Biometric firm ImageWare Systems has issued financial results for the third quarter.Total revenues in the third quarter of 2017 were up 28% to $1.1 million compared to $0.8 million in the same year-ago period.Gross margin in the third quarter of 2017 increased 610 basis points to 78.7% from 72.6% in the year-ago quarter. The increase was primarily due to the higher license revenue with lower relative costs.Net loss in the third quarter of 2017 was $2.4 million or $(0.03) per share, unchanged from the year-ago quarter.On September 30, 2017, cash and cash equivalents totaled $9.9 million compared to $1.6 million on December 31, 2016. The increase was due to an $11 million registered direct offering completed in September. As of September 30, 2017, the company carried $6.0 million in debt compared to $2.5 million at December 31, 2016.”We continue to demonstrate the strength of our GoVerifyID Enterprise Suite,” said Jim Miller, ImageWare's chairman and CEO. “Just last month, we received a highly accredited designation from IBM PartnerWorld, which validates our integration with IBM Security products to help protect their customers around the world. Ultimately, ISAM users will be able to utilize our multi-modal biometric authentication with mobile devices by swiping a fingerprint, taking a selfie, or even providing a voice sample to authenticate their identity.”During the third quarter, we secured an $11 million financing to bolster our balance sheet and accelerate our sales and marketing efforts. We believe this financing is a reflection of the strong progress we've made to commercialize our leading identity management solutions and position them for growth. We plan to capitalize on our operational momentum to further expand our partnership agreements for our mobile and cloud-based products.”During the period, the firm received IBM PartnerWorld's Ready for IBM Security Intelligence designation for ImageWare's GoVerifyID Enterprise Suite.It also demonstrated the GoVerifyID Enterprise Suite for IBM Security Access Manager (ISAM) at the 2017 Money 20/20 event.It also Completed an $11 million registered direct offering.Appointed Robert Clutterbuck and Charles Frischer to its Board of Directors.
Recent Video
- New non-profit trade association of HAND will standardise global talent ID
- No cards, no phones: J.P. Morgan’s biometric revolution in payments
- Anthony Vidiano on building the future of access management
- Charisma Check wins 2025 Start-Up Pitching Competition, advancing identity verification and background checks for dating app users
- How to protect one billion Amazon customers: Lessons from continuous risk assessments
