Ipsidy, which operates an Identity as a Service (IDaaS) platform delivering a suite of secure, mobile, biometric identity solutions, available to any vertical, anywhere, today announced its results for the year ended December 31, 2020.2020 was a year of change, globally. The stay-at-home mandates induced by the COVID-19 pandemic accelerated digital transformation efforts across a broad range of market sectors, with even the most reluctant consumers embracing online grocery shopping, mobile-banking, and virtual tele-medicine appointments. Unfortunately, this convenience often opposes stronger identity assurance – the easier it is to open or access an account online, the less safeguards there may be to prevent identity fraud and malicious account takeover.To respond quickly to these demands, Ipsidy in 2020 enhanced and simplified our identity verification and authentication solutions with the launch of our web browser applications. We also pivoted our sales and distribution strategy to build relationships with global technology partners, who have integrated Ipsidy's identity solutions into their platforms and service offerings in order to meet clients' demands for solutions that counter identity fraud.Financial Results for the Year Ended December 31, 2020Adjusted EBITDA loss for the year ended December 31, 2020 of $5.2 million, was $1.2 million or 19% less than the Adjusted EBITDA loss of $6.4 million for the year ended December 31, 2019, due to lower overall cash expenses.Total revenue for the year ended December 31, 2020 was $2.1 million compared to $2.6 million for the year ended December 31, 2019. The results in 2020 reflect the impact of the Covid-19 pandemic.Net loss for the year ended December 31, 2020 was $11.3 million compared to a net loss of $10.5 million for the year ended December 31, 2019, as the Company recorded $3.1 million of special items in 2020 compared to $1.7 million in 2019.Basic and fully diluted net loss per share for both years ended December 31, 2020 and 2019 was $0.02 cents.Secured approximately $8.5 million of additional funding from existing and new investors during the year, through the issuance of common stock, warrants, notes payable and convertible debt.”In 2020, we strengthened our management team, reduced our expenses, and quickly adapted to work-from-home restrictions imposed in response to the pandemic,” said Phillip Kumnick, Chairman & CEO of Ipsidy. “We also saw increasing demand for our biometric identity services, as organizations accelerated efforts to deliver services online, while avoiding the increased risk of identity fraud. We expanded our global partner network and integrated with major companies having operations and customers in the United States, South America, The Middle East, Africa, and India. We launched services with customers both domestically and internationally and look forward to further implementations in 2021.”
Ipsidy announces 2020 results
