ImageWare Sees Substantial Improvement in Q2 Update

“In its statement, ImageWare also highlighted important business developments including its partnership established with Japan-based security solutions provider TwoFive in July…”

ImageWare is on the upswing in its newly published fiscal results for Q2.

Revenues for the quarter came in at $1.9 million, compared to $1.1 million in Q2 of 2017 – a 78 percent increase. Meanwhile, the biometric identity solutions provider’s net loss shrank from $2.5 million in Q2 of 2017 to a loss of $2.3 million in this latest quarter.

The numbers point to a substantial improvement from Q1’s results, which showed a drop in revenues and a widened net loss, year-over-year. The overall half-year trend, of course, is mixed: At $2.6 million, revenues were up 31 percent against the first half of 2017, which saw revenues of $2.0 million; but the company’s net loss rose from $5.3 million in the first half of 2017 to a loss of $5.9 million in the first half of this year.

In announcing its results, ImageWare credited its higher revenues for the latest quarter to “increased product revenue from the Veteran’s administration and several… law enforcement customers,” adding later that its partner Four Points Technology LLC had acquired a multi-year, $3.6 million contract from the VA. In its statement, ImageWare also highlighted important business developments including its partnership established with Japan-based security solutions provider TwoFive in July, and recent deals with financial institutions in Canada, New York, and Philadelphia.

(Originally posted on FindBiometrics)