Ipsidy cloud biometrics revenue growth continues in Q1 2019
After reporting revenue growth of nearly 61 percent in 2018, Ipsidy recorded revenue growth of 41 percent in the first quarter of 2019 for its cloud biometric platform, compared to a year earlier to $0.7 million.
In the quarter ending March 31, Ipsidy recorded a net loss of $2.2 million, down 18 percent from $2.7 million in Q1 2018. Basic and diluted net loss per share was nil, compared to a net loss of $0.01 a year ago. EBITDA loss decreased to $1.6 million from $1.7 million, or 4 percent, on a year-over-year basis.
“Everything starts with trusted identity. We started 2019 by enhancing our suite of mobile biometric solutions to include Proof, our new identity verification solution, and to make Proof and Verified easily accessible through the Ipsidy Identity Portal without any integration,” says Ipsidy Chairman and CEO Philip Beck. “Our identity platform offers mobile biometric services that work great on their own and even better together. We look forward to more customers and users and to growing our platform revenue over the year as we focus in on our active sales pipeline.”
Company highlights in the quarter include the implementation of the company’s Verified Portal with partner Safetrade’s Xpressa Payment Solutions, the launch of Proof by Ipsidy, a new collaborative partnership with RemoteLok, and a reseller agreement for the Caribbean region with Noftek. Ipsidy also partnered with REMCAP to offer its Access solution, and continued to develop its IP camera solution, leveraging its Ayonix license to enable edge biometrics with Access. Ipsidy also recently signed a distribution agreement with Mobile Solutions Peru, which has already yielded its first customer.