VSBLTY has issued a corporate update for the second quarter, emphasizing revenue growth and a positive outlook for the rest of the year.
The company says its revenues for Q2 are expected to amount to about $500,000, after reporting revenues of $407,000 in the first quarter of the year. And while CEO Jay Hutton acknowledges that COVID-19 has ushered in “challenging times”, he says that VSBLTY has benefited from $200,000 in Payroll Protection Funds to help keep operations running, and that the company anticipates “strong results in both Q3 and Q4”.
In its statement, VSBLTY highlighted multiple partnerships, including one established in February with a Fortune 500 company that Hutton described as “the foundation to a highly collaborative commercial offering that has no technical peer.”
Also important is VSBLTY’s work in the security and smart city sectors, with its facial recognition technology having been deployed in Mexico City to help fight crime. Hutton noted that this work has been expanded to Colombia, and that VSBLTY established a partnership with a cybersecurity firm in May that should lead to access control deployments.
VSBLTY has also been adapting its technology portfolio to address the particular challenges of COVID-19. Hutton says that his firm expects to book “several projects” related to density and capacity tracking for venues in the third quarter, and that it’s already working with “one of the world’s most renowned theme parks” on such a deployment. VSBLTY is also working to establish itself as a key supplier of facial recognition and thermal detection technology for smart kiosk solutions aimed at the enterprise sector.
July 6, 2020 – by Alex Perala