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Gatekeeper Systems

GSI.V
33
Security & Protection Services · Industrials
Price
C$1.66
-0.01 (-0.60%)
Market Cap
C$184.4M
Exchange
Toronto Stock Exchange Ventures
Winston Score
33
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Jul 26, 2026 · filings through May 31, 2026

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)

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.

Winston Score History

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

$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

$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

Gross Margin
53.2%
Healthy — 53.2% gross margin
Operating Margin
17.4%
Healthy — 17.4% operating margin
ROCE
5.4%
Weak — 5.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY
+23.5%
Fast-growing sales (23.5% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
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

Debt / Equity
N/A
Data not available
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
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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