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Gatekeeper Systems

GSI.V
31
Security & Protection Services · Industrials
Price
C$1.77
+0.02 (+1.14%)
Market Cap
C$197.5M
Exchange
Toronto Stock Exchange Ventures
Winston Score
31
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through May 31, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Weak
Stability
Data not available
Valuation
Data not available

Share count rising — dilution

+5.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 89.8M (2021) → 94.9M (2025)

Winston Score History

The full picture

Gatekeeper Systems Inc. is a Canadian technology company that makes video surveillance and monitoring systems for buses, trains, and other public transit vehicles. Its core products include onboard cameras, AI-powered video analytics, and fleet monitoring software sold mainly to public transit agencies and school bus operators across North America.

The company earns revenue through a mix of hardware sales and software subscriptions, with recurring software and service contracts helping to stabilize income over time. Gatekeeper operates primarily in Canada and the United States, and its focus on the transit and student transportation niche gives it specialized expertise that larger, general-purpose security companies do not always match. With a market cap around $200 million and a currently negative operating margin, the business is still working toward consistent profitability. The key growth driver is expanding its software and recurring revenue base as transit agencies modernize their fleets, though winning and retaining government contracts — which can be slow and competitive — remains a central challenge.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+68.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+725.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

C$4M/ year

Rising (+30% vs prior year)

11.6% of revenue

2.9x the sector average (4%)

Investing heavily in future products and technology

Insider Activity

18.8%ownership

Insiders own a meaningful stake in the company

Cash Runway

~4 months

C$7M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Gatekeeper Systems grew revenue 68% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
53.2%
Healthy — 53.2% gross margin
Profit after running costs
Operating Margin
17.4%
Healthy — 17.4% operating margin
Return on the money invested
ROCE
-4.5%
Weak — -4.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+23.5%
Fast-growing sales (+23.5% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-53.7%
Burning cash (-53.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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