VANCOUVER, BRITISH COLUMBIA – April 21, 2026 – Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and related subsidiaries (“Plurilock” or the “Company”), a global cybersecurity solutions provider, today announces its financial results for the year ended December 31, 2025. All dollar figures are stated in Canadian dollars, unless otherwise indicated.
“2025 was a transformative year for Plurilock, establishing a strong foundation to capitalize on the defense opportunity before us.” said Ian L. Paterson, CEO of Plurilock Security. “Our Critical Services division grew by 48% while overall revenues grew 5% to $61M for the year. We continue to focus on growing our high margin business, Critical Services, which now represents 20.8% of total revenue, and averaging gross margin of 28%.”
“We made meaningful progress on our path to profitability, reducing our EBITDA loss to $5.5 million from $9.9 million and improving our working capital deficit to $5.4 million from $8.8 million. In 2025, the Company materially improved its liquidity position by disciplined cost management, improved operating efficiency, and enhanced financial flexibility. As a result, we are a leaner, more focused business, better positioned to continue advancing toward sustainable profitability.”
Fiscal 2025 Financial Highlights
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Total revenue for the year ended December 31, 2025, was $60,988,824 as compared to $58,149,365 for the year ended December 31, 2024. Revenue for the year ended December 31, 2025, increased due to professional services growth which offset lower resell revenue. Revenue for the year ended December 31, 2025, increased from professional services growth and resell momentum in the year. This has been restated and re-presented to reflect the discontinued operations from the technology division.
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Professional services revenue was $12,652,708 for the year ended December 31, 2025, compared to $8,574,526 in the year ended December 31, 2024. This has been restated and re-presented to reflect the discontinued operations from the technology division. Hardware and systems sales revenue for the year ended December 31, 2025, totalled $6,144,293 compared to $8,755,823 in the comparative year ended December 31, 2024. Software, license, and maintenance sales revenue for the year ended December 31, 2025, was $42,191,823 compared to $40,819,016 in the comparative period.
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Professional services revenue for the year ended December 31, 2025, accounted for 20.8% of total revenues, compared to 14.7% for the year ended December 31, 2024. This has been restated and re-presented to reflect the discontinued operations from the technology division. Hardware and systems sales revenues for the year ended December 31, 2025, accounted for 10.1% of total revenues compared to 15.1% for the year ended December 31, 2024. Software, license and maintenance sales revenues for the year ended December 31, 2025, accounted for 69.2% compared to 70.2% for the year ended December 31, 2024.
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Gross margin for the year ended December 31, 2025, was 10.9% compared to 12.2% for the year ended December 31, 2024. This has been restated and re-presented to reflect the discontinued operations from the technology division.
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EBITDA for the year ended December 31, 2025 was $(5,465,411) compared to $(9,877,930) during the same period in the prior year. EBITDA loss narrowed by 45% year over year, reflecting continued progress towards profitability and underscoring disciplined cost management and improving operating leverage.
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Cash and cash equivalents and restricted cash on December 31, 2025 was $2,560,764 compared to $1,419,463 on December 31, 2024.
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The Company demonstrated continued progress in strengthening its balance sheet, reducing its working capital deficit from $8.8 million in 2024 to $5.4 million in 2025, driven by enhanced cash management, improved collections and greater operational efficiency.
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During the year ended December 31, 2025, the Company used $6,219,789 of cash from operating activities compared to $7,056,064 used of cash during the same periods in the prior year. Of which $7,072 was used in discontinued operating activities for the year ended December 31, 2025 and $40,062 was provided from discontinued operating activities during the same period in the prior year.
Select Annual 2025 Highlights
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October 31, 2025: $3 Million strategic investment completed through the issuance of convertible debenture and warrants.
