San Diego Business Journal

ImageWare Systems Reports Yearly Revenue of $5.3M

By Mike Allen Wednesday, March 19, 2014

ImageWare Systems, a San Diego maker of identity management software, reported 2013 fourth quarter sales of $929,000, up by $3,000 from the like quarter of 2012.

Revenue for the year was $5.3 million, up 135 percent from 2012.

ImageWare said its fourth quarter net loss was $1.8 million, compared with net income of $62,000 for the like quarter of 2012.

The net loss for the full year was $9.9 million, compared with a net loss of $10.2 million in 2012. The net loss last year included $4.8 million loss from the change in fair value of derivative liabilities, which is similar to what occurred in 2012.

CEO Jim Miller said the company formed partnerships with two of the world’s largest IT services companies, Fujitsu and T-Systems, and poised to benefit from a trend of many larger companies understanding the real world benefits of bringing biometrics to the mainstream public.

“This shift has created an attractive opportunity for ImageWare and we plan to leverage our large partners’ sales and marketing power to capitalize on it,” Miller said.