Imageware Systems Inc (OTCMKTS:IWSY), a leading company in the field of cloud and mobile-based, multi-modal biometric identity management solutions, has decided to make public various corporate updates and financial results.

As per the reports, total revenue of Imageware reduced to $1 million at the end of March 2015 quarter from $1.1 million in 1Q2014. The main reason for this reduction was comparatively lower royalty and hardware revenues from its channel partners.

Insights On 1Q2015 Results:

When it comes to gross margin, it could generate 71.1% GM at the end of March quarter, down 530 basis points from 76.4% in 1Q2014. The service revenue increased during 1Q2015 and led to lower margins, which contributed to a lower gross margin at the end of the quarter. Apart from higher service revenues, the gross margin was also affected by lower royalty product and software revenues.

Cash and other cash equivalents of the company totaled at $8.4 million at the end of March 2015, a lot more than $0.8 million at the end of December 2014 quarter.

Overall, the company ended 1Q2015 with a net loss of $0.03 per share or $2.3 million compared to $0.02 per share or $1.7 million loss in 1Q2014. The management of the company hopes to report improved results at the end of the June quarter.

What Else Than Numbers:

Imageware Systems Inc (OTCMKTS:IWSY) initiated a registered direct offering comprised of convertible preferred shares worth $12 million on February 6, 2015. Out of the total proceeds that the company generated, it used about $2 million to pay off its outstanding debt. The company plans to employ the remaining proceeds of $9.9 million in various corporate activities, and research & development initiatives over the coming quarters.

The company scheduled a conference call to make public its results to ensure that no investor missed out the session.