10:45 AM EDT, 08/30/2024 (MT Newswires) -- Plurilock Security ( PLCKF ) , a global cybersecurity services and solutions provider, reported Friday a wider second quarter net loss even though revenue rose slightly.

Net loss rose to near $3.914 million, or $0.11 per basic and diluted share, from near $2.6 million, or $0.29 per share, last year.

But revenue increased slightly, from $12.25 million, to $12.642 million, with 98% Critical Services growth to $1.45 million in Q2 2024 from $0.73 million in Q2 2023.

Adjusted EBITDA improved to a loss of $591,888 in Q2 2024 from a loss of $1,870,054 in Q2 2023 from stronger margins and cost management versus the prior year.

"In the second quarter of 2024, Plurilock continued to expand its Service offerings, a key strategic focus of our growth and margin expansion strategies," said Ian Paterson, CEO of Plurilock. "Throughout the quarter and post June 30, 2024, we continued to add new clients and expand our presence within existing clients. Our pipeline of opportunities remains strong; our high-margin Critical Services is scaling nicely; and our business transformation remains on schedule. We will continue to prioritize its high-end cyber consulting business to generate higher gross margins and accelerate our path to profitability."

Plurilock was last seen down $0.10, to $0.85 on the TSX Venture Exchange.

Price: 0.87, Change: -0.08, Percent Change: -8.42