- Patriot One Technologies (PAT) reported $1.1 million in revenue for the 2021 fiscal year
- The company ended the year with an additional $3.6 million in its sales backlog
- With a revamped sales and marketing strategy, Patriot One doubled down on campaigns aimed at its key target markets
- The company completed work on existing Xtract contracts worth $1 million during the fiscal year
- Patriot One Technologies is a Canada-based security systems developer
- Patriot One Technologies Inc. (PAT) is down 2.27 per cent, trading at $0.43 per share
Patriot One Technologies (PAT) reported $1.1 million in revenue for the 2021 fiscal year.
This year’s revenue is lower compared to revenue reported in 2020, with last year’s sale of Patriot One Platforms to Innovative Solutions Canada bringing 2020 revenue up to $2.1 million.
The backlog of sales commitments not yet recognized as revenue was $2.4 million as of July 31, 2021, as compared to $1.2 million as of July 31, 2020. Subsequent to year-end, the company was awarded an additional $1.3 million in additional sales commitments, bringing its total backlog to $3.6 million.
For the fourth quarter, Patriot One reported revenue of $0.3 million compared to $0.4 million for the same period in 2020, following the full year’s financial trend.
With a revamped sales and marketing strategy, Patriot One doubled down on campaigns aimed at its key target markets, resulting in multiple successful customer acquisitions.
The company completed work on existing Xtract contracts worth $1 million during the fiscal year and was awarded multiple government projects during and subsequent to the fiscal year.
In addition to a new marketing strategy, the company implemented restructuring and cost-cutting efforts to improve operating efficiencies and better align the company with its strategic direction and business development plans.
Peter Evans, CEO of Patriot One commented on the results.
“Fiscal 2021 was a year of focus and resetting our strategy to align to our key markets resulting in a notable increase in customers requesting product demonstrations in both controlled and live events,” he said.
“With this momentum,” he added, “I am very optimistic and believe we are well-positioned to deliver a strong fiscal 2022.”
Patriot One Technologies is a Canada-based security systems developer.
The company makes unobtrusive, AI-driven weapons and threat detection systems that provide unprecedented safety features and improve the customer experience.
Patriot One Technologies Inc. (PAT) is down 2.27 per cent, trading at $0.43 per share as of 3:51 pm ET.
