Precise Biometrics has released its results for the first quarter of 2020. The company achieved net sales of SEK 23.1 million (approximately $2.3 million USD) for the quarter, leading to an overall operating profit of SEK 148,000 (about $15,000 USD). Those numbers are considerably better than the 2019 figures for the same quarter, when Precise pulled in about SEK 12.1 million in sales and operated at a loss of roughly SEK 7.9 million.
The company went on to highlight some of its key accomplishments for the year, including the renewal of its partnership with Egis Technology. The arrangement is expected to bring in revenues of SEK 60 million over the course of 2020.
Precise is also working to diversify its portfolio beyond the mobile space, with a particular focus on the access control market. The company is currently conducting a pilot program with Friskis & Svettis, and has received commercial orders from Exeger and Temporary Space. Exeger was Precise’s first access control customer, and is deploying the YOUNiQ facial recognition solution to control access to its facilities.
While Precise has been forced to make operational changes due to COVID-19, CEO Stefan Persson indicated that the pandemic is yet to disrupt the company’s core activities. The company is taking basic precautions, and has asked shareholders to vote online or by mail during its Annual General Meeting. Persson noted that the pandemic has generated more interest in contactless biometric technology.
“Something we take with us is the importance of contactlessness, whether it is payments, access or other applications, where biometrics can best be used as a way of verifying the user’s identity,” concluded Persson. “We see that demand is increasing and we are working closely with our partners to remain at the forefront of user-friendliness and security to gain ground in our business areas.”
May 15, 2020 – by Eric Weiss