ImageWare On ‘Path Toward Profitability’ In Q4/2018 Update

“Pending initiatives and our work in the higher price point health care market signal that we are firmly on a path toward profitability.” – Jim Miller, CEO ImageWare Systems

ImageWare has issued its year-end corporate update, with its top executive anticipating a bright future for the biometric authentication company.

In detailing its Q4 results, the company noted that revenues were down slightly, at $1.1 million compared to $1.2 million in Q4 of 2017. It’s net loss for Q4 2018 was $3.1 million, compared to a net loss of $2.4 million in Q4 of 2017.

Looking to the full year, revenues were up 2.6 percent year-over-year, at $4.4 million compared to $4.3 million in 2017. But its net loss for 2018 came in at $12.6 million, compared to $10.1 million in 2017.

Nevertheless, in commenting on the results, ImageWare CEO Jim Miller was upbeat, asserting that they primarily reflect ImageWare’s “legacy business,” whereas recently announced developments such as the launch of the ImageWare Digital Identity Platform demonstrate the company’s “transition to a recurring revenue model based on our newer cloud and mobile products.”

“Pending initiatives and our work in the higher price point health care market signal that we are firmly on a path toward profitability,” Miller added, alluding to the company’s partnership with Gatekeeper and a recently-announced contract to provide a financial services company with a multimodal biometric authentication system for a healthcare application.

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April 2, 2019 – by Alex Perala