ImageWare named top 25 security firm, issues Q1 2017 financial results

May 15, 2017 - 

ImageWare has been named by CIO Applications as one of the “Top 25 Cyber Security Companies for 2017”, based on an evaluation of the company’s GoVerifyID Enterprise Suite.

The multimodal, multi-factor, end-to-end biometric platform seamlessly integrates with an enterprise’s existing Microsoft authentication ecosystem, ensuring quick deployment and providing a wide range of biometrics.

The annual list of 25 companies is chosen by a panel of experts and members of CIO Applications’ editorial board to recognize and promote technology entrepreneurship.

ImageWare’s patented biometric product line includes a highly scalable, multimodal biomingetric engine that is compatible with a wide range of sensors, modalities, and algorithms.

The company’s identity management products have several applications including secure credentials, national IDs, passports, driver’s licenses, and smart cards as well as both application and physical access control systems.

“We’re honored to be featured in the 2017 list,” said Jim Miller, chairman and CEO of ImageWare. “Data breaches are costing organizations millions of dollars, and even costing C-suite executives their jobs. Over 80 percent of data breaches involve the use of compromised passwords. So, adding strong multi-factor biometric authentication is the best way of mitigating this risk. With our decades of experience providing biometric solutions, we offer industry-proven, flexible, and secure authentication products, while enhancing the user experience.”

In a separate announcement, ImageWare issued financial results for Q1 2017, as well as a corporate update to highlight its progress since its last quarterly update on March 30, 2017.

ImageWare’s total revenues in Q1 2017 were $0.9 million compared to $1.0 million in the same year-ago period.

Gross margin in Q1 2017 was 71.8 percent compared to 73.3 percent in the year-ago quarter. The company attributes this decline primarily to its lower product revenue.

Meanwhile, the company saw a net loss of $2.7 million or $(0.03) per share in Q1 2017, compared to a net loss of $2.3 million or $(0.03) per share in the year-ago quarter.

As of March 31, 2017, the company’s cash and cash equivalents totaled $0.5 million compared to $1.6 million on December 31, 2016.

The company’s total debt in Q1 2017 was $3.9 million compared to $2.5 million at December 31, 2016.

“During the first quarter, we continued to focus on integrating our patented Biometric Engine into the cloud and mobile markets, principally via our GoVerifyID product for enterprise and consumer use, while also expanding into non-government sectors such as commercial, consumer and healthcare,” said Jim Miller, ImageWare’s chairman and CEO.

“Due to our business strategy relying on long-term engagements with large organizations, results from these initiatives continue to take time to materialize from a revenue perspective. We remain encouraged by the continued strong demand we are receiving behind the scenes and we anticipate further positive developments in strategic partnerships during the first half of 2017.”

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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.