“We are excited by the prospects for growth into 2021 that appear in our robust new business pipeline, supported by the recent injection of capital from our existing as well as new stockholders.” -Phillip Kumnick, CEO, Ipsidy
Biometric authentication specialist Ipsidy has issued its results for Q3, illustrating the impact of COVID-19 on the company’s business.
Revenues for the quarter came in at $0.5 million, compared to revenues of $0.6 million in Q3 of 2019. For the nine months ended September 30, 2020, revenues amounted to $1.6 million, compared to revenues of $1.9 million for the first nine months of 2019.
The company’s before-tax net result for Q3 of this year was $1.9 million, compared to a net loss before taxes of $2.4 million in the third quarter of 2019. But the before-tax net loss for the first nine months of this year was $9.2 million, compared to before-tax net loss of $6.8 million for the same period last year.
In a statement, Ipsidy said that the reduced net loss in Q3 reflected lower administrative and general costs. But the overall increased net loss for the first three quarters of the year “resulted primarily from non-cash charges relating to the convertible note financing, warrant exercise and impairment charges arising out of the Covid-19 pandemic, offset by lower general and administrative expenses.”
Despite those changes, Ipsidy CEO Phillip Kumnick said that the past quarter “has seen continued progress” for the company, gesturing to developments such as Ipsidy’s launch of a web-based biometric authentication solution, and its acquisition of new customers.
“We are excited by the prospects for growth into 2021 that appear in our robust new business pipeline, supported by the recent injection of capital from our existing as well as new stockholders,” he said. “We greatly appreciate their confidence in our ability to execute our plan.”
The corporate update arrives shortly after the Ipsidy CEO was appointed Chairman of the Board, replacing the retiring former Ipsidy CEO Philip Beck.
November 9, 2020 – by Alex Perala