ImageWare reports 31 percent 1H revenue increase

ImageWare Systems reported second quarter revenue for 2018 of $1.9 million, 78 percent higher than the same quarter in 2017, the company said in an upbeat earnings report. First half earnings were up 31 percent from a year earlier to $2.6 million.

Net loss was $2.3 million in the quarter, compared to $2.5 million in Q2 2017, though net loss for the first half increased from $5.3 million in 2017 to $5.9 million. Gross profit in the quarter was $1.6 million (84 percent), roughly double the $810,000 (76 percent) ImageWare reported in the second quarter last year, with the higher margins due to more software licensing revenue. The company’s gross profit in the first half of the fiscal year was $2.0 million (79 percent), up from $1.5 million (74 percent) in the first half of 2017.

“While all of the pending major sales in our pipeline are taking time, they are all moving forward. Because the migration from pins and passwords to our biometric technology is so significant, all parties are moving deliberately,” said ImageWare CEO and Chairman Jim Miller. “We are making forward progress and have every reason to remain highly optimistic as we expect more substantive announcements in Q3.”

During the quarter ImageWare opened a new sales office in Japan, and formed an integration and distribution partnership in the country. It showcased its FDA-cleared pillphone application for medication reminders, and initiated multi-modal biometric security systems for employees of banks in Canada, New York, and Philadelphia. ImageWare partner Four Points Technology also won a $3.6 million multi-year contract with the U.S. Veterans Administration (VA).

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