Biometrics stocks: quarterlies, annuals, SEC actions
March 11, 2024 – OneSpan neatly nipped off a fourth quarter loss that it recorded in fiscal 2022, but its unaudited loss for 2023 was twice that of fiscal 2022. Despite the disappointing annual figure, there was room for broader optimism in the coming year.
For the year ended December 31, 2023, the cybersecurity company reported a $29.7 million loss, or $0.74 cents per basic and diluted share, on revenue of $235.1 million. OneSpan reported a $14.4 million loss, or $0.36, for the preceding year, on revenue of $219 million for the same period a year ago.
Ebitda for fiscal 2023 was $12 million, compared to $6.4 million.
For the fourth quarter of 2023, OneSpan reported a profit of $441,000, $0.01, on revenue of $62.9 million. This compares with a loss of $3 million, $0.08, on revenue of $56.6 million for the same period a year ago.
Losses chopped for BigBear, but 2023 revenue flat
March 11, 2024 – BigBear saw its losses narrow markedly during its last fiscal year, ended December 31. The AI company also completed its buyout of Pangiam.
BigBear reported a loss of $60.3 million, or $0.40 per basic and diluted share, on revenue of $155.1 million for fiscal 2023. This compares to a loss $121.6 million, $0.95, on revenue of $155 million for the same period a year ago.
For the fourth quarter, BigBear reported a loss of $21.2 million, $0.14, on revenue of $40.5 million. This compares to a Q4 2022 loss of $29.8 million, $0.23, on revenue of $40.3 million.
Assa Abloy puts out its fiscal 2023 annual report
March 11, 2024 – In a formality, Assa Abloy has published its fiscal 2023 financial report. The financial numbers differ not one iota from the unaudited report. Fiscal 2023 sales rose 16 percent, from SEK 120.7 million ($11.52 million) to $140.7 million ($40.17 million) last year. Operating cash flow jumped 60 percent year over year, from SEK 15.8 million ($1.5 million) last year to SEK 25.2 million ($2.4 million), according to the company.
Mitek wins stay on Nasdaq delisting
January 18, 2024 – Face biometrics and computer vision provider Mitek‘s problem filing required financial reports continues. Executives were granted their requested suspension stay from the Nasdaq exchange due to the delays. Previous reporting problems will force Mitek to miss the ID verification company’s deadline for filing government-required quarterly information for the period ended December 31.
Nasdaq officials plan to meet March 19 for “a final determination.”
On December 18, Mitek said it would appeal Nasdaq’s decision to delist it due to the delay in releasing its annual report for the fiscal year ended September 30. Not long after the announcement, the company announced it had hired a new chief financial officer.
On December 8, the firm reported in a preliminary report a profit of $7.8 million from its biometric ID verification and mobile deposit software, or $0.17 per diluted share for the year ended September 2023, which was a 2.6-times increase over the $3 million reported for fiscal 2022.
More good financial news dribbles out of authID
January 17, 2024 – A significantly revamped authID is again reporting encouraging non-GAAP stats. The biometric ID authentication software maker says its platform recorded a 12 times increased in year-over-year growth. Following efforts to regain its footing financially, executives say they again comply with Nasdaq listing rules.
The cumulative value of gross booked annual recurring revenue in the second, third and fourth quarters of fiscal 2023 is $3 million, according to the company, a 1,200 percent increase. Full GAAP data for the fourth quarter and year will wait until authID issues its 2023 annual report in March.
Erasing long-term debt, BIO-key still has revenue worry
December 21, 2023 – BIO-key has retired a $2.2 million senior secured note and with it, according to the company, all long-term debt, a move that should lighten the balance sheet and buoy share prices. Speaking of which, the ID access management firm says it sold a private placement valued at $550,000 and at a premium to the market price. BIO-key this week opted for a 1-for-18 reverse stock split to meet the share-price requirement of the Nasdaq.
