Revenues, Gross Margin Up in ImageWare’s Q3 Update

Revenues, Gross Margin Up in ImageWare's Q3 Update

ImageWare has issued its Q3 results for the period ended September 30th.

Compared to Q3 of 2016, the company’s net loss remains unchanged, at $-2.4 million for each period. But revenues were up 28 percent year-over-year, coming in at $1.1 million compared to $0.8 million a year ago. Gross margin, meanwhile, rose from 72.6 percent to 78.7 percent in the respective periods.

In a statement announcing the results, ImageWare CEO Jim Miller suggested they “demonstrate the strength of our GoVerifyID Enterprise Suite,” and put a spotlight on the platform’s recent Ready for IBM Security Intelligence designation from IBM PartnerWorld. The designation paves the way for ImageWare’s platform to be integrated into IBM Security Access Manager, ultimately allowing end users to authenticate by mobile biometrics including facial, fingerprint, or voice recognition.

Miller also highlighted ImageWare’s acquisition of $11 million in financing, which he said reflects the strong progress ImageWare has made in commercializing its solutions, and will be used to accelerate the company’s marketing and sales activities.

Other recent developments highlighted in the report include the integration of ImageWare’s technology into Fujitsu’s Secure DirectClick communications solution, the approval of two new Canadian patents for ImageWare’s IWS Biometric Engine, and the appointment of two new members to the company’s Board of Directors.

November 10, 2017 – by Alex Perala