Biometrics Stocks: Trust Stamp Revenue Rises, Zwipe Focuses on Drivers, Mitek Receives Notice

Trust Stamp reports $3.53 million in net revenue in the first half of 2022, an impressive 182% increase over its 1H 2021 result, with higher gross profit but also a net loss for its biometrics and security services. ‘Numeric identity.

Trust Stamp’s research and development costs have increased, but the company expects these to stabilize and efficiencies to reduce them by the fourth quarter of 2022. Selling costs, general and administrative costs are also expected to decrease through improved operational efficiency.

Operating loss increased to $2.92 million for the second quarter and $4.61 million for the first half of the year, or $0.13 and $0.20 per basic share and diluted, respectively.

Trust Stamp CEO Gareth Genner says an increase of nearly $570 million in funding from the US government’s Alternatives to Detection program validates the company’s decision to invest in developing solutions for this market .

The company has two more banking pilots planned, with more coming later in the year.

“These pilots all use our next-gen identity package, providing rapid deployment across devices and platforms with custom workflows for a consistent user experience,” he said.

Genner also refers to the revenue potential of ongoing projects with Mastercard on financial inclusion and with IdRamp on multi-factor biometric authentication applications, and a recent clearance notice for a patent on the company’s biometric tokenization technology. USPTO company.

Zwipe Provides Faster Driver Execution

Zwipe’s first-half revenue fell to NOK 800,000 in the first half of 2022 from NOK 1.4 million in the first half of last year.

Operating expenses increased due to higher personnel costs, as the workforce increased by 13 people to meet strong demand for the company’s biometric solutions, according to the announcement. Zwipe says its cash position remains strong.

Among the first-half highlights for Zwipe was the enrollment of seven new biometric card-issuing customers on the Zwipe Pay platform. However, the preparation of the expected pilots is taking longer than expected. The company received Visa approval for the platform in March.

As the biometric payment card market grows slower than expected, operating and personnel expenses are expected to stabilize in the second half, and one of Zwipe’s main objectives for the remainder of fiscal 2022 is the development of dedicated customer project management capability and standardized system. plan for pilots.

The company says its Zwipe Access will contribute more to its revenue than it previously estimated, with data centers and airport verticals driving demand for the biometric access control solution.

Mitek Receives Nasdaq Compliance Notice

Mitek has received notice from the Nasdaq stock exchange that it is non-compliant with its continuous listing requirements until the company files its quarterly report for the period ending June 30, 2022.

Listed entities have 60 days from receipt of the notice to submit a plan to return to compliance with the reporting rule, and then could be given up to 180 days to file their Form 10-Q. The company says it plans to file its results with the Nasdaq as soon as possible, and otherwise meet the Oct. 10, 2022, deadline for a plan to restore compliance.

Mitek reported a successful third quarter of its fiscal 2022 at the end of July, so it’s unclear why those results weren’t filed with Nasdaq.

Article topics

biometrics | digital identity | financial results | mitek | actions | Trust Stamp | Zwipe

Comments are closed.