Ipsidy reports Q3 earnings gains
Ipsidy has reported $0.7 million in revenue in Q3 2018, and $3.1 million in the last nine months as the company continues building its team, establishing sales channels and launching new identity solutions.
Revenues were up from $0.6 million and $1.8 million in the same periods a year earlier, respectively, and Ipsidy’s net loss was steady at $2.1 million compared to the same quarter a year earlier, while its nine-month net loss decreased from $14.6 million in the first three quarters of 2017 to $7.4 million. While the loss in Q1-Q3 2017 was impacted by a $4.1 million charge for satisfaction of notes payable, the improvement is still significant, and buoyed basic and fully diluted net loss per share to $0.00 in the last three months and $0.02 over the last nine months. Ipsidy attributes the improvement to its successful delivery of its Search AFIS and related services to the Zimbabwe Electoral Commission.
“We have made tremendous strides over the last 18 months and are firmly on the road towards achieving our strategic objectives,” said Philip Beck, Chairman and CEO of Ipsidy. “Our partnership with Ayonix, announced yesterday, highlights our approach of integrating third-party technologies into our identity platform. We are excited by the possibilities opened up by our new services. Our recently announced implementations of both Access and Verified are, we believe, just the start and if things go according to plan, we look forward to announcing many more customer implementations and users accessing the system over the coming quarters, with corresponding revenue.”
Ipsidy has increased its salary and technology investments this year, expanded its infrastructure to support future operations, and incurred a $0.5 million charge, mainly from writing-down the value of its legacy kiosks, resulting in a $0.3 million increase in adjusted EBITDA loss.
In the most recent quarter, which ended September 30, Ipsidy reached a deal to provide facial recognition to the Latin American logistics market through a partnership with Skypatrol, and launched a mobile phone-based physical access control software Access by Ipsidy.
Since the end of the quarter, the company has formed a partnership with Ayonix to develop an IP camera solution leveraging Access by Ipsidy.