Another missed quarterly report for Mitek; Nasdaq issues warning again
December 20, 2023 – Digital identity firm Mitek may have finally filed its three missing quarterly financial reports to the Nasdaq market, but it missed filing the fourth-quarter report. That means the company again is being warned about imminent delisting from the market.
Mitek has the opportunity to appeal the decision with Nasdaq.
A preliminary and delayed report on Mitek ‘s fiscal 2023 arrived earlier this month and while the numbers available were positive, the document has holes. Very few GAAP figures have been published by Mitek. Non-GAAP numbers are more common in the document, but even they are scarce.
In September, Mitek announced it was supplying its biometric ID verification software to Equifax for its fraud data checks.
SuperCom swings to a Q3 profit
November 15, 2023 – SuperCom has reported an unaudited profit of $146,000, or $0.24 per share non-GAAP (GAAP was not posted) on revenue of $6.7 million for the quarter ended September 30. This compares to a net loss of $2.1 million, or a loss of $0.25 per share non-GAAP, on revenue of $6.2 million a year ago for the biometric monitoring solution provider.
For the nine months ended September 30, SuperCom reported a loss of $2.4 million, or profit of $0.31 per share, on revenue of $20.9 million. This compares to a net loss of $7.2 million, $1.22, on revenue of $12.5 million for the same period last year.
The company secured a $3 million contract through a subsidiary for alcohol use monitoring in California during the quarter.
Clear swings into the black in third quarter
November 10, 2023 – Biometric ID verification company Clear is reporting a solid, positive swing in its fortunes in both the third quarter and the first three quarters of 2023.
For the quarter ended September 30, Clear reported a net profit of $26.8 million, or $0.17 per basic and diluted share, on revenue of $160.3 million. This compares with the third quarter a year ago when it reported a loss of $65.5 million, or $0.44, on revenue of $115.9 million.
During the first three quarters of fiscal 2023, Clear reported a net profit of $26.6 million, or $0.16 per basic share and $0.15 per diluted share, on revenue of $442.6 million. This compares with a loss of $96.6 million, $0.67 basic and diluted, on revenue of $309.1 million.
Brighter quarter for Idex as firm preps to issue debt
November 10, 2023 – Idex is reporting an improving environment, having cut its third-quarter and nine-month losses compared to the same period last year.
The fingerprint biometrics company says it posed a loss of $7 million, or $0.01 per basic and diluted share, on revenue of $950,000 for the quarter ended September 30. This compares with a loss of $9 million, $0.01, on revenue of $928,000 a year ago.
For the first three quarters, it reported loss of $21.7 million, $0.02, on revenue $3.6 million. This compares with a loss of $26.3 million, $0.03, on revenue of $3 million a year ago.
Idex also is preparing to issue senior convertible debt for as much as NOK 100 million (US$8.95 million), to be amortized over 3.5 years. It will be priced at 92 percent of the principal. The funding will pay for “commercial ramp-up.”
The company will have the option of paying with equity or cash with every two-month installments.
Approval of the plan is expected November 30.
A little stability for Precise but a lot of fall in Q3 report
November 10, 2023 – Face and fingerprint verification software maker Precise Biometrics is reporting mixed financial signals so far for fiscal 2023.
For the quarter ended September 30, the company reported a loss of SEK 7.2 million (US$660,000) on revenue of SEK 17.7 million ($1.6 million). Precise does not report per-share results. In the same period last year, the company reported a loss of SEK 7.3 million ($670,000) on revenue of SEK 18.8 million ($1.7 million).
Executives announce the first three quarters of fiscal 2023 with similarly conflicting dynamics.
For the period ended September 30, Precise reported a loss of SEK 21 million ($1.9 million) on revenue of SEK 54.7 million ($5 million). A year ago, the company said it had posted a loss of SEK 12.2 million ($1.1 million) on revenue of SEK 71.7 million ($6.57 million).
Intellicheck narrows quarter loss, sees revenue rise
November 10, 2023 – Digital ID verification company Intellicheck is still reporting losses, but executives say revenue is growing. Software-as-a-service revenue rose 17 percent.
