Ipsidy revenue grows more than 60 percent with new biometric technologies and more markets
Ipsidy announced its full-year revenue for 2018 grew by nearly 61 percent to $3.8 million, from $2.3 million in 2017, providing near-term working capital and improving the company’s overall balance sheet.
During the year Ipsidy received a $9.6 million equity investment, integrated of its Verified multi-factor biometric authentication solution with its first bank customer, and signed a distribution partnership to extend its geographic reach. Ipsidy also significantly enhanced its product portfolio with the launch of its new Proof service for digital onboarding and high-value transaction verification, and its mobile device-based physical access technology, Access.
The company recorded a net loss of $10 million, but even that was down 57 percent from $17.5 million the previous year, with loss from operations dropping from $12 million to $9.3 million. Basic and fully diluted net loss per share was $0.02, an improvement from $0.05 in 2017. Investments in technical and operational resources increased Ipsidy’s EBITDA loss for the year from $5.7 million last year to $6 million.
“We have made tremendous strides over the course of 2018. We are firmly on the road towards achieving our strategic objectives,” comments Ipsidy Chairman and CEO Philip Beck. “Everything starts with trusted identity. Our identity platform offers a suite of mobile biometric services that our customers can use across multiple use cases to seamlessly create trusted transactions, with a common user experience when delivered through the Ipsidy mobile identity application. We look forward to more customers and users and to growing our platform revenue over the coming quarters.”
The company will soon announce new resellers in the U.S., the Caribbean, and Peru.