ImageWare has issued its results for the first quarter of its fiscal year, depicting a company in the middle of a transitional phase.
Revenues for the quarter ended March 31, 2021, came in at $733,000, compared to revenues of $796,000 in Q1 of 2020, a decline of eight percent. But the company’s net result has improved, with ImageWare reporting a loss of $4.1 million, compared to a loss of $4.5 million in the comparable quarter of last year.
At the end of the most recent quarter, ImageWare had $5.1 million in cash and cash equivalents, compared to $8.3 million at the end of the previous quarter.
“We are continuing to work through several major operational, technical and personnel-related hurdles, but we remain encouraged by the steady progress we are seeing within some of our roadmap initiatives designed to return ImageWare to long-term, sustainable growth,” explained ImageWare CEO Kristin Taylor, who also sits as the company’s board chair.
Taylor has been leading a dramatic corporate transformation of the company since her appointment as CEO near the start of 2020, with strategic measures including numerous executive appointments and a rebrand of ImageWare’s flagship security platform, now called ImageWare Authenticate. In the company’s previous corporate update, Taylor suggested that these efforts are expected to result in improved revenues in the second half of this year, and she remains optimistic in the company’s latest report.
“With the additional funds from our recent financing, we’re now able to support increased sales and marketing efforts within our key areas of focus, including the public safety, federal government and enterprise verticals, which should begin translating into new sales later this year,” she said. “We also recorded the first official sale for our Law Enforcement 2.0 platform, and we anticipate going live with this new product in the coming months.”
Taylor went on to add that ImageWare is “well-positioned for the coming quarters, which should translate to incrementally improved operating results throughout the balance of the year and beyond.”
ImageWare executives discussed the company’s results on a conference call earlier this week, a recording of which is available from the company until June 9, 2021.
June 4, 2021 – by Alex Perala