ImageWare has issued its third quarter results. The fiscal update indicates positive trends, with net loss shrinking and revenues climbing.
While the company posted a net loss of $2.2 million in Q3 of last year, its net loss for Q3 this year is down to $1.9 million. Meanwhile, revenues are up 29 percent against last year, at $1.2 million against $0.9 million in Q3 2014. ImageWare also now has more cash at hand, with a share issuance plan undertaken in February of this year having left the company with $4.9 million in cash and cash equivalents this quarter, a major increase against its $0.2 million at the end of 2014.
In a statement announcing the results, ImageWare CEO Jim Miller expressed a stay-the-course attitude, pointing to recent successes such as the launch of its Cloud2Drive system, a collaboration with Extenua, via Amazon Web Services. “We continue to make progress on various partnerships,” he said, pointing out that the “operating cycle of events” connected to the Cloud2Drive rollout “is what we’ve expected from the outset of our go-to-market strategy, and we will continue to validate this strategy through the advancement of our commercial partnerships.
“We continue to believe we have the right products in the right place at the right time, especially as consumer adoption gains traction across the globe,” Miller said.