Plurilock Security Inc
XTSX:PLUR
Plurilock Security Inc
Plurilock Security, Inc. is an identity centric cybersecurity company that reduces or eliminates the need for passwords by measuring the pace, rhythm and cadence of a user's keystrokes to confirm their identity. The company is headquartered in Victoria, British Columbia. The company went IPO on 2019-02-08. The firm enables organizations to operate safely and securely while reducing cybersecurity friction. The company operates through two segments: Technology division and Solutions division. The Technology division, operates under the Plurilock brand, builds and operates Plurilock’s own products. The Technology division is operated by the Company's subsidiaries, Plurilock Security Solutions Inc. (PL) and Plurilock Security Corp. (PLUS). The Solutions division is separately operated by Aurora Systems Consulting Inc. (Aurora). The Solutions division offers Aurora’s services and resells cybersecurity industry products and technologies to meet customer needs. The company offers two products, Plurilock ADAPT and Plurilock DEidentity.
Plurilock Security, Inc. is an identity centric cybersecurity company that reduces or eliminates the need for passwords by measuring the pace, rhythm and cadence of a user's keystrokes to confirm their identity. The company is headquartered in Victoria, British Columbia. The company went IPO on 2019-02-08. The firm enables organizations to operate safely and securely while reducing cybersecurity friction. The company operates through two segments: Technology division and Solutions division. The Technology division, operates under the Plurilock brand, builds and operates Plurilock’s own products. The Technology division is operated by the Company's subsidiaries, Plurilock Security Solutions Inc. (PL) and Plurilock Security Corp. (PLUS). The Solutions division is separately operated by Aurora Systems Consulting Inc. (Aurora). The Solutions division offers Aurora’s services and resells cybersecurity industry products and technologies to meet customer needs. The company offers two products, Plurilock ADAPT and Plurilock DEidentity.
Revenue Growth: Plurilock’s Q3 2025 revenue increased 8% year-over-year to $15.4 million, driven primarily by strong growth in high-margin Critical Services.
Critical Services Expansion: Critical Services revenue more than doubled, up 165% year-over-year to $2.7 million and now makes up 21.2% of total revenue.
Margin Improvement: Gross margin rose to 8.8% in Q3 2025 from 6.9% last year, as the company shifted focus towards higher-margin services.
Cost Savings: The company realized $2.7 million in annualized cost savings, expects a $10 million OpEx run rate for 2026, and has streamlined its operations.
Balance Sheet Strengthened: Plurilock completed a $1.8 million asset divestiture and raised $3 million through a convertible debenture, bringing more cash flexibility.
Growing Pipeline: Sales pipeline accelerated, with new government and defense opportunities expected to convert to revenue in early 2026.
No Equity Raise Planned: Management stated they do not anticipate raising equity over the next 12 to 18 months.
Profitability Path: The company is prioritizing gross profit over total revenue, focusing on shifting its revenue mix to higher-margin offerings.
