ImageWare Systems reports Q2 2017 revenues of $1.1M
ImageWare Systems, Inc. has issued financial results for Q2 2017, as well as a corporate update to highlight the company’s progress since its last quarterly update on May 10, 2017.
The company’s total revenues in Q2 2017 were up 6 percent to $1.1 million compared to $1.0 million in Q2 2016.
Meanwhile, gross margin in Q2 2017 increased 400 basis points to 76.4 percent from 72.4 percent in the year-ago quarter, which was primarily due to higher software licensing revenues.
Net loss in Q2 2017 was $2.5 million or $(0.03) per share, compared to a net loss of $2.1 million or $(0.02) per share in Q2 2016.
On June 30, 2017, the company’s cash and cash equivalents totaled $0.1 million compared to $1.6 million on December 31, 2016.
In addition, ImageWare reported a total of $6.0 million in debt as of June 30, 2017 compared to $2.5 million at December 31, 2016.
“Our second quarter was highlighted by several partnership developments,” explained Jim Miller, ImageWare’s chairman and CEO.
The company expanded its agreement with Fujitsu to support mobile devices and actively market the GoVerifyID suite of products in Europe, Middle East, India, Africa and the Americas. They also entered a resell agreement with storage and networking solutions distributor Info X Distribution to market and sell the GoVerifyID Enterprise Suite.
ImageWare also finalized the integration of biometric identity management and credentialing software into five Alaskan airports and were named by CIO Applications one of the “Top 25 Cyber Security Companies for 2017”.