ImageWare has issued its Q4 and full-year update for fiscal 2020, showing signs of progress in its ongoing corporate overhaul.
Revenues for the fourth quarter were down 20 percent year-over-year, but for the full fiscal year, they were up 36 percent, rising from $3.5 million in 2019 to $4.8 million in 2020.
The company also improved its net results. Q4 saw an income of $979,000, compared to a net loss of $4.5 million in Q4 of 2019. For the full year, ImageWare saw a net loss of $10.9 million, way down from a net loss of $17.3 million in 2019.
“While the past twelve months have been nothing short of transformative for our business, we are still in the middle of an ongoing progression that will take some time before we can realize our vision for ImageWare 2.0,” commented CEO Kristin Taylor.
The “transformative” changes to which Taylor refers are manifold. The ambitious executive has made a number of high-level executive appointments, helped to bring in millions in financial backing, and steered the launch of ImageWare Authenticate, a rebrand of the company’s flagship biometric enterprise security platform.
It’s all part of a long-term organizational refresh, and Taylor emphasized the long view in her commentary.
“Recognizing the many moving parts and long-term initiatives we have in process, our financial results will continue to fluctuate in the near term before translating to sustainable, improved sales,” she said. “Demand for cybersecurity solutions within the public safety, federal government and enterprise verticals continue to grow, and we are working to build a team, solutions, and strategy to capitalize on this opportunity while addressing an essential need in the modern world.”
Taylor went on to note that ImageWare is placing a stronger focus on sales through a multifaceted strategy that includes “upgrading” its sales team and a industry-specific targeted business development program, adding, “we expect to see improved bookings and sales results beginning in the second half of 2021.”
ImageWare’s corporate update was delivered alongside a conference call on April 20. A telephonic replay of the call will become available after 7:30 p.m. ET on April 27, 2021.
April 22, 2021 – by Alex Perala