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Losses widespread among digital ID and biometrics providers in tough third quarter

Losses widespread among digital ID and biometrics providers in tough third quarter
 

It was third-quarter losses for all the ID companies below. All but on-demand identity validation vendor Intellicheck saw the red ink spread farther compared to third quarter 2021. One firm, Idex Biometrics, was all but flat in terms of is quarter-over-quarter loss.

As noted, Intellicheck reported third-quarter loss of $724,000, or 4 cents a share, on revenue of $4 million. It reported a net loss of $1 million, or 6 cents, on revenue of $4.8 million, for the same quarter last year. Gross profit for the just-completed quarter was $3.7 million, compared to $3.3 million a year ago.

Biometric software and solutions maker BIO-key reported a net loss of $2.2 million, or 29 cents per share, on third-quarter revenue of $1.4 million. A year ago, the company said its net loss was $1 million or 13 cents per share, on revenue of $1.3 million. Gross profit for the quarter was $979,766 in the recent quarter and $1 million a year ago.

Biometric authentication firm Idex reported a net loss of $8.12 million on revenue of $928,000 in the third quarter this year. That compares to a net loss of $8.2 million a year earlier.

Access control biometrics provider Precise Biometrics reports a loss of 7.4 million Swedish Krona (roughly US$0.7 million) in the quarter on net sales of SEK 18.8 million ($1.79 million). Both were higher than the same period a year ago.  For the first nine months of 2022, Precise is up to SEK 71.7 million in net sales, and earnings of negative SEK 12.9 million, again, both higher than a year earlier.

Secure ID authentication vendor authID reported a net loss in the third quarter of $6.3 million, or 25 cents per share, on revenue of $30,000. A year ago, authID reported a net loss of $5.2 million, or 22 cents, on revenue of $169,000.

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