Ipsidy reports 3Q results
09 November 2020 16:37 GMT

Ipsidy, a leading provider of secure, mobile biometric identity solutions, including Identity as a Service (IDaaS) , today announced its results for the third quarter ended September 30, 2020.

Total revenue for the three and nine-month periods in 2020 was $0.5 million and $1.6 million respectively compared to $0.6 million and $1.9 million respectively for the three and nine months in 2019. The decrease was principally due to the impact of the Covid-19 pandemic.

Net loss before taxes for the three and nine months ended September 30, 2020 was $1.9 million and $9.2 million respectively, compared to a net loss before taxes for the three and nine months ended September 30, 2019 of $2.4 million and $6.8 Million, respectively.

The decrease in the net loss for the three-month period reflects lower general and administrative expenses. The increase in the net loss in the nine-month period resulted primarily from non-cash charges relating to the convertible note financing, warrant exercise and impairment charges arising out of the Covid-19 pandemic, offset by lower general and administrative expenses.

Basic and diluted net loss per share was $0.00 cents and $0.02 in the three and nine months ended September 30, 2020, respectively, compared to basic and diluted net loss per share of $0.00 cents and $0.01 cents in the three and nine months ended September 30, 2019, respectively.

Adjusted EBITDA loss for the three and nine-month periods ended September 30, 2020 was $1.3 million and $4.1 million respectively compared to $1.7 million and $5.2 million respectively in 2019, representing decreases of approximately 22% in each period related to lower overall expenses.

Secured over $5 million of additional funding from existing and new investors in October 2020, through the issuance of common stock and warrants.

“The last quarter has seen continued progress for Ipsidy , ” said Phillip Kumnick, CEO & Chairman of Ipsidy. “We started to roll out our products to customers , secured new customers in the financial services sector and operated a successful pilot with a major financial institution. We are excited by the prospects for growth into 2021 that appear in our robust new business pipeline , supported by the recent injection of capital from our existing as well as new stockholders . We greatly appreciate their confidence in our ability to execute our plan. ”

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