ImageWare Systems has issued its results for the fourth quarter and year ended 31 December 2015.Total revenues in the fourth quarter of 2015 were US$0.9 million compared with US$1.2 million for the same period of 2014, with the decrease primarily due to reduced software royalty revenue from the firm's channel partners for its traditional identification card software.Gross margin in the quarter was 40.2% compared with 79% in Q4 2014. The company says this decline was due to the write-off in the quarter of capitalised project expenses as their recoverability became questionable.Net loss in the fourth quarter was US$2.6 million compared with a net loss of US$1.9 million in Q4 2014.At December 31, 2015, cash and cash equivalents were US$3.4 million compared with the previous year's US$0.2 million. The increase is a result of the company's convertible preferred offering completed in February 2015."During the fourth quarter, we continued to make progress with our go-to-market partnership strategy," said Jim Miller, ImageWare's chairman and CEO. "We integrated our GoVerifyID with Aruba's ClearPass Policy Manager – a wired and wireless network access security solution used to manage over 65 million endpoint users. Not only does this partnership enable us to reach a large population on a global scale, it was also structured very differently compared with our past partnerships. In this instance, we were able to integrate the product and make ready for sale within a couple of days."From this point forward, we plan to execute our partnerships in the same manner in order to get our products out to the commercial market as fast as possible. According to Gartner, 30% of organisations will use biometric authentication for mobile devices by this year. With the biometric space beginning to move into the mainstream, we believe that all the right pieces of the puzzle are in place for us to grow our business."
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