ImageWare has issued its Q1 update for 2018, depicting the biometric identity management solutions provider’s transition to a new business model.
Revenues for the quarter came in at $716,000, a decrease of 23 percent in comparison to ImageWare’s $928,000 in revenues in Q1 of 2017. The company also saw a bigger net loss year-over-year, at $3.6 million compared to $2.7 million a year ago.
The results unfortunately do not include a major $730,000 order announced in early April, and in his commentary on the results in a statement, ImageWare CEO Jim Miller acknowledged, “Revenues in the quarter continued to reflect primarily our legacy business.” Nevertheless, Miller said, the first quarter saw some initial orders from ImageWare’s sales partners including Avatier, CDW, Extenua, and Fujitsu. “While we have limited direct visibility on when sales projects will actually close, we do know that every project is making progress and our partners have given us good reason to believe that several will close in the second quarter,” he said.
That all bodes well for ImageWare’s strategy of pursuing a new business model based on recurring revenues, with its partners helping to establish those deals. Meanwhile, ImageWare’s Q1 update also highlighted the company’s appointment of David Somerville as its new SVP of Sales and Marketing, an individual whose many years of experience in sales and security software support are expected to help further drive the transformation of ImageWare’s business.
May 11, 2018 – by Alex Perala