ImageWare reports 30 percent earnings growth and interest in cloud and mobile biometric products
ImageWare Systems revenues increased by 30 percent to $931,000 in the first quarter of 2019, from $716,000 a year earlier, as interest in its new mobile and cloud offerings picks up.
Net loss in the quarter ending March 31 was steady at $3.6 million, compared to Q1 2018. Gross profit was $727,000, or 78 percent, up from $468,000 (65 percent) a year ago.
“From many quarters, we are seeing fundamental and very positive changes in the identity management and biometric authentication landscapes around the world – with heightened interest in the IWS platform,” comments ImageWare Systems Chariman and CEO Jim Miller. “While revenues in the quarter continued to primarily reflect our historical business, given this new wave of interest and our recently executed agreements for our first significant implementations in the private sector (as well as a historically high pipeline) we should see a change to that mix in subsequent quarters as these dynamics translate to revenues.”
Highlights for the company in the quarter include the selection of its GoVerify ID mobile biometric solution by a global financial services provider to enable healthcare application compliance with 21st Century Cures Act mandates to implement Electronic Visit Verification (EVV) for patients through multi-modal biometric authentication, as well as a contract to provide biometric authentication, onboarding, identity proofing, and digital identity to a major multinational telecom through a reseller.
ImageWare also recently closed a registered direct offering with net proceeds of approximately $6.125 million.