ImageWare Systems, Inc. has announced its fiscal results for the second quarter of 2015. Along with a corporate update, the results paint a picture of a company on the verge of a potential breakthrough in its business.
ImageWare saw both a major increase in its revenues and a decrease in its losses. Revenues for Q2 were up 81 percent, at $1.7 million, against the $0.9 million in Q2 revenues from last year; while net loss dropped from $2.1 million in Q2 2014 to $1.8 million for this quarter.
While the company attributes the revenue increase mostly to its biometric identification project with the LAX airport, it also sees a bright future as a number of other endeavors start coming to fruition. In the company’s corporate update, CEO Jim Miller pointed to partnerships with major companies like IBM, Fujitsu, and Lockheed Martin – which recently opted to integrate ImageWare’s Biometric Engine into its IDHaystack(SM) platform – as being in various stages of progress, having “moved from the testing to integration phase” while “some are even moving to the launch of aggressive marketing campaigns.” Moreover, the company’s Biometric Engine recently attained patent approval in Australia and Canada, which could open up new markets to the company.
Miller noted that recent high-profile security breaches experienced by major organizations around the world have raised awareness about the need for advanced security systems, and asserted that “we have the right products in the right place at precisely the right time.” With its various partnerships starting to deliver results at such a crucial moment, the company may be poised to reap some major rewards for its efforts. “We believe that we are now at the start of large consumer adoption and that our technology will be front and center as that rollout commences,” Miller said.