ImageWare has issued its Q1 results for 2019, delivering a status quo net result alongside a spike in revenues.
With respect to the latter, ImageWare brought in $931,000 in the quarter, compared to $716,000 in Q1 of 2018 – an increase of 30 percent. Its net loss, meanwhile, was $3.6 million, the same as in the first quarter of last year.
In a statement announcing the results, ImageWare highlighted a few key developments in the quarter, including a direct stock offering that raised gross proceeds of $6.55 million, and an agreement establish in February with a financial services company to provide multimodal biometric authentication solutions for a healthcare app. The company also noted that in March a reseller of its biometric authentication solutions had reported entering into a contract with “a major multinational mobile telecommunications company”, with ImageWare’s Biometric Engine to play a key role.
Commenting on the results, ImageWare CEO Jim Miller suggested that growing interest in biometric identity management technologies around the world is also driving interest in the ImageWare platform, just as ImageWare is seeking to transition to a new business model based on recurring revenues from cloud and mobile-based products.
“While revenues in the quarter continued to primarily reflect our historical business, given this new wave of interest and our recently executed agreements for our first significant implementations in the private sector (as well as a historically high pipeline) we should see a change to that mix in subsequent quarters as these dynamics translate to revenues,” he said.
May 10, 2019 – by Alex Perala