Ipsidy reports revenue boost in second quarter
08 August 2018 10:26 GMT

Biometric authentication firm Ipsidy said revenues tripled in the last financial quarter.

The biometrics company said total revenue for the three and six-month periods was $1.8 million and $2.4 million respectively compared to $0.6 million and $1.1 million respectively for the three and six months in 2017.

It noted that the increase in revenue for the period reflected the successful completion of the supply of Search, its Automated Fingerprint Identification System and related services to the Zimbabwe Electoral Commission ("ZEC").

Net loss for the three and six months was $2.5 million and $5.2 million respectively compared to a net loss of $2.8 million and $12.5 million respectively for the three and six months in 2017.  In 2017, the satisfaction of notes payable in the first quarter resulted in a charge of approximately $4.1 million.

Basic and fully diluted net loss per share for the three and six months in 2018 was $0.01 and $0.01 centsrespectively compared to basic net loss per share of $0.01 and $0.04 cents respectively for the three and six months in 2017. 

Adjusted EBITDA loss for the three and six months in 2018 was $1.6 million and $3.3 million respectively compared to $1.4 million and $3.0 million respectively in 2017. Adjusted EBITDA loss for the six-month period increased approximately $0.3 million due to the increased investment in salary and technology expense, as the Company expanded its infrastructure to support future operations and in addition incurred a $0.5 million charge principally for the write-down in the value of legacy kiosks, offset by the revenue earned from the sale of our Search system to ZEC.

The company, based in Long Beach, New York, provides multi-factor biometric identification tools for electronic transaction processing, recently introducing an Ipsidy app for iPhone and Android.

The tech company also announced US$9.6mln in common equity funding.

"Our flexible suite of Identity-as-a-Service solutions, makes biometrically authenticated identity core to the user experience in approving everyday transactions," said Philip Beck Chairman and Chief Executive Officer of Ipsidy. "Our low cost IDaaS solutions can be delivered out of the box or easily integrated with our RESTful API's. The recent fund-raising will help us execute on the large number of physical and virtual use cases for our solutions, in different markets and countries around the world."