COVID-19 Accelerating Demand For Seamless Identity Verification: Ipsidy Issues Q2 Update

Ipsidy, a provider of selfie-based biometric authentication technologies, has issued its corporate update for the second quarter, illustrating the impact of the COVID-19 pandemic.

Revenues for the period ended June 30, 2020, came in at $0.3 million, compared to revenues of $0.6 million in the same period last year. Its net result before taxes was a loss of $3.5 million, compared to a before-tax net loss of $2.2 million a year ago.

In announcing the figures, Ipdsidy attributed the decrease in revenues primarily to the effects of the pandemic, asserting that it has caused delays in decision-making among clients, in addition to other disruptions.

At the same time, Ipsidy indicated that “the COVID-19 pandemic is accelerating demand for verifying identity seamlessly during remote onboarding as well securing ‘touchless’ interaction.” As a result, there has been “an uptick in interest” in Ipsidy’s solutions, which the company hopes will bear fruit going forward despite delays in nailing down new agreements.

Ipsidy also highlighted a number of important business developments that occurred during the most recent quarter. These include its recent partnerships with Intellicheck and IECISA and its appointment of Philip R. Broenniman as President and COO. Also noteworthy is Ipsidy’s launch of a web-based version of its Proof by Ipsidy biometric authentication solution.

“The last three months have seen positive developments for Ipsidy,” asserted Ipsidy CEO Phillip Kumnick. “We strengthened the Ipsidy team, secured contracts with leading, global banking platforms and technology resellers that broaden our sales and market reach and delivered solution enhancements to provide security and trusted identity via a quick web browser session and to support the growing trends for remote onboarding of customers and ‘touchless’ commerce.”

That having been said, Ipsidy’s announcement warned that the extent to which COVID-19 continues to impact its business will depend on “highly uncertain” future developments, and said its management team is watching the situation closely.