Mobile and cloud-based biometric identity solutions provider, ImageWare Systems has issued a corporate update, releasing its financial results corresponding to the period ending March 31, 2014.
Financially, things are looking up for ImageWare, whose total revenue increased to $1.1 million when compared to the $0.9 million earned during corresponding period in 2013. According to the company, this increase is primarily from higher sales of identification software licenses.
The net loss in the first quarter has improved significantly. Last year in Q1 ImageWare was reporting a net loss of $2.8 million, but as of March 31, 2014 the company is reporting a net loss of only $1.7 million. To break this down to individual units that’s an improvement of $0.02 per basic share, moving from last year’s ($0.04) per share to this year’s ($0.02).
At the end of Q1 2014, ImageWare reported cash and cash equivalents totalling $2.2 million, and continues to carry virtually zero debt with $3.5 million in untapped credit.
Speaking to what the next quarter will hold in terms of strategy, CEO Jim Miller commented, “Our strategy to target large IT service providers and provide security for their cloud customers and applications is gaining traction, as demonstrated by our most recent partnership with IBM. IBM marks our third secured agreement with a major cloud partner, and we expect more to come. These large, established partners offer the support, brand name and worldwide cloud platform needed to seamlessly distribute our products. While IBM’s BlueMix is in the early stages, we’ve already received referrals from their customers — several of which we are in active discussions.”
A conference call was held yesterday at 5:00PM EDT. A recording of the call and its subsequent question and answer period is available through ImageWare’s official website.