Intellicheck Mobilisa, Inc. (IDN) saw its loss widen to $5.73 million, or $0.58 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5.33 million, or $0.55 a share.
Revenue during the year plunged 45.27 percent to $3.84 million from $7.01 million in the previous year. Gross margin for the year expanded 2283 basis points over the previous year to 79.97 percent.
Operating loss for the year was $5.75 million, compared with an operating loss of $5.48 million in the previous year.
However, the adjusted EBITDA for the year stood at negative $4.38 million compared to negative $3.58 million in the prior year second quarter.
"The events of recent months have given us great confidence that our technology solutions are the right ones to help companies, in market verticals ranging from retail to finance, address costly problems at a critical time. Widespread hacking and the compromising of personal data has had a dramatic impact on a wide variety of high profile financial institutions and iconic brands," said Intellicheck chief executive officer Dr. William Roof. "These costly intrusions resulted, understandably, in new approaches. Many Intellicheck clients now require security audits to ensure their partners meet rigorous data protection requirements. We are currently supporting several rigorous security audits by our clients. In the short term, the accommodation for this reasonable and now customary marketplace environment sees our mid-2017 projection for go-forward EBITDA-positive status push to Q4 2017 or early 2018. We are, however, excited about the larger view, which we believe underscores our strength and high growth potential," noted Dr. Roof.
Operating cash flow remains negative
Intellicheck Mobilisa, Inc. has spent $4.24 million cash to meet operating activities during the year as against cash outgo of $4.44 million in the last year.
The company has spent $0.03 million cash to meet investing activities during the year as against cash outgo of $0.18 million in the last year.
Cash flow from financing activities was $1.41 million for the year, down 81.48 percent or $6.19 million, when compared with the last year.
Cash and cash equivalents stood at $3.09 million as on Dec. 31, 2016, down 48.06 percent or $2.86 million from $5.95 million on Dec. 31, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
