ImageWare releases Q3 2016 financial results

November 17, 2016 - 

ImageWare Systems has released the financial results of the third quarter ended September 30th, which saw a decline in revenue to $0.8 million compared to $1.2 million in Q3 2015.

The company also reported a net loss of $2.4 million compared to a net loss of $1.9 million a year ago.

ImageWare saw a gross margin of 72.6%, compared to 72.8% reported in Q3 2015.

Additionally, its cash and cash equivalents totaled $1.7 million compared to $3.4 million on December 31, 2015.

Finally, the company’s total debt was $2.1 million compared to no debt at December 31, 2015.

ImageWare signed several key partnerships during the quarter — including those with Fortscale Security, Fujitsu and SAP HANA — all of which integrated ImageWare’s GoVerifyID biometric identity system into their respective platforms.

Jim Miller, ImageWare chairman and CEO, emphasized the newly-launched GoVerifyID Enterprise Suite, which is designed to easily integrate with Microsoft IT infrastructure.

“This is a truly revolutionary, scalable and affordable solution that will provide corporations with an unprecedented level of security,” Miller said. “Moreover, this plugin to the Microsoft infrastructure can be deployed in just a matter of hours, which is an incredible feat at this level of scale. Given the magnitude of Microsoft enterprise users, we see a considerable opportunity as GoVerifyID Enterprise Suite is backward compatible with Windows 7, 8 and 10.”

Moving into 2017, ImageWare will “continue executing [its] go-to-market strategy and capitalize on the growing adoption of biometrics, both at the commercial and enterprise level,” Miller said.

Previously reported, Fujitsu launched Smart Origination, customer onboarding technology developed in unique partnership with ImageWare Systems, InAuth, Intelligent Environments, Mitek and Trunomi.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.