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September 10, 2025: Sale of CloudCodes assets to Scope Technologies Corp. completed
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July 10, 2025: Plurilock Named Certified Services Partner for Forcepoint
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June 26, 2025: Plurilock Announces $2.54 Million CAD Sale to NASDAQ-Listed Enterprise for AI Cybersecurity
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March 25, 2025: Plurilock and Forcepoint Partner to Strengthen Cybersecurity Solutions and Expand Market Reach
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March 18, 2025: Plurilock Recognized for Cybersecurity Excellence with Multiple Industry Awards
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February 26, 2025: Launches New Offensive Security Offerings to Strengthen Cyber Resilience
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January 28, 2025: Plurilock Appoints Former Deputy National Security Advisor to the British Prime Minister to Its Industry Advisory Council, Elizabeth Sizeland
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January 27, 2025: Closes Over-Subscribed Special Warrant Offering for $4.9 million
Select Highlights Subsequent to Fiscal Year End 2025
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March 10, 2026: Plurilock Announces Canadian Defense Market Growth and phase out of CTO and COO focusing on operational efficiency and profitability
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February 4, 2026: Plurilock Announces Four Cybersecurity Contract Renewals Totaling $1.19 Million Across Two Enterprise and Government Customers
Outlook
Plurilock entered 2025 with strong operational momentum, driven by continued growth in our Critical Services business and the shift toward services-led, product enabled and AI-native cybersecurity. As demand increases for hands-on expertise to architect, deploy, manage and operate complex environments, our focus on high-value, re-occurring revenue continues to drive margin expansion.
Accelerating defence and security investments across Canada and NATO-aligned markets are creating sustained demand tailwinds in areas where Plurilock is already well established. At the same time, the rapid advancement of artificial intelligence, combined with its increasing adoption by threat actors, is increasing the complexity, speed, and sophistication of the cyber threat landscape, reinforcing the need for advanced, adaptive cyber defense capabilities.
We see meaningful opportunity in expanding our presence within NATO-aligned and Canadian defense markets, where we already have an established footprint. Rising global defense spending and cybersecurity priorities are creating opportunities to deepen relationships with new and existing partners.
Looking ahead, we remain focused on driving toward profitability through disciplined execution. This includes converting one-time engagements into re-occurring and long-term contracts, improving services mix, and maintaining a strong emphasis on operational efficiency.
At the same time, we are strengthening collaboration with strategic partners and pursuing new relationships with major defense prime contractors, enabling access to larger and more complex programs.
This strategy is supported by a disciplined approach to cost management, with a focus on optimizing spend and investing in high-margin growth areas. Together, these efforts position Plurilock to achieve continued margin expansion and progress toward cash-flow positivity.
Summary of Key Financial Metrics
| Years ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Operating Revenues | $ | $ | ||||||
| Revenue | 60,988,824 | 58,149,365 | ||||||
| Hardware and systems sales | 6,144,293 | 8,755,823 | ||||||
| Software, license and maintenance sales | 42,191,823 | 40,819,016 | ||||||
| Professional services | 12,652,708 | 8,574,526 | ||||||
| Gross margin (%) | 10.9% | 12.2% | ||||||
| Net loss for the year | (7,264,482 | ) | (11,532,473 | ) | ||||
| Basic and diluted loss per share – for the year | (0.10 | ) | (0.31 | ) | ||||
| EBITDA(1) | (5,465,411 | ) | (9,877,930 | ) | ||||
| Reconciliation of EBITDA: | ||||||||
| Net loss for the year | (7,264,482 | ) | (11,532,473 | ) | ||||
| Foreign exchange translation gain/(loss) | 69,514 | 235,268 | ||||||
| Amortization | 246,304 | 317,321 | ||||||
| Interest expenses | 1,387,304 | 1,071,599 | ||||||
| Income tax recovery expense (recovery) | 95,007 | 25,568 | ||||||
| Impairment on assets | 942 | 4,787 | ||||||
| Adjusted EBITDA(1) | (5,206,437 | ) | (3,866,787 | ) | ||||
| Reconciliation of adjusted EBITDA: | ||||||||
| EBITDA(1) | (5,465,411 | ) | (9,877,930 | ) | ||||
| Stock-based compensation | 770,031 | 1,690,639 | ||||||
| Financing expenses | 285,512 | 271,022 | ||||||
| Acquisition-related expenses | 161,442 | 461,645 | ||||||
| Investor relations | 992,891 | 998,334 | ||||||
| Loss (gain) on disposal of assets | (1,669 | ) | (407 | ) | ||||
| Loss on settlement of debt | – | 454,128 | ||||||
| Loss on convertible debt conversion inducement | – | 1,817,470 | ||||||
| Unrealized gain on marketable security | (1,086,224 | ) | – | |||||
| (Income) loss from discontinued operations | (863,009 | ) | 318,312 | |||||
| December 31, 2025 |
December 31, 2024 |
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| $ | $ | |||||||
| Cash and cash equivalents | 2,540,764 | 1,399,463 | ||||||
| Restricted cash | 20,000 | 20,000 | ||||||
| Total current assets | 21,739,247 | 30,510,681 | ||||||
| Total assets | 25,263,812 | 34,473,190 | ||||||
| Total current liabilities | 27,137,517 | 39,266,753 | ||||||
| Total liabilities | 29,540,222 | 39,614,489 | ||||||
| Weighted average common shares outstanding (millions) | 76.3 | 37.5 | ||||||
Note:
(1) Non-GAAP measure. Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and Adjusted EBITDA should not be construed as alternatives to net income/loss determined in accordance with IFRS. EBITDA and Adjusted EBITDA do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines EBITDA as earnings before interest, taxes, impairment on assets and amortization. Adjusted EBITDA is defined as EBITDA before stock-based compensation, financing, investor relations and acquisition related expenses, loss on convertible debt conversion, loss on settlement of debt, impairment of assets and impairment of goodwill and intangibles. The Company believes that EBITDA and Adjusted EBITDA is a meaningful financial metric for investors as it adjusts income to reflect amounts which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives.
