Some black among the red in second-quarter financials for biometrics firms
The biometric ID sector in the second quarter, ended June 30, continued to bump along, trying to find its footing.
A good summary of reported profits and losses for Q2 and the first half might look like this:
Losses for Precise Biometrics and AuthID grew significantly.
BIO-Key’s net loss shrank a bit in the quarter and even more during the first half. Trust Stamp shed about a third of its Q2 net loss. Trust Stamp’s net loss improved notably for the quarter and slightly more for the half.
But Genifi greatly narrowed its quarterly comprehensive loss and actually swung from a big loss during the first half 2022 to report a bigger profit.
Here are the financial fundamentals for these firms.
Precise Biometrics revenue down
Digital identity software maker Precise reported a quarterly loss of SEK 7 million (US$650,000) on revenue of SEK 18 million ($1.7 million), compared to a quarterly loss of SEK 4 million ($370,000) on revenue of SEK 24.6 million ($2.3 million).
Precise‘s first half report shows a loss of SEK 14 million ($1.3 million) on revenue of SEK 37 million ($3.4 million), compared to a loss of SEK 5 million ($460,000) on revenue of SEK 53 million ($5 million) for the first half of fiscal 2022.
The company attributes the results to weak demand for mobile phones and the challenges of pivoting towards new markets.
BIO-key revenue up slightly
For the quarter ended June 30, ID and access management vendor BIO-key‘s net loss was $1.4 million, or $0.16 per basic and diluted share, on revenue of $1.9 million, compared to $1.7 million, or $0.21.
For the half, ended June 30, the company reported a loss of $1.7 million, $0.19, on revenue $5 million, compared to a loss of $2.7 million, $0.34, on revenue of $3.9 million.
BIO-key added several distribution partners during the quarter, in addition to new customers.
Trust Stamp narrows losses
The digital identity services firm reported a second quarter 2023 loss of $2.2 million, $0.31 per basic and diluted share, on revenue of $460,804, compared to a loss of $2.9 million, $0.63, on revenue of $708,288 for the same period a year ago.
For the first half of 2023, Trust Stamp reported a loss of $4.7 million, $0.80, on revenue of $919,438, compared to a loss of $4.6 million, $1, on revenue of $3.5 million a year ago.
AuthID reports modest revenues
ID verification and authentication software maker reported a net loss for the second quarter of $10.6 million, or $2.15 per basic and diluted shares for continuing operations, on revenue of $37,142, compared to a loss of $6.6 million, $2.06, on revenue of $66,409.
For the first half of the fiscal year, AuthID reported a loss of $16 million, $3.91, on revenue of $74,998, compared to a loss of $11.8 million, $3.80, on revenue of $231,461.
Genifi report 1H profit
The Canadian company formerly known as Prodigy Ventures, which makes ID verification software for fintechs, reported a second quarter loss of CAN$486,950 (US$361,000) (the share price netted out) on revenue of $564,735 (US$418,000), compared with a loss of $3.2 million (US$2.4 million), $0.02 ($US0.015) per basic and diluted shares representing continuing operations, on revenue $419,881 ($310,000).
For the first half of the year, Genifi reported a profit of $5.5 million (US$4.1 million) – for a loss of $0.01 per share) on revenue of $1.1 million, compared to a loss of $3.1 million, $0.03, on revenue of $861,659 for the same period a year ago.