant Share for a period of 24 months from the date of issuance. Reported Earnings • Nov 23
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: CA$0.023 loss per share. Revenue: CA$30.8m (up 102% from 3Q 2021). Net loss: CA$1.63m (loss widened 13% from 3Q 2021). Revenue exceeded analyst estimates by 65%. Earnings per share (EPS) also surpassed analyst estimates by 60%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Software industry in Canada.