“More was accomplished than meets the eye. We continue to see progress on all fronts, albeit in some cases at a slow rate, and we also continue to see exciting new opportunities where we can improve revenues.” – Jim Miller, Chairman & CEO, ImageWare

ImageWare has issued its fiscal update for the third quarter of 2018.

The company saw revenues of $736,000 in Q3, compared to $1.08 million in the third quarter of 2017. Its net result was a loss of $3.5 million, compared to a net loss of $2.4 million a year ago.

Looking to the first nine months of this year in total, ImageWare’s revenues came in at $3.3 million, compared to $3.1 million over the same period in 2017. Its net loss stands at $11.8 million, compared to a net loss of $10.5 million over the first three quarters of last year.

Commenting on the results in a statement, ImageWare CEO Jim Miller emphasized that his firm had brought in $4.5 million in new orders but was “not able to get those moved to revenue for various reasons” including long-term timeframes for certain projects. “More was accomplished than meets the eye,” he said.

ImageWare’s statement did highlight certain key developments during the quarter including a private placement and debt-to-equity swap in September, and the opening of a new sales office in Japan.

(Originally posted on FindBiometrics)