ImageWare issues Q4 2016 and year-end financial results

March 31, 2017 - 

ImageWare Systems has issued financial results for Q4 2016 and year-end 2016, as well as a corporate update to highlight its progress since its last quarterly update on November 14, 2016.

The company’s total revenues in Q4 2016 remained constant at $0.9 million when compared to the same year-ago period.

Meanwhile, ImageWare’s gross margin in Q4 2016 improved to 69.3 percent compared to 40.2 percent in the year-ago quarter, which it attributes to a write-off in the 2015 quarter related to capitalized project expenses.

ImageWare’s net loss in Q4 2016 was $2.7 million compared to a net loss of $2.6 million in the year-ago quarter.

As of December 31, 2016, the company’s cash and cash equivalents totaled $1.6 million compared to $3.4 million on December 31, 2015. The company’s total debt was $2.5 million compared to no debt at December 31, 2015.

“During the fourth quarter, we continued to engage with various strategic partners to deploy our product offerings, a course of action we still view as imperative to our business model and overall long-term success,” said Jim Miller, ImageWare’s chairman and CEO. “We are making progress disrupting the longstanding yet troubled use of pins and passwords, however our business strategy relies on long-term engagements, often with very large organizations, that have continued to take more time than expected to materialize from a revenue perspective.

Miller said that the company commissioned Gartner to release a comprehensive newsletter during the fourth quarter, which identifies its GoVerifyID solution as the first enterprise-ready biometric platform that seamlessly integrates with the Microsoft infrastructure.

“In 2017, we will remain steadfast with our objective to solidify ourselves as the premier biometric authentication solutions provider,” Miller added. “We will continue to pursue high-profile strategic partnerships that we believe will yield consistent revenue as demand for higher levels of security and biometrics continues to strengthen.”

Previously reported, ImageWare Systems’ GoVerifyID Enterprise Suite was rewarded with the 2017 North American Frost & Sullivan Award for New Product Innovation.

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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.