Ipsidy CEO Highlights Global Growth Efforts in Q2 Update

“We are focused on specific international opportunities, where we are starting to see active interest in our solutions.” – Philip Beck, Chairman & CEO, Ipsidy

Ipsidy has announced its results for the second quarter (Q2) of the 2019 fiscal year, ended June 30th.

Revenues for the quarter came in at $0.6 million, compared to revenues of $1.8 million in the second quarter of 2018. And Ipsidy’s adjusted EBITDA result for Q2 of 2019 was a loss of $1.5 million, an improvement over the adjusted EBITDA loss of $1.6 million in the same quarter last year.

In announcing the results, Ipsidy suggested that its 2018 revenues were notably high thanks to a one-time deal supplying Search, an Automated Fingerprint Identification System, to the Zimbabwe Electoral Commission. The current fiscal year, meanwhile, has seen increased revenues from new products and Cards Plus, Ipsidy’s South African subsidy.

“We are focused on specific international opportunities, where we are starting to see active interest in our solutions,” explained Ipsidy CEO Philip Beck in a statement. “We believe that we can build on Ipsidy’s established presence in Latin America in an effective way, to provide our solutions to this important market. We are also working on opportunities in other regions, that we believe can be significant.”

Beck added later that Ipsidy’s leadership team is continuing to develop a plan for uplisting to a national market exchange “in due course”. This effort was helped along by a recent funding round in which Ipsidy raised $3.1 million.

Ipsidy’s Q2 results arrive alongside the announcement of a new partnership with the Colombian transaction solutions provider AS•NET, a development that should help to firm up Ipsidy’s presence in the Latin American market as the company continues to pursue its global strategy. The results also come in the wake of last month’s launch of the new Ipsidy Identity Portal, a browser-based authentication interface.

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August 13, 2019 – by Alex Perala