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ImageWare Systems reports Q2 revenues up

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ImageWare Systems reports Q2 revenues up

ImageWare Systems has reported the financial results for the second quarter ended June 30, 2015, as well as updating the company’s progress since its last quarterly update on May 11, 2015.

“ImageWare’s strategy to target large IT service providers and deliver security for their cloud and mobile customers remains on track,” said Jim Miller, chairman and CEO of ImageWare Systems.

Over the past quarter, ImageWare successfully “formed very significant relationships” with Fujitsu, TransUnion, CA Technologies, IBM, Deutsche Telekom, Agility, Extenua, Lockheed Martin and Online Auction, Miller said.

All of these partners have moved from the testing to integration phase, while a few of them are even moving to the “launch of aggressive marketing campaigns,” Miller said.

“These companies see and live in the same world as we do — a world that saw 50% of all organizations experience some form of data breach in the last 12 months, with two-thirds of those breaches involving the compromise of pins and passwords,” Miller said. “So we have the right products in the right place at precisely the right time. We believe that we are now at the start of large consumer adoption and that our technology will be front and center as that rollout commences.”

In the second quarter, Imageware’s total revenues increased 81% to $1.7 million compared to $0.9 million in the second quarter of 2014, which can largely be attributed to revenues stemming from the company’s biometric identification project for Los Angeles World Airports (LAX).

Meanwhile, the company’s gross margin in the second quarter of 2015 was 52.9% compared to 75.2% in the second quarter of 2014.

This can also be attributed to the LAX project, which was drawn out over a far longer period than Imageware originally anticipated.

The company’s net loss in the second quarter of 2015 was $1.8 million or ($0.02) per basic share, compared to a net loss of $2.1 million or ($0.02) per basic share in the second quarter of 2014.

At June 30, 2015, cash and cash equivalents totaled $6.4 million compared to $0.2 million at December 31, 2014, which is the result of Imageware’s convertible preferred offering completed in February 2015.

Previously reported, ImageWare Systems, Inc. issued financial results for the first quarter ended March 31, 2015, as well as confirmed the completion of its first SaaS installation for the Baja California driver’s license program.

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