Biometrics specialist ImageWare Systems has issued a corporate update for the first quarter of 2020, painting a picture of an organization in transformation under new leadership.
The company had appointed Kristin Taylor as its new CEO in February, and followed that up with announcements of a new CFO and a new VP of Product Management in the ensuing months. In its Q1 update, ImageWare noted that Taylor was appointed to help drive the company to profitability and to capitalize on ImageWare’s IP holdings. It also said that its management has begun to implement cost cutting measures aimed at bringing its burn rate into alignment with its revenues.
Those efforts may be starting to pay off. Revenues for Q1 were down slightly at $796,000, compared to $931,000 for Q1 in 2019; but the company has managed to reduce its net loss from $3,612,000 a year ago to $3,124,000 for the latest quarter.
“Late in the first quarter we immediately began to lay a new foundation, and in the second quarter we started adding layers on what we foresee as a planned and thoughtful path to successfully build ImageWare 2.0,” explained Taylor. “My goal is not to simply do things differently; but do them with a laser focus that allows us to stake leadership claims in the multi-modal biometric authentication markets.”
Taylor went on to note that in Q2 ImageWare has already begun to update the components of its Identity Platform, pivoted to a Biometrics-as-a-Service model for its GoVerifyID solution, and established new revenue generation strategies in key vertical markets.
Going forward, ImageWare is planning to re-launch GoVerifyID in July, when it will place a strong focus on allowing enterprise organizations to take advantage of cloud-based biometric multi-factor authentication.
“I look forward to reviewing progress on these actions in our Q2 report,” Taylor said.
June 29, 2020 – by Alex Perala