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Precise Biometrics books major revenue increase for first 9 months of 2020 despite soft Q3

Precise Biometrics books major revenue increase for first 9 months of 2020 despite soft Q3

Precise Biometrics has announced SEK 23.2 million (approximately US$2.7 million) in net revenue and SEK 1.1 million ($127,000) in EBITDA as the company’s Q3 operating total and overall earnings both swung to a loss of SEK 2.2 million ($253,000).

In the third quarter of 2019, Precise Biometrics booked an operating profit of SEK 3.3 million ($380,000) and total earnings of SEK 3.2 million ($368,000) on net sales of SEK 27.5 million ($3.2 million) and an EBITDA of SEK 6.6 million ($759,000).

Over the first nine months of the year, however, Precise’ results are significantly more impressive, with earnings of SEK 69.9 million ($8 million) representing a 31.5 percent increase over the same period a year earlier.

Earnings per share for both the quarter and the first three quarters was negative SEK 0.01, compared to positive SEK 0.01 in Q3 2019 and a loss of SEK 0.03 in quarters one to three of last year.

Precise Biometrics CEO Stefan K. Persson expressed satisfaction at reaching positive EBITDA for another quarter, and says the company is “making major inroads in the field of Digital Identity” with its YOUNiQ software. Customers are asking for additional installations of YOUNiQ, including Temporary Space Nordics.

The company is also continuing to strengthen its direct sales force, and to see its products integrated by mobile OEMs like Samsung. While biometric smart cards have not been issued in large volumes yet, Precise has seen an increase in activity in the space, though the company expects volumes to remain modest over the next year.

Recent highlights for Precise include an access control integration partnership with RCO, and after the end of the quarter, integration with Telcred’s access control platform.

“With stable income from Mobile, we continue to invest in the field of Digital Identity, where we see major market potential for access,” Persson states in the announcement. “We are confident in our efforts to be the preferred supplier of identification software for secure and convenient identification, where you are the key.”

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