SuperCom Issues First Quarterly Update Since 2019

Citing Aite Survey Data, Mastercard Highlights Threat of Application Fraud

SuperCom, an Israel-based provider of IoT, cybersecurity, and identity solutions – including fingerprint-based identity verification technology – has issued its results for the first quarter of 2021. It is the first quarterly update from the company since the first half of 2019.

While the company is reporting an overall net loss of $1,303 for the period ended March 31, 2021, a number of other metrics indicate positive trends for the business. Working capital, for example, rose from $5.3 million at the end of 2020 to $12.7 million in Q1; and cash and cash equivalents increased from $4 million to $9 million in the same timeframe.

Gross margin increased from 47.5 percent in 2020 to 55.3 percent in Q1 of 2021. Revenues, meanwhile, came in at $3.0 million, with SuperCom reporting EBITDA of $652,000 for the quarter.

Among the operational highlights of SuperCom’s Q1 was the company’s work providing the Israeli government with mobile devices and ankle bracelets that can be used to track individuals under quarantine due to COVID-19. The same approach also offers penal applications that are of growing interest to the company, according to CEO Ordan Trabelsi.

“We continue to work hard also to capitalize on the trend that we are seeing with correctional institutions increasingly shifting their policy to enable more inmates to serve time under home confinement and utilizing GPS monitoring solutions,” he said. “Given the strong fundamental drivers behind this industry growth, including prison overcrowding, advancements in the underlying mobile and location-based technologies and the clear financial benefits of reducing facility populations, we believe this is just a small part of a longer-term trend.”

Trabelsi also noted that it was his decision, since his appointment as CEO in February, to resume reporting SuperCom’s results on a quarterly basis. He intends to maintain this effort to “improve [SuperCom’s] reporting capabilities” on an ongoing basis.

–

May 27, 2021 – by Alex Perala

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