Biometric authentication specialist ImageWare has issued its corporate update for the third quarter of 2019, showing improved year-over-year results.
The company saw revenues of $785,000 in Q3, marking a substantial increase compared to its revenues of $736,000 in the third quarter of 2018. Gross profit for Q3 of 2019 came in at $647,000, compared to a gross profit of $576,000 a year ago; and its net loss for the latest quarter was $2.7 million, compared to a net loss of $3.5 million in Q3 of 2018.
Among the significant events of Q3 that ImageWare highlighted in its report were its establishment of macOS compatibility for its GoVerifyID biometric authentication platform and its IoT-focused expansion of its partnership with Fujitsu. The company also emphasized its success on the publicity front, noting that its executives had been featured in press coverage from Forbes and CBS, among other outlets.
Offering his own commentary on ImageWare’s market position, CEO Jim Miller suggested that the incoming California Consumer Privacy Act, a piece of data protection legislation, will have a positive effect on ImageWare’s business. “Similar to GDPR and European companies, CCPA’s hefty fines are moving data privacy conversations from the IT department into the boardroom,” he said. “State legislation is the perfect storm for ImageWare’s end-to-end, multi-modal, and multi-platform biometric solutions and we are perfectly positioned to capitalize on this revolution.”
ImageWare issued its results alongside a conference call for investors on Tuesday, November 12th; and a recording of the call is available on the company’s website.
November 13, 2019 – by Alex Perala