For the third quarter of fiscal 2023, ended September 30, the company reported a net loss of $644,000, or $0.03 basic and diluted shares, on revenue of $4.7 million. This compares with a $724,000 loss, $0.04, on revenue of $4 million in the same period a year ago.
For the first three quarters of the year, Intellicheck reported a loss of $2.7 million, $0.14, on revenue of $13.7 million. That compares with a loss of $3.2 million, $0.17, on revenue of $11.4 million for the same period last year.
Q3 losses shrink for AuthID
November 10, 2023 – AuthID is narrowing its losses, but closed the third quarter, ended September 30, with a notable quarter-over-quarter increase in revenue.
Executives at the biometric ID authentication company reported an unaudited net loss of $3.7 million, or $0.47 per basic and diluted share, on revenue of $43,000. This compares with a loss of $6.3 million, $2, on revenue of $30,000 for the same period last year.
For the first nine months of fiscal 2023, the company reported a loss of $16.1 million, $3.05, on revenue of $118,000. This compares with a loss of $18.2 million, $5.80, on revenue of $116,000 for the same period last year.
Aware’s Q3 revenue surge sets up neutral cashflow by year-end
November 2, 2023 – Aware’s revenue from sales of its biometric platform surged by 112 percent in its third fiscal quarter of 2023, compared to the same quarter a year ago, reaching $6.4 million, the company has announced.
The company’s $2.5 million in operating cashflow represented the highest amount since late-2018, while net income totalled $1.1 million, or $0.05 per diluted share.
Aware CEO and President Robert Eckel says the quarterly results positively reflect the company’s efforts to create annual recurring revenue and sustainable growth.
“Our leading biometric technology and ability to adapt to customers’ needs while remaining demographically neutral allows us to leverage partnerships to gain additional market share as well as capitalize on the growing traction for AwareID and broader industry tailwinds,” Eckel says. He believes Aware can grow total revenue and ARR by 15 percent this year and finish 2023 cashflow-neutral.
Losses mount for Next Biometrics
November 1, 2023 – Fingerprint sensor maker Next Biometrics has reported an operating loss of NOK 20.4 million (US$1.82 million), or NOK 0.22 ($0.02) per basic and diluted shares, on an operating revenue of NOK 5.9 million ($530,000) for the third quarter, ended September 30. This compares to a loss of NOK 10.6 million ($950,000), NOK 0.12 ($0.011), on revenue of NOK 14.4 million ($1.28 million) for the same period last year.
Combining the performance of the first three quarters is no prettier for the company, which competes on price and the differentiation of its thermal biometric sensors.
Company executives reported an operating loss of NOK 53.8 million ($4.8 million), NOK 0.58 ($0.052), on operating revenue of NOK 19.7 million ($1.76 million). This compares with a loss of NOK 35.9 million ($3.2 million), NOK 0.38 ($0.034), on revenue of NOK 35 million ($3.1 million) for the first three quarters of fiscal 2022.
Strong Q3 last year makes newest Thales financials look worse
November 1, 2023 – Digital identity and security sales are doing Thales no favors, although biometrics is helping. For the first three quarters of fiscal 2023, a period ended September 30, sales fell 7 percent, from €2.58 million (US$2.72 million) in the first three quarters of fiscal 2022 to €2.4 million ($2.53 million) this year.
Organic sales, however, rose 7 percent during the first three quarters of fiscal 2023 despite a “slightly negative” (down 2 percent) third quarter, according to the company. Thales defines organic as results at constant scope and currency.
(Order intake for digital ID and security products was €2.4 million ($2.53 million) through the first three quarters. Without comparing the total to the same period last year, Thales said it is “in line with sales over the same period” because “most businesses in this segment do not book long-term orders.”)
Thales executives say the lackluster sales performance of the sector is more a reflection of “an exceptionally strong” third quarter of 2022, which recorded 22 percent organic growth over the second quarter last year.
