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Intellicheck and ForgeRock revenues up, Precise and Cerence down, but some glimmers

Intellicheck and ForgeRock revenues up, Precise and Cerence down, but some glimmers

Losses continued to mount among publicly held biometrics and digital identity providers during the three months ended March 31. As a group that just reported their financials, Precise Biometrics, Intellicheck and ForgeRock and Cerence are experiencing up and down revenue.

ForgeRock reports a jump in its revenue during the first quarter, $25.5 million compared to $19.6 million in the first quarter of 2022. ForgeRock develops commercial open-source ID and access management products.

First-quarter revenue was up for Intellicheck, which develops ID authentication and validation software, too. Executives report first-quarter revenue of $4.2 million compared to $3.3 million a year ago.

The picture was more glum for the other two companies.

Precise‘s net revenue dropped 32.4 percent quarter over quarter. It dropped to SEK 19.1 million (US$1.8 million) from the SEK 28.3 million ($2.7 million) reported last year. The company makes fingerprint, face biometrics and smart-card-based authentication and access control systems.

Cerence, a voice recognition firm mostly focused on the auto market, saw its second-quarter (ending March 31) revenue tumble from $86.3 million in 2022 to $68.4 million this year.

There were fewer bright spots in this group for profit, however.

ForgeRock posted a first-quarter loss of $25.4 million, or $0.29 per share, compared to a loss of $16.4 million, or $0.20, during the same period a year ago.

Intellicheck reported a loss of $1.3 million, or $0.07 per share, compared to a slightly higher loss of $1.4 million, or $0.08 per share a year ago.

Precise reported an operating loss of SEK 6.8 million ($660,000) in the first quarter this year compared to SEK 802,000 ($78,000) during the same period a year ago. Annual recurring revenue ticked up slightly for the company, from SEK 16.1 million ($1.5 million) a year ago to SEK 17.2 million ($1.6 million).

For its second quarter, Cerence reported a first-quarter loss of $26.1 million, or $0.65, compared to a loss of $500,000, or $0.01 a year ago.

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