Gatekeeper Systems: Growth Returned, Now Profitability Is Following

Gatekeeper delivered a second consecutive quarter of strong growth, reinforcing that the turnaround first seen in Q2 is gaining momentum. The backlog continues growing while shifting toward higher-quality recurring software, service, and OEM revenue. Gatekeeper still trades below my estimate of fair value despite improving profitability and a stronger long-term business mix. Gatekeeper Systems (GSI:CA) (GKPRF) is showing more evidence that the turnaround first seen in Q2 was not a one-quarter event. Q3 delivered another quarter of