Precise Biometrics Q1 Results Show Minimal Impact from COVID-19

Precise Biometrics has released its results for the first quarter of 2020. The company achieved net sales of SEK 23.1 million (approximately $2.3 million USD) for the quarter, leading to an overall operating profit of SEK 148,000 (about $15,000 USD). Those numbers are considerably better than the 2019 figures for the same quarter, when Precise pulled in about SEK 12.1 million in sales and operated at a loss of roughly SEK 7.9 million.

The company went on to highlight some of its key accomplishments for the year, including the renewal of its partnership with Egis Technology. The arrangement is expected to bring in revenues of SEK 60 million over the course of 2020.

Precise is also working to diversify its portfolio beyond the mobile space, with a particular focus on the access control market. The company is currently conducting a pilot program with Friskis & Svettis, and has received commercial orders from Exeger and Temporary Space. Exeger was Precise’s first access control customer, and is deploying the YOUNiQ facial recognition solution to control access to its facilities.

While Precise has been forced to make operational changes due to COVID-19, CEO Stefan Persson indicated that the pandemic is yet to disrupt the company’s core activities. The company is taking basic precautions, and has asked shareholders to vote online or by mail during its Annual General Meeting. Persson noted that the pandemic has generated more interest in contactless biometric technology.

“Something we take with us is the importance of contactlessness, whether it is payments, access or other applications, where biometrics can best be used as a way of verifying the user’s identity,” concluded Persson. “We see that demand is increasing and we are working closely with our partners to remain at the forefront of user-friendliness and security to gain ground in our business areas.”

–

May 15, 2020 – by Eric Weiss

Related News

Partners

FaceTec’s patented, industry-leading 3D Face Verification and Reverification software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ finally make trusted, remote identity verification possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for 3D Liveness and Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

AuthenticID provides 100% automated identity verification and fraud detection solutions that are leveraged by companies worldwide, including 2 of the top 3 U.S. Banks, 8 out the top 10 wireless providers in North America, and 2 of the 3 credit bureaus. Using proprietary computer vision and machine learning technology, these solutions help companies accurately verify the identity of their users across retail, digital and call center environments for onboarding and ongoing re-authentication events; KYC, IAM, and more. The solutions are easy to integrate and provide customers a large ROI by stopping fraud losses, increasing customer conversion at onboarding, reducing operational costs and allowing quick and cost-effective operational scalability, all while ensuring global privacy regulations are complied with. https://www.authenticid.com/

Anonybit is a privacy-focused technology platform that provides decentralized solutions for securing personal data, particularly biometric information. Rather than storing sensitive data in centralized repositories, which are vulnerable to breaches, Anonybit uses a distributed architecture that breaks data into smaller encrypted bits and stores them across a network of decentralized nodes. This approach ensures that no single entity has access to the full dataset, enhancing privacy and security, even preventing insider threats. Anonybit is used by leading banks, fintechs and other enterprises for critical biometric identity functions like deduplication and blocklist checks, step up authentication, passwordless login and account recovery https://anonybit.io/

Identity Week aims to be a significant identity industry catalyst. It’s our mission is to help accelerate the move towards a world where trusted identity solutions enable governments and commercial organisations to provide citizens, employees, customers and consumers with a multitude of opportunities to transact in a seamless, yet secure manner. All the while preventing the efforts of those intent on doing harm. https://identityweek.net/

The Biometric Digital Identity Prism is a market landscape framework designed to help influencers and decision makers understand, innovate, and implement digital identity technologies and solutions. This innovative framework for understanding and evaluating the rapidly evolving biometric digital identity marketplace is the only market model that is truly biometric-centric based on the foundational conviction that in the age of digital transformation the only true, reliable link between humans and their digital data is biometrics. https://www.the-prism-project.com

ID R&D is an innovator of biometric facial liveness, document liveness, and voice biometrics. Ranked #1 by NIST, our patented passive approach to liveness, and specialized detection of voice clones, injection attacks and deepfakes, empowers KYC and authentication systems with fast, accurate and secure biometric verification technologies. Over 140 partners in more than 70 countries are collectively processing hundreds of millions of identity checks per year. ID R&D solutions easily integrate with mobile, web, messaging, smart speakers, set-top boxes, and IoT devices. Learn more: www.idrnd.ai

Related News

Footer

Follow Us