ImageWare Systems, a mobile and cloud-based, multi-modal biometric identity management solutions provider, has reported financial results for the fourth quarter and year-ended December 31, 2018.Revenue for the fourth quarter ended December 31, 2018 was $1.1 million compared with $1.2 million in the fourth quarter 2017.Gross profit for the quarter was $906,000 (85%) as compared with $975,000 (80%).Net loss from continuing operations was ($3.1 million) in the quarter compared with ($2.4) million in the fourth quarter 2017.Revenue for the year ended December 31, 2018 increased 2.6 % to $4.4 million as compared with $4.3 million for the year ended 2017.Gross profit for 2018 was $3.5 million (80%) compared with $3.3 million (77%) in 2017.Net loss for the year was ($12.6 million) in 2018 as compared with ($10.1 million) in 2017.Cash at year-end 2018 was $5.7million as compared with $7.3 million at year-end 2017.The firm introduced the ImageWare Digital Identity PlatformTM, an end-to-end digital biometric identity proofing, authentication and lifecycle management solution. The platform provides the broadest set of identity validation and biometric authentication capabilities in the industry.In February the firm announced an agreement in an 8-K filing that a global financial services provider chose ImageWare to provide multi-modal biometric authentication solutions for a healthcare application (used to comply with mandates under the 21st Century Cures Act).ImageWare's GVID Biometric Platform was selected to secure global cloud authentication for a24.io.Gatekeeper Innovation and IWSY announced partnership to address opioid epidemic and improve patient outcomes.Jim Miller, Chairman and CEO of ImageWare Systems said, “While 2018 revenues reflected primarily our legacy business, our recently announced deals document our transition to a recurring revenue model based on our newer cloud and mobile products.”Pending initiatives and our work in the higher price point health care market signal that we are firmly on a path toward profitability,” Miller concluded.
Recent Articles
- Air carrier interface integrated into EES strategy
- Kentucky’s first mobile ID accepted for air travel
- FRONTEX expert to headline security document design at Identity Week Europe 2026
- Datai selects Hopae to enhance KYC for financial institutions with digital identity
- New 100% ID Law begins Jan. 1, 2026
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
