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Ipsidy posts narrower 2Q loss after launch of web browser-based service, the Identity Portal

The company reported a net loss of nearly $2.2 million, better than the almost $2.5 million posted in 2018

Facial recognition technology
During the quarter, the company launched a new web browser-based service, known as the Identity Portal

Ipsidy Inc (OTCMKTS:IDTY), an Identity-as-a-Service company, posted second quarter results after the bell Monday that saw narrower losses although revenues declined.

The firm reported a net loss of nearly $2.2 million, better than the almost $2.5 million loss seen in 2018. On a per share basis, its loss shrank from $0.01 per share to breakeven.

The company posted revenue of $628,905, well below the $1.8 million it brought in a year ago which was boosted by a one-time deal with the Zimbabwe Electoral Commission to supply its automated fingerprint identification system.

READ: Ipsidy unveils its biometric Identity Portal security platform

During the quarter, the company launched a new web browser-based service, known as the Identity Portal. It offers full versions of the company’s identity offerings, Proof and Verified. 

With Proof, the company can collect identification documents from anywhere in the world using a mobile app, which allows a driver’s license or passport to then be used for facial matching. Verified, meanwhile, lets businesses receive biometric authentication from their customers to approve transactions, simply by having them take a selfie on their phone.

"We believe that we can build on Ipsidy's established presence in Latin America in an effective way, to provide our solutions to this important market,” CEO Philip Beck said in a statement  

“We look forward to growing our platform revenue with more customers and users over the coming year, as we focus in on our active sales pipeline.”

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Ipsidy Inc

Price: 0.06 USD

OTCMKTS:IDTY
Market: OTCMKTS
Market Cap: $31.09 m
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