The French company’s Digital Solutions unit, which includes biometrics, cybersecurity and Internet of things, is enjoying momentum, according to the announcement. It is showing double-digit organic growth. Thales provides few details for digital ID and security performance because it is a subgroup of the company as a whole.
Mitek says it’s on track for 18% jump in annual revenue
October 27, 2023 – Remote identity verification and cheque deposit company Mitek says its third-quarter performance ensures its fiscal 2023 will meet its earlier revenue projection of 18 percent year-over-year growth.
The company reported an unaudited net loss of $428,000, or $0.01 per basic and diluted share, on revenue of $43.1 million for the quarter ended June 2023. This compares with a loss of $215,000, or break even per share, on revenue of $39.1 million for the same period a year ago.
That’s warming news and Mitek’s core performance indicators over the first three quarters look even better.
The company reported a profit of $9.4 million, or $0.21/$0.20 per basic/diluted share, on revenue of $134.8 million. That compares with a profit of $3.3 million, or $0.07 basic and diluted, on revenue of $105.1 million.
Sales and fees push BIO-key’s Q3 revenue up 30% year over year
October 27, 2023 – Digital authentication and ID firm BIO-key says its third quarter revenue rose 30 percent, to $1.8 million thanks to software license fees, hardware sales and services.
The company reported a net loss of $749,000, or $0.08 per basic and diluted shares, on revenue of $1.8 million for the quarter ended September 30. This compares with a loss of $2.4 million, or $0.29 per basic and diluted share, on revenue of $1.3 million a year ago.
For the three quarters ending September 30, BIO-key reported a loss of $2.5 million, or $0.27, on revenue of $6.84 million. That compares with a loss of $5.1 million, $0.64, on revenue of $1.2 million for the same period is fiscal 2022.
This post was updated at 10:02am Eastern on November 3, 2023 to correct the revenue figure for the first three quarters of the year.
Zwipe releases partial Q3 financials
October 24, 2023 – Biometric payment firm Zwipe has released partial financial data for the third quarter, however, there is not enough information to see the company’s trajectory.
The recently restructured Zwipe reported revenue of NOK 300,000 (US$26,859) for the third quarter of 2023, ended September 30. This compares with revenue of NOK 800,000 ($71,624) a year ago.
Cash flow for the period fell to negative NOK 27.1 million ($2.43 million) . In the third quarter of 2022, Zwipe reported cash flow of negative 24.2 million ($2.17 million).
Also this week, Tadera talked up a past purchase of Zwipe’s biometric system on a card for use in credential maker Tadera’s airport secure credential access card. The cards have an internal fingerprint sensor.
Mitek’s Q2 catch-up shows continued gains
Sept 18, 2023 – Mitek has reported a profit of $4.4 million on revenues of $45.3 million in the second quarter of its fiscal 2023, as the remote identity verification and cheque deposit company catches up on filing its financial results.
Net income was 10 cents per share, and earnings adjusted for one-time costs and gains were 29 cents per share.
The positive Q2 report followed a first quarter result of $4.7 million in net income on $45.7 million in revenue. Mitek revenues have been rising, both specific to digital identity and overall.
The filings were delayed, at least in part, by a change in accounting firm.
Mitek also reiterated its guidance of between $169 and $171 million in revenue over the course of 2023.
Trust Stamp alleges possible illegal short selling
Aug 25, 2023 – Executives with biometric ID firm Trust Stamp suspect its shares are being depressed in value by naked short selling.
In naked short selling, or naked shorting, the shares of a company are sold without first borrowing the shares or at least confirming that the share exist. The practice, which drives down the price of a company’s stock, is largely illegal.
It’s largely illegal because federal lawmakers fashioned equity trading laws after the 2008 financial crisis that left open some loopholes.
Short selling itself is legal but infuriating to management and some investors. It is when an investor borrows a security and sells it on a stock market, fully expecting to buy it back for later at a discount.
