ImageWare reports slight declines as transition to ‘biometric first’ ImageWare 2.0 yields early results
ImageWare’s revenue was down only slightly for the second quarter of 2020, falling to $733,000 from $812,000 in the same period a year ago, the company has reported as it builds towards what the company calls “ImageWare 2.0.”
Gross profit was slightly down due in part to some higher third-party software license costs, and net loss grew to $2.9 million from just over $2.5 million in Q2 2019. Net loss per share, however, narrowed to $0.03 from $0.04.
For the first half, ImageWare reports revenues of $1,529,000, compared to $1,743,000 for 1H 2019, with slight decreases in net loss and net loss per share.
Highlights during the quarter include adding new VPs of Product Management and Engineering, the launch of a new IP licensing business, and being granted its 24th patent, this one related to biometrics enrollment from a mobile device for cloud-based services like its GoVerifyID. ImageWare also completed a series of company reviews and executed cost-cutting measures.
ImageWare President and CEO Kristin A. Taylor expressed pride in the dedication and productivity of team members continuing to work remotely.
“We are a ‘biometric first’ security company – and I’m pleased with the substantive progress being made as we continue adding targeted layers upon the new foundation established in Q1,” Taylor says. “We maintain our laser focus to transform the authentication market by leveraging multimodal biometrics.”
The company’s updated sales strategy is beginning to yield positive results, according to the announcement, with improving opportunities, improvement in new sales, incremental sales to existing customers, and renewals. Enhanced product messaging is also improving the company’s pipeline.
“Last month, we successfully restructured certain senior securities, paving the way for ImageWare to meaningfully finance our working capital requirements through the issuance of a senior security. We anticipate this proposed financing will take us through to cash flow positive. Overall, we’ve made important early progress on our path to build ImageWare 2.0 and I look forward to sharing more developments next quarter,” concludes Taylor.