Biometric Tech Enhancement, Partnerships Drive Ipsidy Growth in Q1 Update

“Our identity platform offers mobile biometric services that work great on their own and even better together,” –
Philip Beck, Chairman and CEO, Ipsidy

Biometric Tech Enhancement, Partnerships Drive Ipsidy Growth in Q1 Update

Ipsidy has reported its results for the first quarter of 2019, showing a dramatic year-over-year improvement for the biometric identification specialist.

Revenues for the quarter ended March 31st came in at $0.7 million, compared to revenues of $0.5 million in Q1 of 2018 – a 41 percent increase. And the company’s net loss before taxes was reduced by 18 percent year-over-year, dropping from a loss of $2.7 million a year ago to a loss of $2.2 million in Q1 of this year. Its adjusted EBITDA loss came in at $1.6 million, a four percent improvement over the loss of $1.7 million in Q1 of 2018.

In announcing the results, Ipsidy emphasized its enhancements to its Access facial recognition-based access control solution, its launch of Verified Portal for Safetrade’s Xpressa Payment Solutions, and its launch of Proof, an identity verification solution, as well as collaborative partnerships with REMCAP, RemoteLock, Noftek, and Mobile Solutions Peru.

Commenting on the results, Ipsidy CEO Philip Beck suggested that his team fully expects the upwards trend to continue. “Our identity platform offers mobile biometric services that work great on their own and even better together,” he said. “We look forward to more customers and users and to growing our platform revenue over the year as we focus in on our active sales pipeline.”

May 8, 2019 – by Alex Perala