Plurilock’s payoff for Aurora acquisition shows in earnings report: biometrics stocks wrap
Plurilock and Okta have announced major gains in top-line financial results, as publicly traded companies in the biometrics space deliver mid-year updates. Liquid Avatar has closed its fundraise and Idex Biometrics employees are investing in their company, while authID.ai offered up some product news as it rang the Nasdaq’s closing bell.
Plurilock earnings suddenly shift
The recent acquisition of Aurora Systems Consulting pushed Plurilock’s revenues to CA$8.6 million (approximately US$6.8 million) in the second quarter of the company’s fiscal 2021, compared to just under $80,000 ($63,700) in the same period a year ago.
Adjusted EBITDA was negative $985,142 ($784,500) for the quarter and negative $2,041,539 ($1.63 million) for the first half.
Plurilock did not have hardware sales a year ago, but hardware made up 88 percent of Q2 sales revenues. The company’s behavioral biometrics business has also picked up, however.
A leading U.S. financial services firm has renewed its contract to use Plurilock’s DEFEND for continuous authentication based on the behavioral biometrics collected from user’s keyboard and mouse actions. The annual recurring contract is for $42,000, and was originally signed last year. The deal is aligned with Plurilock’s strategy of expanding its customer base within government and regulated verticals, according to the announcement of the deal’s extension.
A much larger deal, $672,000, was also struck recently by Plurilock to supply its behavioral biometrics to an unnamed financial institution.
“We are very pleased to report the second quarter of 2021 saw us deliver strong year over year revenue growth, add industry leading professionals to the organization, and expand our operational presence to new markets globally,” comments Ian L. Paterson, CEO of Plurilock, in the earnings announcement. “The growth exhibited provides further validation that enterprise customers look to Plurilock for a partner that delivers simple, reliable, industry leading cybersecurity solutions to some of the world’s leading organizations.”
The Aurora acquisition was completed during the first half of 2021, and Plurilock already reported a boom in business. Paterson notes that Aurora gives the company channel partner with an experienced sales force and 140 customers.
Liquid Avatar closes private placement
Liquid Avatar has closed a previously-announced CA$2.7 million (US$2.15 million) private placement with institutional investors to fund its vision of biometrics and blockchain-powered user-controlled digital identities.
The company issued 24 million and one common shares and warrants in connection with the private placement, at a purchase price of CA$0.1125 ($0.09) and exercise price of CA$0.15 ($0.12) each, respectively.
Okta revenue up 57 percent
Okta has announced a 57 percent increase in revenue on a year-over-year basis to $316 million in its fiscal Q2 2022. Most of that revenue was made up of subscriptions, which grew at an even faster rate.
The company has also acquired workplace operations platform atSpoke to support its planned identity governance tool, having picked up biometrics and identity tools provider Auth0 earlier this year.
Auth0 contributed $38 million to Okta’s total earnings.
“In our first quarter as a combined company with Auth0, we’re off to a fantastic start,” says Todd McKinnon, CEO and co-founder of Okta. “Execution remained sharp with strong demand for Okta’s workforce and customer identity solutions, as well as Auth0’s developer-centric identity solutions. As organizations advance on their journey of improving their customers’ digital experience, adopting zero-trust security environments, and deploying more cloud applications, they continue to turn to Okta to deliver an unmatched array of modern identity solutions to meet these challenges.”
The company’s GAAP net loss during the quarter was $277 million, or $1.83 per share, increased from a GAAP net loss of $60 million, or $0.49 per share a year earlier.
Idex details employee share purchase plan
Idex Biometrics will issue 913,198 ordinary shares at NOK 2.10 ($0.24) each to employees participating in its 2020 Employee Share Purchase Plan, according to a resolution by the Idex board of directors.
The company also reported that 53 employees participated in the program this cycle, primary insiders CEO Vince Graziani and CTO Anthony Eaton among them.
authID.ai announces new product plans at Nasdaq closing bell
authID.ai plans to launch new self-service offerings for replacing passwords with biometrics at the upcoming Money20/20 Las Vegas in October, CEO Tom Thimot announced as the company rang the Nasdaq closing bell on Tuesday, August 31.
Thimot pitched the company’s replacement of passwords with selfie biometrics for both consumers and enterprises.