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More disconcerting financial news in biometrics

Updates from Mitek, Next, Facephi and Precise
More disconcerting financial news in biometrics
 

Financial reports for fiscal 2023 are out, and the picture is a now-familiar mixed bag.

First, digital identity and fraud prevention technology provider Mitek, which boasts that it helps the world’s largest companies “meet regulatory requirements,” says it has been told by Nasdaq exchange officials that it again is not complying with listing requirements.

Mitek hasn’t filed its fourth-quarter report yet, weeks after mandated to do so. It already was late with its fiscal report for the year ended in September. (It has managed to file some performance data needed by investors.)

The company has filed required documents with the Nasdaq informing the exchange stating that it’s unable to file fiscal forms on time without unreasonable effort or expense.

Mitek has been “subject to a (Nasdaq) Mandatory Panel Monitor for a period of one year, or until November 6, 2024,” according to a company statement.

At stake is losing Mitek’s shares listing on the Nasdaq. In fact, late last year exchange executives decided exactly that, and the company is appealing the decision.

Meanwhile, fingerprint biometric sensor maker Next Biometrics, has its own distressing news. Annual revenue fell and its loss widened 42 percent over the previous year.

For fiscal year 2023, ended December 31, NEXT reported an operating loss of NOK 66.7 million (US$6.3 million), or NOK 0.69 ($0.066) per basic share, on revenue of NOK 33.7 million ($3.2 million).

That compares with a loss of NOK 48 million ($4.5 million), or NOK 0.5 ($0.048), on revenue of NOK 46.5 million ($4.4 million) for the same period a year ago.

Facephi has reported pinking results for fiscal 2023.

The biometric authentication software maker says its loss before interest, taxes, depreciation and amortization widened in fiscal 2022 by 13 percent. But revenue rose 31 percent over the same period.

Facephi reported an EBITDA loss of €3.8 million ($4 million) on revenue of €34.2 million ($36.8 million) for fiscal 2023. That compares with a loss of €4.4 million ($4.7 million) on revenue of €26.1 million ($28.1 million) in 2022.

Precise Biometrics has seen the opposite.

The fingerprint verification software vendor has reported declining earnings and sales.

For fiscal 2023, which ended December 31, Precise says it recorded an operational loss of SEK 26.5 million ($26.5 million), or SEK 0.03 per share ($0.0029), on revenue of SEK 75.1 million ($7.1 million). That compares with a loss of SEK 20 million ($1.9 million), SEK 0.05 ($0.0048), on revenue of SEK 91 million ($8.7 million).

A handful of executives have been recruited to posts, but the most significant move has been the resignation of the company’s chief financial officer. Her announcement came December 21 and she will leave this summer. A replacement is being sought.

Precise’s marketing department has posted what it says is an interview it conducted with Goode Intelligence’s chief analyst, Alan Goode. The reported message is positive, but not the stuff of celebrations.

Goode is quoted saying the market for biometric identification grew by a compounded 13 percent last year. He reportedly says it will grow 14 percent, to $16 billion, in 2024.

The big buyers will be phones, IAM, banking and payments and automotive.

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