Precise Biometrics CEO Stefan Persson has offered some more insights into the company’s strong third quarter and 2020 performances. The company released its Q3 report in November, revealing that its year-to-date sales are now at SEK 69.9 million, which is up from SEK 53.1 million in the comparable period of 2019.
Persson credited much of that growth to the company’s investments in digital identity, and in particular to the growing demand for its YOUNiQ solution in the access control sector. He indicated that net Q3 YOUNiQ sales were in line with previous quarters, and are up a healthy 31.5 percent during the interim period. Persson believes that those numbers will continue to grow in the future as Precise targets an addressable market that will be valued at SEK 1 billion in Sweden alone by 2025.
As it stands, YOUNiQ has already been installed at more than 40 gyms, offices, and other venues in Sweden. Exeger became the first YOUNiQ access control customer in March, and Temporary Space Nordics decided to use it to secure its module units a few months later. RCO Security and Telcred have also integrated YOUNiQ into their own access control offerings. The solution identifies individual users with facial recognition backed by liveness detection.
While Persson placed most of his focus on YOUNiQ, he did note that Precise’s mobile line is still generating profits and positive cash flow for the company as equipment manufacturers like Samsung continue to integrate Precise products into their devices. Optical sensors are in especially high demand in medium and high-end devices, and Precise is now planning to re-invest the profits from those devices to further develop its digital identity portfolio.
Finally, Persson confirmed that Precise is keeping an eye on the burgeoning market for biometric payment cards. COVID-19 has increased the demand for contactless solutions, and while there has been more smart card activity, most projects have not yet reached the mass production phase. However, Precise believes that it is well positioned to capitalize on that market when commercialization begins in earnest in 2021.
December 16, 2020 – by Eric Weiss