Trust Stamp alleges that a large percentage of its trading volume has come in the form of short selling.
The company is working with the Securities and Exchange Commission, Department of Justice, Nasdaq and the Financial Industry Regulatory Authority to stop the practice and punish those involved.
Activist shareholder again calls for sale of OneSpan
Aug 25, 2023 – A large shareholder in OneSpan thinks its fellow owners would benefit the most by selling the anti-fraud software firm and the stock market appears to agree.
According to SA News, a publication of investor community Seeking Alpha, shares of OneSpan were up almost three percent on the call made by Legion Partners. Legion owns 8.7 percent of the company.
The company has a “highly attractive and stable” base of customers that multiple strategic and financial firms covet, according to a letter pushing the idea that was signed by Legion’s two managing partners.
The investing firm three years ago said value is being left unrealized by OneSpan’s current strategies and status.
In January, Blackrock, the world’s biggest asset manager, increased its ownership in OneSpan.
First-half numbers moving in the right direction for Idex
Aug 11, 2023 – Idex Biometrics reported interim first-half figures showing a loss of $14.7 million, or $0.01 per basic and diluted shares, on revenue of $2.7 million. During the same period last year, the company reported a $17.4 million, or $0.02 per share, on revenue of $2.1 million.
For the quarter, Idex reported a loss of $7.4 million on revenue of $1.5 million (a quarterly record) for the three months ended June 30. This compares with a loss of $8.3 million on revenue of $1.1 million for the same period last year.
According to the company’s interim data, gross margins grew 22 percent over the first quarter of fiscal 2023.
Service revenue collapsed in the first half. It was nonexistent in both Q1 and Q2, and had fallen unsteadily since the second quarter. At that point, service sales were $100,000, $84,000 in the third quarter of 2022 and $16,000 in the final quarter of the fiscal year.
Intellicheck moving in the right direction
Aug 11, 2023 – Intellicheck shaved its second-quarter net loss compared to the same period last year. For the three months ended June 30, it reported a net loss of $777,000, or $0.04 per basic and diluted share, on revenue of $4.7 million. This compares favorably with a net loss of $1.1 million, or $0.06 basic/diluted, on revenue of $4 million.
For the six months ended June 30, the identity validation software company reported a net loss of $2.1 million, or $0.11, on revenue of $8.9 million. During the first half of fiscal 2022, the company reported a net loss of $2.6 million, $0.14, on revenue of $7.4 million.
Executives say trailing 12-month SaaS revenue has increased for the previous 42 consecutive months (in this case, as of June 30). Known as TTM, this metric looks at financial performance over the previous 12 months. It can give investors an updated picture of a company that is seasonally adjusted.
Losses mount for ForgeRock, but Q2 recurring revenue encouraging
Aug 9, 2023 – ForgeRock reports a net loss of $28.8 million, or $0.32 per basic and diluted share, on revenue of $58 million during the second quarter, ended June 30. This compares with a net loss of $22 million, or $0.26 a share, on revenue of $47.7 million for the same period last year.
Looking at the first half of the year, the digital identity company’s net loss was $54.2 million, or $0.62 per basic and diluted shares, on revenue of $121.4 million. This compares with a net loss of $38.8 million, or $0.46, on revenue of $95.8 million during the first half of 2022.
The company is spotlighting its Q2 annual recurring revenue, which was $251.3 million, 25 percent higher year over year. ARR, as the metric is known, is useful in gauging the strength of a subscription-based company including forecasting revenue.
Synaptics reports a Q4 gross margin of 44.5 percent
Aug 8, 2023 – Biometrics hardware vendor Synaptics has released its fourth quarter and fiscal 2023 financials.
For the quarter ended June 30, Synaptics reported a net loss of $23.4 million, or $0.59 per basic share on revenue of $227.3 million. That compares to net income of $82.9 million, or $2.09 per basic share, on revenue of $476.4 million for the same period last year.
The company’s quarterly gross margin was 44.5 percent.
