Clear, BIO-key biometrics and access control revenues up

Increases in biometrics demand have led to increased revenues for Clear and BIO-key, while Telos ID has contributed to growth for its parent company, and Nxt-ID experienced a modest decline in earnings. Trust Stamp, meanwhile, is preparing to serve the potential metaverse crypto-asset market with a new subsidiary.

Clear revenues up 20 percent

Revenues from Clear’s biometric services were up 20 percent in the third quarter of 2021 to $67.6 million, as the company’s total cumulative enrollments jumped by 58 percent to 8.1 million.

The company also reported positive results in terms of total bookings, net member retention, and cumulative platform uses. Net loss was $32.8 million, or $0.23 per basic and diluted share, though the company paid out non-cash equity-based compensation that accounts for over $14 million of the total.

“Clear’s business continued to accelerate in the third quarter as new enrollments more than doubled sequentially,” comments Clear CEO Caryn Seidman-Becker. “Our platform continued to gain traction driven by a robust travel recovery, new partners launched in the quarter and continued demand for our secure digital identity and health solutions as the economy reopens. We are proud that the Clear platform is emerging as a trusted, market-leading solution for vaccination and testing credential management.”

The company expects fourth quarter revenues of $77.5 million to $78.5 million.

BIO-key up 38 percent

BIO-key reports revenues for its ‘Identity-Bound Biometrics’ and identity and access management (IAM) technologies was up 38 percent, to $1.3 million in Q3.

The company’s net loss was dramatically lower, at $1 million overall and $0.13 per share, compared to $3.3 million or $0.51 per share in Q3 2020.

BIO-key CEO Michael DePasquale says the company is serving increased demand for its PortalGuard identity and access control solution, and has expended the range of its Channel Alliance Partner Program.

He also touted the recent release of MobilePOS Pro biometric solution, and its FIDO2 MFA hardware keys with fingerprint biometrics as setting up future returns.

The gains followed impressive results for BIO-key in Q2.

Nxt-ID revenue down 10 percent, Telos ID boosts group revenue

Nxt-ID has booked revenues of $2.4 million for its connected care services, down 10 percent on a year-over-year basis.

Net loss was $0.7 million, or $0.12 per share for Q3 2021, and $7.7 million, or $1.43 per share, for the first nine months of the year.

CEO Chia-Lin Simmons, who took the role in June, noted the company’s recent filing of a pair of provisional patents related to fall detection among technologies it plans to bring to market in the future.

Telos reports a 48 percent increase in revenue to $70.1 million, driven by Telos ID and two other subsidiaries.

GAAP net loss for Telos in Q3 was $5.4 million, or $0.08 per diluted share.

Trust Stamp enters the metaverse as Metapresence

Trust Stamp has established a subsidiary to sell its secure crypto key vault solution in the metaverse, and dubbed it Metapresence Limited.

The Metapresence Crypto Key Vault will leverage Trust Stamp’s facial biometric authentication technology to enroll users and secure access to the vault. Biometrics are combined with other data for cryptographic conversion into the company’s IT2 tokens.

The subsidiary is seeking registration or licensing in several jurisdictions, starting with the Isle of Man, where the financial regulator has published clear guidance on the applicability of financial regulations to crypto-assets and tokens using distributed ledger technology, according to the announcement.

Article Topics

BIO-key  |  biometrics  |  CLEAR  |  digital identity  |  financial results  |  metaverse  |  NXT-ID  |  stocks  |  Telos Corporation  |  Trust Stamp