ImageWare Reports First Quarter 2021 Results

Operating expense for the first quarter of 2021 decreased 17% to $3.3 million compared to $3.9 million in the same year-ago period. The decrease in operating expense was primarily due to effective cost reduction initiatives.

Loss from operations for the first quarter of 2021 reduced to $2.6 million compared to $3.3 million in the same year-ago period. The improvement was primarily due to the reduction in operating expenses previously noted.

Net income (loss) available to common shareholders for the first quarter of 2021 improved to $(4.1) million, or $(0.02) per share, compared with $(4.5) million, or $(0.04) per share in the same year-ago period.

At quarter-end, the Company had $5.1 million in cash and cash equivalents, compared to $8.3 million on December 31, 2020.

Conference Call
ImageWare management will hold a conference call today (June 2, 2021) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question and answer period.

U.S. dial-in: 855-327-6837
International dial-in: 631-891-4304

Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.

A telephonic replay of the conference call will be available after 7:30 p.m. Eastern time through June 9, 2021.

U.S. replay number: 844-512-2921
International replay number: 412-317-6671
Replay ID: 10014858

About ImageWare® Systems, Inc.
Founded in 1987, ImageWare provides defense-grade biometric identification and authentication for access to your data, products, services or facilities. We are experts in biometric authentication and considered a preeminent patent holder of multimodal IP, having many of the most-cited patents in the industry. Our patented IWS Biometric Engine® (BE) is the most accurate and fastest biometrics matching engine in the industry, capable of our patented fusion of multiple biometrics. Part of our heritage is in law enforcement, having built the first state-wide digital booking platform for United States local law enforcement – and more than three decades of experience in the challenging government sector creating biometric smart cards and logical access for millions of individuals. We are a "biometrics first" company, leveraging unique human characteristics to provide unparalleled accuracy for identification while protecting your identity. For more information, please visit www.iwsinc.com.

Forward-Looking Statements
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "if," "should" and "will" and similar expressions as they relate to ImageWare Systems, Inc. are intended to identify such forward-looking statements. ImageWare may from time to time update publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. Factors that may cause the projections to change or differ may include, but are not limited to, the ability to of the Company to continue to grow revenue, the ability to decrease operating expenses and continue to grow profit margins, and the Company's ability to continue to achieve positive cash flow given the Company's existing and anticipated operating and other costs. For a discussion of additional risks and uncertainties, see "Risk Factors" in ImageWare's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

Media Contact: 
Jessica Belair
ImageWare® Systems, Inc.
(310) 717-0877
jbelair@iwsinc.com

Investor Contact:
Tom Colton
Gateway Investor Relations
949-574-3860
IWSY@gatewayir.com

ImageWare® Systems, Inc. Consolidated Statements of Operations
SELECTED COMPARATIVE FINANCIAL HIGHLIGHTS
In thousands, except share and per share amounts
				Three Months Ended
				March 31,
				2021		2020
Revenues
Product				$                            56		$                         150
Maintenance				677		646
Total Revenues				733		796
Cost of Revenue
Product				9		21
Maintenance				110		98
Gross Profit				614		677
				84%		85%
Operating Expenses
General & administrative				1,347		983
Sales and marketing				724		1,058
Research and development				1,168		1,868
Depreciation and amortization				18		18
Total Operating Expenses				3,257		3,927
Loss from operations				(2,643)		(3,250)
Interest (income) expense, net				-		24
Change in fair value of derivative liabilities				(1,172)		(197)
Loss on extinguishment of derivative liabilities				335		-
Other components of net periodic pension expense				54		47
Other expense				25		-
Loss from continuing operations before income taxes				(1,885)		(3,124)
Income taxes				-		-
Loss from continuing operations				(1,885)		(3,124)
Net loss				$                     (1,885)		$                    (3,124)
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