Non-IFRS measures
This news release presents information about EBITDA and Adjusted EBITDA, both of which are non-IFRS financial measures, to provide supplementary information about operating performance. Plurilock defines EBITDA as earnings before interest, income taxes, depreciation, amortization, impairment on assets and foreign exchange translation. Adjusted EBITDA removes non-cash share-based compensation, financing, investor relations, loss on convertible debt conversion inducement, loss on settlement of debt, impairment on assets and acquisition-related expenses from EBITDA. The Company believes that EBITDA and Adjusted EBITDA is a meaningful financial metric for investors as it adjusts income to reflect amounts which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. EBITDA and Adjusted EBITDA are not intended as a substitute for IFRS measures. A limitation of utilizing these non-IFRS measures is that the IFRS accounting effects of the adjustments do in fact reflect the underlying financial results of Plurilock’s business and these effects should not be ignored in evaluating and analyzing Plurilock’s financial results. Therefore, management believes that Plurilock’s IFRS measures of net loss and the same respective non-IFRS measure should be considered together. Non-IFRS measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Readers should refer to the Company’s most recently filed MD&A for a more detailed discussion of these measures and their calculations.
Annual Filings
Management’s Discussion and Analysis and Consolidated Financial Statements and the notes thereto for the year ended December 31, 2025, can be obtained from Plurilock’s corporate website at plurilock.com and under Plurilock’s SEDAR+ profile at www.sedarplus.ca.
About Plurilock
Plurilock sells Cyber Security solutions to the United States and Canadian Federal Governments along with Global 2000 companies. Through these relationships, Plurilock sells its unique brand of Critical Services – aiding clients with our expertise to defend against, detect, and prevent costly data breaches and cyber-attacks.
For more information, visit https://plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
ian@plurilock.com
416.800.1566
Ali Hakimzadeh
Executive Chairman
ali@sequoiapartners.ca
604.306.5720
Forward-Looking Statements
This press release may contain certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) which relate to future events or Plurilock’s future business, operations, and financial performance and condition. Forward-looking statements normally contain words like “will”, “intend”, “anticipate”, “could”, “should”, “may”, “might”, “expect”, “estimate”, “forecast”, “plan”, “potential”, “project”, “assume”, “contemplate”, “believe”, “shall”, “scheduled”, and similar terms. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances. Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Plurilock’s business. Additional material risks and uncertainties applicable to the forward-looking statements herein include, without limitation, unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. Many of these factors are beyond the control of Plurilock. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as at the date hereof and Plurilock undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws.
Cautionary Note Regarding Future Oriented Financial Information
This news release also contains future-oriented financial information and financial outlook (collectively, “FOFI”) regarding the Company’s eventual recognition of backlogged service contract revenue, which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this news release was made by management as of the date of this news release and was provided for the purpose of providing readers with an understanding of the importance of such backlogged contractual revenues, and is not an estimate of profitability or any other measure of financial performance. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein. The Company disclaims any intention or obligation to update or revise any FOFI contained in this News Release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein. The Company’s Chief Executive Officer and Chief Financial Officer approved the FOFI contained in this news release on April 21, 2026.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.