Fiscal 2023, Synaptics reported net income of $73.6 million, $1.86 per share, on revenue of $1.4 billion. This compares with fiscal 2022, when the company said it registered net income$257.5 million, $6.60, on revenue of $1.7 billion.
Company executives say they anticipate a gross margin from 43.5 percent to 47.5 percent and revenue of $215 million to $245 million.
Synaptics launched a new fingerprint sensor during the quarter.
Idex chooses to leave the Nasdaq
July 21, 2023 – Being listed on the Nasdaq exchange in the U.S. and the Oslo Bors in Norway is too expensive for fingerprint biometrics firm Idex, according to the company, which has decided to leave the Nasdaq. Idex’ American depository shares, each of which represent 75 ordinary shares, should be a thing of the past as of August 10.
Biometrics sales tiny but stable for Voxx
July 13, 2023 – One the few quarterly financial statistics that have remained unchanged year over year for ailing Voxx International is in biometrics products. Voxx, the majority owner of Eyelock, Inc., is primarily an international aftermarket supplier of automotive and maker of consumer electronics.
Posting its first-quarter 2024 results, the company reported that net sales of biometrics goods for the period ended May 31 was $100,000, the same as its first quarter in fiscal 2023.
Companywide, it recorded a widening loss. Voxx reported a net loss of $11.7 million, or $0.45 per basic and diluted share, on net sales of $111.9 million in the most recent quarter. This compares with a loss of $7.8 million, $0.27, on sales of $128.7 million for the same period a year ago.
CEO Pat Lavelle issued a statement: “We anticipate continued global softness and are in the process of realigning our operations, reducing our workforce and bringing down overhead to be profitable on lower sales volumes. New products and expanded distribution within our Consumer segment, and new vehicle models coming online in our Automotive segment should help offset some of the weakness, but we are expecting a weak global economy throughout 2023.”
Intercede revenue, profit rise for just-completed fiscal 2023
June 22, 2023 – Digital ID cybersecurity firm Intercede has reported an operating profit of £571,000 (US$727,810), or £0.023 per basic share ($0.029 per share), on revenue of £12.1 million ($15.4 million) for fiscal 2023, ended March 31. That compares with an operating profit of £390,000 ($497,100), £0.013 per share ($0.017) revenue of £9.9 million ($12.6 million).
The company says it has invested in the IT infrastructure backing its digital identity software, and that its financial position is strong and unleveraged.
GB Group fiscal ’23 revenue climbs as profit turns to a loss
June 16, 2023 – ID verifier GB Group reports a fiscal 2023 operating loss of £112.4 million (US$144.2 million) or £47.5p (or $.603) per share on statutory revenue of £278.8 million ($357.7 million). That compares with a fiscal 2022 operating profit of £23.4 million ($30 million) or £6.9p ($.086) on statutory revenue of £242.5 million ($310.7 million)
BIO-key belatedly files finance report for quarter ended in March
Authentication and IAM provider BIO-key has made itself right with the Nasdaq exchange. The company had been notified that it was in danger of being delisted due to delayed financial reporting. Executives said they are current with requirements. The problem arose when the compilation and review of “certain financial information could not be completed” in time.
Thales stirs its bonds, issues €500M fixed rate
June 9, 2023 – Thales is refinancing a 2016 bond that has matured with a new issue of €500 million (US$537 million) at a fixed rate of 3.626 percent that will mature in six years. The money also will improve the liquidity of the diversified multinational company with biometrics products.
Lead managers of the issue were BBVA, Commerzbank, Crédit Agricole Corporate & Investment Bank, Deutsche Bank, JP Morgan, Natixis and Unicredit.
The 2016 €3 billion bond issue was lead managed by the same firms arranging the new bond.
Another biometrics firm misses its Q1 financials report deadline
May 31, 2023 – New Jersey-based biometric systems provider BIO-key told the Securities and Exchange Commission May 16 its first quarter financials report will be delayed an unspecified period.
