Biometric Screening Specialist CLEAR Files to Go Public on NYSE

Biometric screening specialist CLEAR is planning to go public. The company has filed an S-1 form with the SEC with the aim of listing on the New York Stock Exchange.

The company is best known for its biometric traveler screening solution for airports, in which members can enjoy an expedited airport screening process in which iris or face scans are used to quickly and reliably confirm their identity. But in recent years the company has brought this approach to venue access, allowing CLEAR members to gain expedited access to sports stadiums and similar large-scale venues.

Another expansion area that could potentially be important is health screening in the wake of COVID-19, with CLEAR having announced its Health Pass health credential in May of last year. Today, a third of NBA teams are taking advantage of the app to help minimize the risk of COVID transmission among fans attending games.

In its S-1 filing, CLEAR offered other metrics denoting the growing popularity of its solutions, asserting that as of May 31, 2021, its technology is being used at 38 airports and 26 sports and entertainments venues. It also counts “67 Health Pass-enabled partners and events covering 110 unique locations, as well as a growing number of offices, restaurants, theatres, casinos and theme parks.”

CLEAR noted in its filing that in 2020 its revenues increased 20 percent, while its net loss narrowed from $54.2 million to $9.3 million. Its first quarter of 2021, however, showed a 17 percent drop in revenues compared to the first quarter of 2020, which included the two months prior to the COVID-19 pandemic.

The company acknowledged in its filing that its leadership expects the pandemic to continue to adversely affect airport enrollments and its overall business “in 2021 and possibly beyond”; nevertheless, reopening measures and resumed travel in some parts of the world should point to something of a business rebound for the company, while its Health Pass app offers new possibilities.

CLEAR’s S-1 filing comes after a $100 million funding round earlier this year. The company aims to ultimately list on the NYSE under the ticker “YOU”.

Sources: CNBC, PYMNTS.com

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June 8, 2021 – by Alex Perala