ImageWare Systems, Inc. has released its fourth quarter and full-year 2014 financial results. On their face, the results are mixed, but there are positive signs for the future.
Fourth quarter revenues were up against those of last year, at $1.2 million and $928,000 respectively. But net loss was larger too, at $1.9 million for the quarter against $1.8 million last year. The company ended the year with a debt of $1.3 million, against zero debt at the end of 2013, but that having been said, last month the company issued 12,000 shares as part of a plan to eliminate its debt, and that worked out successfully, leaving ImageWare with $9.9 million surplus to spend on R&D and other business costs.
In a statement, ImageWare CEO Jim Miller explained that the company has been going through “a transition period”, adding, “all of our agreements remain in place and are progressing, albeit not at the pace we had expected.” But he pointed to the various recent developments that could have major pay-offs in the near future: An agreement to become an Advanced Partner in CA Technologies’ Tech Partner Program, a partnership with logistics company Agility to have its technology marketed in the Middle East, and, just this week, a partnership with Extenua to develop a secure enterprise cloud storage platform.
“We are now financially positioned to focus squarely on advancing our products and partnerships to capitalize on the fast-growing biometric market,” Miller concluded. “We look forward to these important strategic steps manifesting themselves into material recurring revenue and additional partnerships in 2015.”