ImageWare reports mostly flat earnings as it shifts biometric portfolio to cloud and mobile
ImageWare Systems has reported a 2.6 percent increase in revenue from its biometric portfolio for fiscal 2018 to $4.4 million and a fourth quarter decline from $1.2 million a year earlier to $1.1 million as part of annual results the company says primarily reflect its legacy business.
Gross profit for Q4 rose to 85 percent, from 80 percent in the same quarter a year earlier, and up by 3 percent on the year, but net loss increased for both the quarter and the year, with ImageWare’s 2018 loss coming in at $12.6 million, compared to $10.1 million in 2017.
“While 2018 revenues reflected primarily our legacy business, our recently announced deals document our transition to a recurring revenue model based on our newer cloud and mobile products,” says ImageWare Systems Chairman and CEO Jim Miller. “Pending initiatives and our work in the higher price point health care market signal that we are firmly on a path toward profitability.”
Among the company’s highlights since the end of the company’s fiscal year at the close of calendar 2018 are the launch of the ImageWare Digital Identity Platform at RSA Conference 2019, an agreement with a global financial services provider to use GoVerify ID to meet U.S. healthcare compliance requirements, and a deal with a major telecom customer, reported to be MTN Nigeria, to use its multi-modal Biometric Engine for user authentication.