FB pixel

Intellicheck, Raonsecure invest in new IDV markets for steady growth

authID, BigBear.ai and Idex issue reports, SenseTime co-founder out
Intellicheck, Raonsecure invest in new IDV markets for steady growth
 

Market and investment strategy loom over the latest set of financial results from digital identity and biometrics providers. Intellicheck credits its expanded set of target market verticals for its position, while authID anticipates a combination of new deals and cost-cutting will deliver strong performance in 2025. BigBear.ai and Raonsecure are looking to fuel growth in part through stronger investment environments, while Idex seeks runway to pivot, and SenseTime faces a period of uncertainty.

Intellicheck market diversification to help offset headwinds

Revenues for Intellicheck grew by 6 percent from 2023 to 2024, falling just short of $20 million, capped by a record fourth quarter in which Intellicheck surpassed $5.9 million, as the company brought its physical and digital identity validation to new markets.

SaaS revenue grew by an even greater share than the overall total, for both Q4 and full-year 2024.

The company reports a net loss of $918,000 in 2024, or $0.05 per diluted share, significantly improved from a loss of nearly $2 million, or $0.10 per diluted share, the year before.

“Our strategic decision to move into new market verticals has been key in allowing us to offset the headwinds we continue to see given the ongoing and growing issues of retail contraction, consumer economic concerns, reduced spending, and market turmoil,” says Intellicheck CEO Bryan Lewis. “We believe we will show progress in 2025 as we remain focused on expanding our customer base, growing our presence in new market verticals and building on our partnerships with existing customers.”

authID ‘poised for a breakout’ after biometrics revenue increase

Nasdaq-traded authID is “poised for a breakout year in 2025,” according to CEO Rhon Daguro, following a leap in revenue from $190,000 in 2023 to $890,000 in fiscal 2024.

Operating expenses climbed from $10.9 million to $15.6 million in full-year 2024, but the company reports it shaved its loss from continuing operations substantially. Adjusted EBITDA net loss was $11.9 million in 2024, compared to $8.7 million the previous year.

authID expects to finalize deals to supply its biometric identity verification and authentication technology to multiple Fortune 500 and multi-national customers this year, Daguro says, and is increasing its bookings pipeline.

BigBear.ai investments set the table for growth

BigBear.ai reports just over $158 million in revenue for full-year 2024, up slightly from 2023, though its loss ballooned from $60 million to $257 million as the company booked a substantial goodwill impairment and net increase in fair value of derivatives.

The company converted millions of dollars of debt into equity over the past year, which CFO Julie Peffer says sets the company up for strong growth this year and in the future.

The results include Pangiam’s financial performance from the end of February, when its acquisition by BigBear.ai was completed.

For the 2025 fiscal year, BigBear anticipates revenue between $160 million and $180 million.

Raonsecure announces stock merger

Raonsecure is merging shares at a five-to-one ratio, decreasing its total number of shares to just over 11.2 million, to contribute to a “stable investing environment.”

The justification was offered by CEO Lee Soon-hyung and reported by ChosunBiz, along with a review of the company’s plans.

Raonsecure intends to expand its operations in Latin America, Southeast Asia, Central Asia and Europe following successful digital ID projects in Indonesia and Costa Rica last year. The South Korea-based company also plans to bring the subscription-based biometric authentication service it runs in Japan to other markets, like the U.S.  Raonsecure’s plans also include broad implementation of post-quantum cryptography (PQC) and deepfake detection.

Idex writes down investments

Idex Biometrics group has written down the value of some of its equipment through an obsolescence provision, increasing its loss as of the end of 2024 by $1.6 million. The group’s parent, Idex Biometrics ASA, has also written down its investment in subsidiaries by $5.7 million.

The interim financial statement will be used to inform board decisions on a proposed reduction in share capital during an extraordinary general meeting on April 11.

The company will need to time to execute a strategic shift away from biometric payments.

Second SenseTime founder departs

The departure of SenseTime Co-founder Xu Bing from his roles as executive director and board secretary comes at a time of uncertainty for the Chinese facial recognition giant. China is introducing new regulations on face biometrics, and another SenseTime founder, Tang Xiao’ou, passed away in late-2023.

The firm still has two co-founders on board, CEO Xu Li and Chief Scientist Wang Xiaogang, but CTOL reports that the inevitable leadership questions are coming at what could be a “make-or-break moment.”

Related Posts

Article Topics

 |   |   |   |   |   |   |   |   | 

Latest Biometrics News

 

Biometrics providers and systems evolve or get left behind

Biometrics are allowing people to prove who they are, speeding journeys through airports, and enabling anonymous online proof of age,…

 

Findynet funding development of six digital wallet solutions

Finnish public-private cooperative Findynet has announced it will award 60,000 euros (US$69,200) to six digital wallet vendors to help translate…

 

Patchwork of age check, online safety legislation grows across US

As the U.S. waits for the Supreme Court’s opinion on the Texas case of Paxton v. Free Speech Coalition, which…

 

AVPA laud findings from age assurance tech trial

The Age Verification Providers Association (AVPA), and several of its members, have welcomed the publication of preliminary findings from the…

 

Sri Lanka to launch govt API policies and guidelines

Sri Lanka’s government, in the wake of its digital economy drive, is gearing up to release application programming interface (API)…

 

Netherlands’ asylum seeker ID cards from Idemia use vertical ICAO format

The Netherlands will introduce new identity documents for asylum seekers Idemia Smart Identity, compliant with the ICAO specification for vertical…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Biometric Market Analysis

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events