Ipsidy Inc (OTCQX:IDTY) saw revenue climb in the third quarter and the nine months until the close of September thanks to its contract with Zimbabwe’s Electoral Commission to introduce its biometric fingerprint-matching voter registry system for the country’s elections.
The company’s total revenue for the three- and nine-month period ended on September 30, climbed to $0.7 million and $3.1 million, respectively, compared with $0.6 million and $1.8 million for the three- and nine-month periods last year.
The surge in sales for the nine-month period stems from the completion of the supply of Search, its Automated Fingerprint identification system and related services to the Zimbabwe Electoral Commission, the company said.
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On the list of Ipsidy’s recent achievements is its new partnership with Ayonix Face Technologies to work together to enhance its Access mobile biometric tracking product with Ayonix’s high-speed 3D facial recognition technology.
Using just a tablet and a Bluetooth beacon, Access provides a biometric system to protect the perimeters of buildings and live events.
Ipsidy also recently rolled out Verified in Panama with Datapro and Unibank. This biometric multi-factor authentication system was integrated into Datapro’s e-IBS core banking software, which makes it available to the over 160 financial institutions in 31 countries who use Datapro’s hosted software.
Recent agreements with Safetrade Africa and New Image Building Services to resell Ipsidy’s services and systems in Sub-Saharan Africa and Latin America highlight Ipsidy’s focus on using reseller channels to market its products.
“Our partnership with Ayonix … highlights our approach of integrating third-party technologies into our identity platform,” said Philip Beck, Ipsidy’s CEO, in a statement.
“We are excited by the possibilities opened up by our new services. Our recently announced implementations of both Access and Verified are, we believe, just the start and if things go according to plan, we look forward to announcing many more customer implementations and users accessing the system over the coming quarters, with corresponding revenue,” Beck added.
READ: Ipsidy and New Image Building Services to offer biometric identity authentication in Latin America
New recruits have also been added recently to Ipsidy’s engineering, quality assurance, operations and management teams, the company said.
Ipsidy’s net loss for the three- and nine-month period came to $2.1 million and $7.4 million, respectively, shrinking from a net loss of $2.1 million and $14.6 million for the corresponding period in 2017. Last year, the satisfaction of notes payable in the first quarter resulted in a charge of about $4.1 million.
In August, Ipsidy received subscriptions, for aggregate gross proceeds of about $9.6 million, via the issuance of about 64.1 million shares of stock at $0.15 per share. The Theodore Stern Revocable Trust invested $1 million in this round of financing. Theodore Stern, an Ipsidy director, is the trustee of the Stern Trust.
Also in August, Ipsidy opted to partially pre-pay $1 million of principal and about $158,000 of accrued interest, out of the $3 million note dated February 1,2017 held by the Stern Trust.
Headquartered in Long Beach, New York, Ipsidy is a provider of biometric identification, identity management and electronic transaction processing services. Its operating subsidiaries outside the US include MultiPay in Colombia, Cards Plus in South Africa and Ipsidy Enterprises in the UK.
Contact Ellen Kelleher at [email protected]