ImageWare CEO Optimistic in Q2 Update

ImageWare has issued its Q2 results for 2019, with the company’s senior executive remaining upbeat in the face of lower-than-expected numbers.

Revenues for the quarter ended June 30th came in at $812,000, compared to revenues of $1,885,000 in Q2 of 2018. In reporting the change, ImageWare noted that last year’s Q2 earnings reflected one-time, non-recurring orders from government organizations totaling $1,050,000; and it’s worth noting that this year’s revenue drop is much smaller when compared against ImageWare’s Q1 revenues of $931,000.

ImageWare’s net loss for Q2 of 2019, meanwhile, was $2.5 million, compared to a net loss of $2.3 million in the corresponding period of 2018. The Q2 2019 result is a marked improvement over ImageWare’s net loss of $3.6 million in Q1 of this year.

“Although results for the quarter are less than we expected, we remain optimistic on key deals and partnership opportunities,” commented CEO Jim Miller in a statement announcing the results. “Working largely through our partners and with Federal and State agencies, we are beholden to their delays and integration schedules.”

The Q2 report comes just a couple of weeks after ImageWare’s announcement of Biointellic, a selfie-based biometric liveness detection system designed for mobile devices that could help to bring in higher revenues in fiscal quarters to come, given the growing enthusiasm over this kind of technology in areas such as the financial services sector.

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August 16, 2019 – by Alex Perala