Nasdaq, the exchange on which its shares trade, sent a notice to BIO-key May 23 that it is in breach of exchange requirements about timely financials report submission. Nasdaq’s note is just that for now, but if noncompliance continues penalties can be significant.
In their alert to the SEC, executives issued boilerplate language about not being able to file performance figures on time without unreasonable expense and effort.
BIO-key has to show a plan to distribute the information, at which point Nasdaq officials can extend the deadline by up to 180 calendar days from the original deadline.
Mitek said the same to regulators earlier this month about its quarterly report when it could not produce the information on time.
Switch to software as a service continues at Trust Stamp
May 26, 2023 – Trust Stamp, a biometric multi-factor authenticator, is facing a moment in its history that separates the clients and employees who have faith in the plan and those who do not.
All the key financial numbers are sliding down rapidly. Trust Stamp reported that its first-quarter loss was $2.5 million, or $.50 a share, on revenue of $485,000 for the period ending March 31. This compares with a loss of $1.69 million, or $.37, on revenue of $2.8 million for the same period a year ago.
Some portion of the drop is attributable to the plan that the company has been implementing for months. The idea is to switch from custom software development to software as a service, which is being executed now.
Executives added an orchestration layer to its products and services, too, and they have been siphoning off resources from other sales efforts to staff the orchestration layer business. Sales, general and administrative spending was cut 37 percent between first quarter 2023 and 2022.
Trust Stamp says it expects “meaningful revenue” from this unit in fiscal 2024.
It has integrated orchestration layer products with the Driver License Data Verification System from the American Association of Motor Vehicle Administrators. With this done, according to the company, executives say they can build simplified ID tools for administrators.
All of that could lead to more revenue at some point, but today is not that point. Revenue fell by 84 percent in the most recent quarter compared to the first quarter of last year. Most of that drop, according to the software maker, was caused by a U.S. Immigration and Customs Enforcement contract that was terminated last year.
Q1 revenue rises for Idex
May 25, 2023 – Biometric sensor maker Idex saw its year-over-year loss narrow slightly during the first quarter, ended March 31. But its revenue rose by a third.
Idex, which makes sensors for cards and embedded devices, reported a loss of $7.2 million, or $.01 per basic and diluted share, on revenue of $1.2 million. This compares to a loss of $8.1 million, or $.01, on revenue of $989,000 for the first quarter of fiscal 2022.
Executives were able to reduce operating expenses on a quarter-to-quarter comparison. In the most recent period, the company reported $8.6 million and $8.9 million a year ago.
The market inflection point claimed in 2022, when nine biometric payment card programs using Idex sensors were launched, could be continuing this year. The company says seven Turkish and Bangladeshi banks have committed to its sensors so far this year. Europe and the Middle East are showing “particularly strong” interest.
Mastercard signed off on Idex’ fingerprint test assessment, which is essential to winning real estate on the finance company’s cards. Complete certification, according to the company, is expected in the second quarter this year.
Encouraging signs in Voxx Biometric’s Q4
May 24, 2023 – Voxx Biometrics, a unit of electronics conglomerate Voxx International, reported a much-improved 2023 fourth-quarter gross margin compared to the final quarter of 2022, ended February 28. Voxx Biometrics said its gross margin was 39.8 percent in the fourth quarter of 2023, compared to a negative margin a year ago. No actual number was released.
The unit’s net sales in the fourth quarter of 2023 was $400,000 as compared with $100,000 in the same period a year ago. Executives attributed the gain to rising customer numbers during the fiscal year.
Parent Voxx International reported a net loss of $30.9 million, or $1.17 a share, on revenue of revenue of $534 million for fiscal year 2023, ended February 28. This compares with a loss of $27.4 million, or $.92 a share, on revenue of $635.9 million for fiscal 2022.
The last fiscal year that Voxx was in the black was 2021, when it reported a profit of $26.7 million and a per-basic-share profit of $1.11.
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