Biometrics gross margins at Voxx reverse slide seen in fiscal 2021
Electronics maker Voxx International is reporting a fiscal 2022 gross margin of 21 percent in its biometrics line, a big swing from the 22.8 percent negative gross margin last year.
For the fiscal year, ended February 28, Voxx‘s biometrics lines generated net sales of $900,000, edging out the $800,000 reported in fiscal 2021.
The company’s main stage is automotive and consumer electronics, and it is building in more biometrics products. One of its three divisions is Voxx Biometrics, comprised of iris and facial recognition provider EyeLock, a majority-owned subsidiary.
For the year, Voxx Biometrics’ revenue increased 5.5 percent, while auto electronics rose 22.4 percent, and consumer electronics 9 percent.
Looking at the fourth quarter, Voxx reports an unspecified negative gross margin for the segment during the fourth quarter. The same story is true for a year ago. Net sales for the fourth quarter were $100,000, mirroring sales from the fourth quarter of 2021.
For comparison, Voxx’s automotive net sales in the quarter fell 3.7 percent, and consumer electronics net sales rose 3.1 percent year on year.
Voxx as a whole saw net sales reach $635.9 million, a 12.8 percent increase over fiscal 2021. Executives say they expect bottom-line improvement in fiscal 2023.
EyeLock launched both a new software system for biometric access control and a facial recognition solution this past March.
biometrics | digital identity | EyeLock | face biometrics | financial results | iris biometrics | stocks | Voxx International