FacePhi Revenues Up 143 Percent for First Half of 2020

FacePhi is celebrating its strong performance in the first half of 2020. The company’s revenues for the window are up 143 percent over last year, thanks in large part to the 10 new clients and/or contracts that the company signed in the first six months.

For reference, FacePhi signed 13 new customers in all of 2019. The total revenues from the sale of licenses to clients came to 2.59 million euros, while the company itself has onboarded 13 new employees to handle the increased demand for its services.

While overall revenues are up, the company’s EBITDA is down 18.68 percent, and sits at negative 0.53 million euros. The company attributed the decline to investments that were necessary to support FacePhi’s international expansion, and to the costs associated with its listing on the Euronext Growth market in Paris, which was achieved in February. FacePhi is now dual listed on the Euronext market and the Alternative Equity Market (MAB) in Spain.

“These financial results highlight the great challenge of the company, to continue growing to become the benchmark partner in facial biometrics in sectors such as banking and health,” said FacePhi CEO Javier Mira. “Our resources are focused on consolidating our presence in the Asia-Pacific region, as well as expanding our network throughout the Americas.”

The report indicates that FacePhi’s 2019 success will carry over to the new calendar year. The company generated a record 8.2 million euros in revenue in 2019, which represented an 82.88 percent increase over the previous year.

Since then, the company has continued to gain traction in Latin America. The company has provided biometric onboarding services for financial institutions in Argentina, Peru, and elsewhere. It has also solidified its presence in Asia with the deployment of a face-based authentication system at Kangbuk Samsung Hospital in South Korea.

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July 24, 2020 – by Eric Weiss