Biometrics stocks wrap: AuthID revenue steady, ForgeRock, Intellicheck, HikVision, SuperCom up
Revenues for authID.ai held steady at $500,000 for the third quarter of its fiscal 2021, and $1.7 million for the first nine months of the fiscal year, as the company reported progress in driving the development of key products, as well as sales and marketing initiatives for its biometric authentication tools.
Revenue results during the same periods in 2020 were similar, though authID’s net loss ballooned from $1.9 million in Q3 2020 to $5.2 million in the most recent quarter. The company still had cash and equivalents of $9.2 million on hand after closing a public offering near $11.5 million in August.
AuthID.ai CEO Tom Thimot says authID.ai’s vision is to help organizations replace legacy password structures and OTPs.
“Verified by authID—which captures a selfie seamlessly in a web-browser and verifies identity to a secure, cloud-biometric—offers a superior, frictionless, authentication solution,” states Thimot.
“Importantly, our successful launch of Verified as a replacement for one-time passwords (OTP) at Money 20/20 at the end of October validated our view of the meaningful market demand for authID.ai’s cloud-biometrics. We look forward to continuing the momentum we created at this event in conjunction with our expanded sales efforts and compelling new marketing campaigns.”
After reaching a low-point below $7 earlier this year, authID’s share price has rebounded to above $17 in Thursday trading.
ForgeRock revenue up 38 percent
ForgeRock’s revenue grew by 38 percent, on a year-over-year basis, to $44.2 million, as the customer base for its enterprise digital identity platform continues to grow.
The company booked an GAAP operating loss of $8.8 million, or 20 percent of total revenue, in its first quarter as a publicly-traded company. GAAP net loss was $15.3 million.
“Identity is critical to digital transformation as more companies recognize the need to deliver both safe and seamless experiences to engage their customers and keep employees productive to grow their businesses,” ForgeRock CEO Fran Rosch comments. “We see these trends continuing into our fiscal fourth quarter, bolstering our confidence that we are well positioned to capitalize on a large and growing market opportunity for enterprise-grade identity.”
CFO John Fernandez says customers with an annual run rate of $100,000 or more increased from the previous quarter and by 18 percent over the same quarter last year.
The company forecasts total revenues of $46.5 million to $47.5 million in Q4.
Intellicheck sales up
Intellicheck has booked revenue of $4.8 million in its fiscal third quarter, 79 percent higher than the same quarter in 2020, on higher sales of both hardware and its biometric identity verification software-as-a-service.
Net loss during the quarter was $952,000, or $0.05 per diluted share, after a virtual break-even net in Q3 2020.
“Much of what we have been investing in and working on this year is focused on transforming the company to be a Digital Identity company, rather than purely an ID Validation company,” states Intellicheck CEO Bryan Lewis. “We have expanded our client base far beyond just credit cards into banking, call centers, gambling, cannabis, stadiums as well as the digital world, which continues to become an increasing portion of our business. We believe this transformation will allow us to move into many more markets and become a powerhouse within Identity Validation and Digital Identity.”
Lewis recently wrote to Biometric Update about face biometrics as a foundation of fraud protection for a sponsored post.
Patriot One receives $2M in financing
Patriot One has revealed it is a partner to a Raytheon Technologies contract under the Government of Canada’s Industrial and Technological Benefits (ITB) Policy.
The company will receive $2 million in cash financing to continue the development of its AI-powered platform for threat detection and patron screening.
The deal is related to Canada’s procurement of upgrades for long-delayed CF-18 Hornet fighter jets.
HikVision sales grow despite headwinds
HikVision’s results show strong momentum in its sales of surveillance cameras and facial recognition technology, with revenues up 22.4 percent to $3.4 million (RMB 21.73 billion) in the third quarter of 2021.
“The organization has faced challenges, notably global supply chains, and this requires flexibility and planning to assure security solutions are available to partners in the U.S. and across the globe. Our third quarter financial growth reminds us that our investment in our people, our partners, our dealers and communities is invaluable. We remain committed to the North American market,” comments Tony Yang, president, Hikvision USA.
In the last nine months, the company booked $8.7 million (RMB 55.63 billion) in total revenue, up 32.4 percent y-o-y.
SuperCom posted revenues of $3.1 million in Q3, up 25 percent from just under $2.5 million in the same period a year earlier, but a net loss of $2.4 million, or $0.09 per share.
“We are encouraged by our accomplishments in the third quarter which further demonstrate the continued execution of our strategy to expand our footprint and positioning in our niche market of IOT tracking solutions for the public safety market,” says SuperCom President and CEO Ordan Trabelsi, who counts 30 contract wins in the space in recent years.