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    Ryan Freemantle

    Research Analyst at Sophic Capital

    Ryan Freemantle is an Analyst at Sophic Capital, focusing on capital markets advisory for public and private growth companies, with particular interest in energy, resource management, risk advisory, regulatory compliance, and CleanTech sectors. He has directly covered companies such as Plurilock Security Inc., contributing investor-focused analysis and insight on earnings calls and strategy. Since joining Sophic Capital in May 2022, after assessing and managing multimillion-dollar grant and contribution projects for the Federal Government in Southern Ontario, Ryan has leveraged both his technical background and capital markets experience, beginning as the firm’s first co-op student. While detailed performance metrics and securities licenses are not publicly available, his professional trajectory showcases a blend of government, capital markets, and sector-specific expertise.

    Ryan Freemantle's questions to Plurilock Security (PLCKF) leadership

    Ryan Freemantle's questions to Plurilock Security (PLCKF) leadership • Q3 2024

    Question

    As the moderator, Ryan Freemantle posed a series of pre-submitted questions on behalf of investors. The questions covered a wide range of topics including the financial impact of partnerships with CrowdStrike and TD SYNNEX, the reasons for the decline in hardware/software revenue, the possibility of a NASDAQ uplisting, and the impact of a Trump presidency on the business. Other topics included international expansion plans, the growth potential and revenue recognition of Critical Services, the timeline to profitability, the impact of reduced R&D spending, capital raising plans, the competitive landscape, and the sales cycle for government versus commercial clients.

    Answer

    The company does not break out sales by partner but sees both direct and indirect benefits. The revenue decline is a result of a strategic shift to higher-margin Critical Services, focusing on gross profit. A NASDAQ uplisting is being considered to enhance shareholder value. Management is bullish on cybersecurity demand regardless of the political administration. The focus remains on North America, though opportunities are emerging in Europe. Critical Services is shifting to longer-term contracts with revenue recognized over the service period. Profitability is a key focus, to be achieved through gross profit growth and cost discipline, funded by ongoing warrant exercises rather than new capital raises. R&D spending was optimized without impacting competitive ability. The company wins contracts through existing relationships, past performance, and a growing brand reputation. While no specific 2025 guidance was given, the strategy remains focused on profitability driven by high-margin commercial and Critical Services contracts.

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    Ryan Freemantle's questions to Plurilock Security (PLCKF) leadership • Q3 2024

    Question

    Ryan Freemantle of Sophic Capital questioned the potential impact of the U.S. political climate on the Critical Services business and inquired about Plurilock's plans for international expansion beyond North America.

    Answer

    CEO Ian Paterson expressed a bullish outlook, stating that cybersecurity is increasingly a non-partisan tool of statecraft, which he believes will drive demand regardless of the administration. Regarding expansion, Paterson said the company's focus remains on North America, where it has a large addressable market. However, he noted that Plurilock is being pulled into opportunities in Europe and other allied nations, though there are no immediate plans for a physical expansion.

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