“…Ipsidy credited its jump in revenues primarily to its work providing biometric voter identification technology to the Zimbabwe Electoral Commission.”
Ipsidy has issued its Q2 results, depicting a company on the upswing.
The company saw revenues of $1.8 million in its second quarter, up from $0.6 million in Q2 of 2017. Likewise, revenues for the first six months of the year were up, at $2.4 million, compared to $1.1 million for the first half of 2017. Its net loss, meanwhile, has decreased, from $2.8 million in Q2 of 2017 to a loss of $2.5 million in the most recent quarter.
In a statement announcing the results, Ipsidy credited its jump in revenues primarily to its work providing biometric voter identification technology to the Zimbabwe Electoral Commission. The company also highlighted its launch in May of the Ipsidy App for selfie-based biometric authentication, its contract with fleet management services provider Skypatrol in June, and other operational developments, suggesting that further revenue momentum may be on the way.
In issuing its results, Ipsidy also made a special note of a couple of major equity developments, announcing that it had received stock subscriptions of about $9.6 million. The Stern Trust, which is headed by one of Ipsidy’s board members, is contributing $1 million to this stock purchase, with Ipsidy having agreed to “partially prepay $1,000,000 of principal and approximately $158,000 of accrued interest, out of the $3,000,000 Note dated February 1, 2017 held by the Stern Trust,” according to the company’s statement.
August 9, 2018 – by Alex Perala