FB pixel

ImageWare issues Q4 2016 and year-end financial results

Categories Biometrics News  |  Trade Notes
ImageWare issues Q4 2016 and year-end financial results

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.

Article Topics

 |   |   | 

Latest Biometrics News


Specification to unite decentralized identity schemes opens door to new applications

The decentralized identity community is integrating OpenID’s protocols for verifiable credentials with DIDComm to give businesses a way to utilize…


Nametag patents method for solving user lockouts during MFA resets

Resetting a password for an account with multi-factor authentication (MFA) enabled can often lead to challenges that sometimes require users…


Sumsub puts numbers to deepfakes preceding elections; govts take action

An internal analysis conducted by Sumsub shows a substantial rise in deepfake content leading up to the 2024 elections in…


IBM loses institutional investor over biometrics sales to Israel

A major Norwegian assets management company Storebrand says it has got rid of its investments in US technology company IBM…


FIDO Alliance introduces passkey Design Guidelines to optimize UX

New guidance on how to implement passkeys for optimal user experience have been published by the FIDO Alliance. FIDO’s Design…


Interpol exec calls for more biometrics sharing to combat cross-border crime surge

Speaking at a recent event in London, Stephen Kavanagh, executive director of police services at Interpol, warned of a “new…


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events