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Aware expects bounce-back after messy fiscal 2022 for biometrics stocks

Aware expects bounce-back after messy fiscal 2022 for biometrics stocks
 

Executives at biometric authentication software maker Aware say they expect to increase total revenue by at least 15 percent and right cash flow to at least neutral this fiscal year.

Their first quarter financial statement, however, looks like a tentative step forward at best.

Aware‘s first quarter, ended March 31, saw a loss of $1.6 million, or 7 cents per diluted share, on revenue of $4.3 million. This compares to loss of $1.3 million, or 6 cents, on revenue of $4.7 million in the same quarter a year ago.

The company’s adjusted loss before interest, taxes, depreciation and amortization was $1.4 million in the first quarter this year compared to an EBITDA loss of $600,000 a year ago.

The first quarter slightly outpaced the fourth quarter in revenue and adjusted EBITDA, according to Aware. Software subscription revenue lifted overall revenue and higher revenue accounted for most of the growth in EBITDA.

Cash on hand drooped from $29 million when the fourth quarter closed to $27.3 million at the end of March.

Executives say they are intent on expanding their recurring revenue base, which grew 4 percent compared to the first quarter last year and 17 percent compared to the fourth quarter. They want to close this fiscal year with a 15 percent growth rate for annual recurring revenue.

The company in the first quarter repurchased about 200,000 common shares at a weighted average of $1.79 per share as part of a previously discussed buy-back.

Facephi, Plurilock, Remark, Prodigy, and Liquid Avatar results

Spanish face biometrics developer Facephi has released its audited fiscal 2022 statement without surprises.

Executives reported a fiscal 2022 loss of €720,000 (US$795,000) on revenue of €26.1 million ($28.8 million), or €0.07 ($0.08) per share. This compares with a loss of €251,000 ($277,000), or €0.04 ($0.05), on revenue of €15.3 million ($16.9 million) the previous year. EBITDA was €4.4 million ($4.86 million) for 2022 compared to €758,000 ($837,00) last year.

The company last year began consolidating subsidiaries in Latin America, Asia-Pacific and Europe, the Middle East and Africa. Headcount grew 30 percent compared to 2021, according to executives.

Identity cybersecurity vendor Plurilock Security has reported its fiscal 2022 financials, and while its annual loss widened by more than $2 million, revenue almost doubled.

Plurilock executives reported a loss of $8.4 million, or 12 cents a share, on revenue of $64.6 million. That compares with a loss of $6.3 million, or 10 cents, on revenue of $36.6 million in fiscal 2021. Cash on hand dwindled during the period, from $9.4 million in 2021 to $2.7 million last year.

The Canadian government this week awarded Plurilock subsidiary Plurilock Security Solutions as much as $75,000 to support its R&D program, which is examining behavioral biometric techniques.

Remark Holdings also has announced its 2022 financials. Remark writes AI code for software developers and businesses and publishes digital content including fantasy sports material.

Remark reported a loss of $55.4 million, or $5.22 per diluted share, on revenue of $11.6 million in fiscal 2022. That compares to a loss of $27.4 million, $2.70, on revenue of $15.9 million.

Digital ID vendor Prodigy Ventures reported a far wider loss in 2022 compared to 2021, but revenue more than doubled.

The loss was $5.4 million in fiscal 2022 (ended December 31), or 5 cents a share, on revenue of $1.7 million. That compares with a loss of $871,000, 2 cents, on revenue $646,000.

Digital ID software and service firm Liquid Avatar has hit a rough patch, indeed. It has told regulators that it did not have enough money to file on time its financial statement for the period ending December 31.

Company executives say they have the funds to file fiscal 2022 filings before June 20. They have asked the Ontario Securities Commission to place a temporary prohibition on certain of them trading Liquid Avatar shares.

The stumble has not scared investors, apparently.

Last month, has said its Aftermath Islands Metaverse subsidiary has received funding from the principal of a family office and multiple private funds in United Kingdom and European Union. The group have made a share purchase in an A series and will be lead of the round.

The funding gives Aftermath Island a valuation of CDN$53 million ($39 million). Liquid Avatar reportedly continues to look for other Series A participants.

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