The Spanish company FacePhi, a world leader in biometric facial recognition technology with a strong presence in the financial sector and which is listed under the dual listing formula, listing both on the Euronext Growth market in Paris and on the Alternative Equity Market (MAB) in Spain, has introduced a preview of results for the first half of 2020. During this period, the company has obtained a revenue from the sale of licenses of 2.59 million euros, which translates into growth of 143% compared to the revenue for the same period of the previous year.
Likewise, the Fintech firm based in Alicante, has obtained a negative EBITDA of 0.53 million euros, a decrease of 18.68%, as a result of the growth and international expansion of the company that has required heavy investments. In this regard, it should be noted the costs associated with the IPO on Euronext last February or the costs related to the capital increases subscribed by Nice & Green.
During the first six months of the fiscal year, FacePhi has undersigned a total of 10 new clients and/or contracts, while during the entire 2019, it obtained 13 in total. To cope with this growth, the company continues to focus on improving and growing the organizational structure, which has meant that during the first half of 2020 there have been 13 incorporations of new employees to the company.
Likewise, it may be pointed out that last February, FacePhi began trading on Euronext Growth in Paris, a stock market specialized in small and mid-cap companies. This dual listing of the company aims to increase the company’s visibility in the European market to attract new institutional investors.
According to Javier Mira, CEO of FacePhi “these financial results highlight the great challenge of the company, to continue internationally growing to become the benchmark partner in the field of facial biometrics in sectors such as banking and health”. Mira adds that “all our resources are focused on consolidating our presence in the Asia-Pacific region, as well as expanding our network throughout the Americas,” concluded the company’s CEO.
The good behavior of the company and the announcement of a new international agreement in Argentina or the development of a new facial recognition algorithm with face masks, have caused FacePhi to register increases in the value of its shares of over 10%, reaching a revaluation of around 40%.
In 2019, FacePhi signed an investment agreement worth 4 million euros with the Swiss firm specialized in investments in small and medium-sized listed companies, Nice & Green. These funds are allowing to reinforce the growth of the company and it is intended to accelerate the business development of the company specialized in biometrics in the markets of America and Asia.