Revenues were up and losses were down for ImageWare‘s fourth quarter in 2017, according to the company’s latest fiscal update.

The quarter ended December 31st saw a 32 percent year-over-year increase in revenues, which came in at $1,221,000, compared to $925,000 in Q4 of 2016. Its net loss, meanwhile, was $2.4 million in Q4 of 2017, compared to a net loss of $2.7 million a year ago.

Looking at the full year: revenues were up 14 percent at $4.3 million, compared to $3.8 million in 2016; but the company’s net loss for 2017, at $13.7 million, was greater than the net loss of $10.9 million in 2016.

Commenting on the results in a statement, ImageWare CEO Jim Miller emphasized that the company is transitioning to a business model based on recurring revenues, with its partnership with CDW representing a first step in that direction. “We look forward to seeing meaningful revenues begin from the recurring model as early as the second quarter of 2018,” he said, adding, “Feedback we are receiving from our sales partners show they have every expectation of sales beginning to ramp in that timeframe.”

Miller also highlighted ImageWare’s deepening partnership with Fujitsu and its entry into the healthcare market, which offers a “higher per-user/per-month price point,” asserting that such developments offer “a high level of confidence that we are on the right track toward profitability and cash flow breakeven.”

(Originally posted on FindBiometrics)