It has been “an eventful fourth quarter and 2020” for Precise Biometrics, according to the company’s CEO in a new corporate update.
The company reports revenues of SEK 22.5 million for the quarter ended December 31, compared to revenues of SEK 38.8 million in the same period of 2019. Its net result for Q4 of 2020 was a loss of SEK 8.8 million, compared to a profit of SEK 13.4 million a year ago.
Looking to the full year, Precise Biometrics managed to bring in SEK 92.3 million in revenues – a slight uptick compared to revenues of SEK 91.9 million in 2019. But its net result was a loss of SEK 12.2 million, compared to a profit of SEK 1.0 million the previous year.
In his commentary on the results, CEO Stefan Persson said they reflect a period “characterized by the ongoing pandemic, but also by stable business in the Mobile segment and important progress in YOUNiQ,” referring to Precise Biometrics’ contactless access control solution.
Regarding the mobile biometrics sector, where Precise’s fingerprint recognition technology has proven popular over the last several years, Persson explained that the firm’s strategy has been to focus on a smaller number of partners “and to move closer to the end customer”, and that this has led to increased income, positive cash flow, and overall financial stability.
As for YOUNiQ, Precise Biometrics has “made major progress” in its commercialization, both in terms of acquiring new customers and establishing strategic partnerships. Persson recently spoke with FindBiometrics Founder Peter O’Neill about YOUNiQ’s deployment at Clarkson University.
Precise Biometrics’ management plan to continue to focus on these growth areas during 2021, with a new generation of fingerprint biometrics software, developed during Q4, aimed at the mobile sector.
February 17, 2021 – by Alex Perala