Ipsidy Inc (OTCQB:IDTY) reported a 19% year-over-year improvement in its Fiscal 2020 Adjusted EBITDA loss to $5.2 million, as the company managed to lower its overall cash expenses for the year and secure about $8.5 million in additional funding from existing and new investors.
In what the company called “a year of change,” Ipsidy also said it enhanced and simplified its identity verification and authentication solutions with the launch of its web browser applications.
As well, the company pivoted its sales and distribution strategy to build relationships with global technology partners, who have integrated Ipsidy’s identity solutions into their platforms and service offerings in order to meet clients’ demands for solutions that counter identity fraud.
“In 2020, we strengthened our management team, reduced our expenses, and quickly adapted to work-from-home restrictions imposed in response to the pandemic,” Ipsidy CEO Phillip Kumnick said in a statement.
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“We also saw increasing demand for our biometric identity services, as organizations accelerated efforts to deliver services online, while avoiding the increased risk of identity fraud. We expanded our global partner network and integrated with major companies having operations and customers in the United States, South America, The Middle East, Africa, and India,” he added.
Ipsidy also reported a slight decline in its revenue for the year to $2.1 million, from $2.6 million in 2019, as the coronavirus (COVID-19) impacted the company’s top-line results.
Its basic and fully-diluted net loss per share, though, was unchanged year over year at $0.02.
Ipsidy is a dominant player in the crucial multi-factor authentication and identity management space. The New York-based company operates an Identity-as-a-Service (IDaaS) platform that delivers a suite of secure, mobile, and biometric identity solutions.
Contact Sean at sean@proactiveinvestors.com