Facephi Breaks More Records in Q3 Update

Facephi‘s considerable business momentum in 2022 continues. The company has issued a corporate update for the third quarter, in which it disclosed that its revenues were up 89.4 percent, year-over-year. That amounted to €7.86 million.

EBITDA, meanwhile, showed a 194 percent year-over-year increase, coming in at €532,061. Facephi added that EBITDA margin on sales came in at 6.77 percent.

The figures are especially impressive in light of Facephi’s results for the first half of the year, in which EBITDA was up 180 percent compared to the first six months of 2021, and sales were up just under 90 percent.

The business has helped to fuel Facephi’s investment in its own organization, with a strong focus on expanding its global reach.

“Facephi’s firm commitment to internationalisation has been reflected in an increase in spending, estimated at 67.9%, aimed at expanding the commercialisation of its digital identity verification solutions, an effort that has been supported by the large increase in turnover,” the company explained, noting later that it had established a new office in London to help foster its EMEA growth earlier this year.

As for what’s driving Facephi’s sales, the company noted that while much of its business entails tailor-made deployments of its face-based authentication technology, it has been evolving toward SaaS and Plug-and-Play models through its Facephi Identity Platform that can be offered and deployed on a more generalized basis. The Platform now accounts for over 34 percent of its revenues.

“After ten years of unstoppable growth, these latest business figures reaffirm our commitment to offering a more flexible product in a more international context,” commented CEO Javier Mira.

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October 28, 2022 – by Alex Perala