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Ipsidy trims 2Q loss amid coronavirus pandemic, moves forward with June relaunch

The coronavirus has presented Ipsidy with new opportunities, the company said, as COVID-19 is accelerating demand for verifying identity remotely

Facial recognition technology
Ipsidy closed out the quarter in June by teaming up with PharmacyID to create an identity verification solution with the highest level of assurance for the Australian market

Ipsidy Inc (OTCQB:IDTY), a provider of mobile biometric identity verification technology, posted second quarter results Thursday that revealed a narrowing loss, despite revenue challenges imposed by the coronavirus (COVID-19), followed by a relaunch in June.

The coronavirus has presented Ipsidy with new opportunities, the company said, as COVID-19 is accelerating demand for verifying identity remotely, as well as securing touchless interaction as more businesses reopen. 

The company reported revenue of $300,000 in the three months ended June 30, compared to $600,000 in the same period a year ago, a dip the company pinned squarely on the global pandemic.

READ: Ipsidy and Intellicheck team up to fight identity theft and account takeovers with ID and facial verification technology

Despite the headwinds, Ipsidy’s adjusted loss for the quarter was $1.4 million, 7% narrower than the $1.5 million loss it saw in the second quarter of 2019.

“The last three months have seen positive developments for Ipsidy,” CEO Phillip Kumnick said in a statement. “We strengthened the Ipsidy team, secured contracts with leading, global banking platforms and technology resellers that broaden our sales and market reach and delivered solution enhancements to provide security and trusted identity via a quick web browser session and to support the growing trends for remote onboarding of customers and touchless commerce.”

Ipsidy closed out the quarter in June by teaming up with PharmacyID to create an identity verification solution with the highest level of assurance for the Australian market. Under the agreement, PharmacyID will integrate with Ipsidy’s IDaaS platform to add Ipsidy’s mobile biometric identity services to its platform.

“Our relaunch in June and outreach to the industry have been well received and although there is much work to be done, we look forward to reporting on further progress in the coming months,” Kumnick said.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

Quick facts: Ipsidy Inc.

Price: 0.111 USD

OTCQB:IDTY
Market: OTCQB
Market Cap: $60.68 m
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