iSign Reports Fiscal 2022 Results

Rhea-AI Summary

iSign Solutions Inc. (OTC Pink: ISGN) reported total revenue of $987,000 for the year ended December 31, 2022, an 8% decline from $1,078,000 in 2021. The decrease was attributed to lower engineering services, despite an increase in transaction revenue.

Operating expenses decreased slightly to $1,326,000, down by 1%. The net loss grew to $711,000, a 46% increase from the previous year's loss, influenced by reduced other income and higher operational losses. The company remains optimistic about future prospects while actively managing expenses.

Positive

• None.

Negative

• Revenue decreased by 8% to $987,000 compared to 2021.
• Net loss increased by 46% to $711,000.
• Delays in revenue acceleration from the qualified electronic signature project.

SAN JOSE, CA / ACCESSWIRE / March 31, 2023 / iSign Solutions Inc. ("iSIGN") (OTC Pink:ISGN), a leading supplier of electronic signature and other software solutions enabling secure and cost-effective management of document-based digital transactions, today reported total revenue of $987,000 for the year ended December 31, 2022, a decrease of $91,000, or 8%, compared to total revenue of $1,078,000 for the prior year.

"While our transaction revenue continued at an increased rate compared to 2021, lower levels of engineering services resulted in a dip in 2022 revenue," said Philip Sassower, co-chairman and chief executive officer for iSIGN. "We have yet to see the hoped for acceleration in transaction revenue, which has been delayed by the previously announced qualified electronic signature project paired with virtual security certificate capabilities. We continue our careful expense management and remain optimistic about the company's future prospects."

For the year ended December 31, 2022, operating expenses were $1,326,000, a decrease of $13,000, or 1%, compared to operating expenses of $1,339,000 in the prior year. This decrease primarily was due to lower stock-based compensation and lower commissions.

For the year ended December 31, 2022, the net loss was $711,000, an increase of $225,000, or 46%, compared to a net loss of $486,000 in the prior year. This decrease primarily was due to $125,000 in 2021 other income related to the Company's PPP loan forgiveness, a $78,000 increase in loss from operations and a $23,000 increase in interest expense.

Additional financial information regarding iSIGN's operating results for the year ended December 31, 2022, will be available in the Company's Quarterly Report on Form 10-K that will be filed with the Securities and Exchange Commission and available at www.sec.gov.

ABOUT iSIGN

iSIGN (formerly known as Communication Intelligence Corporation or CIC) is a leading provider of digital transaction management (DTM) software enabling fully digital (paperless) business processes. iSIGN's solutions encompass a wide array of functionality and services, including electronic signatures, simple-to-complex workflow management and various options for biometric authentication. These solutions are available across virtually all enterprise, desktop and mobile environments as a seamlessly integrated software platform for both ad-hoc and fully automated transactions. iSIGN's software platform can be deployed both on-premise and as a cloud-based service, with the ability to easily transition between deployment models. iSIGN is headquartered in Silicon Valley. For more information, please visit our website at www.isignnow.com. iSIGN's logo is a trademark of iSIGN.

FORWARD LOOKING STATEMENTS

Certain statements contained in this press release, including without limitation, statements containing the words "believes", "anticipates", "hopes", "intends", "expects", and other words of similar import, constitute "forward looking" statements within the meaning of the Private Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual events to differ materially from expectations. Such factors include the following (1) technological, engineering, quality control or other circumstances which could delay the sale or shipment of products containing the company's technology; (2) economic, business, market and competitive conditions in the software industry and technological innovations which could affect customer purchases of the company's solutions; (3) the company's inability to protect its trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others or prevent others from infringing on the proprietary rights of the company; and (4) general economic and business conditions.

Contact Information:

iSIGN
Philip Sassower
Chief Executive Officer
+1.917.913.8000
psassower@sgphoenix.com

SOURCE: iSign Solutions Inc.

View source version on accesswire.com:
https://www.accesswire.com/747013/iSign-Reports-Fiscal-2022-Results

FAQ

What was iSign's total revenue for fiscal 2022?

iSign reported total revenue of $987,000 for the year ended December 31, 2022.

How did iSign's net loss change in 2022?

iSign's net loss increased to $711,000 in 2022, up by 46% from the previous year.

What are the reasons for iSign's revenue decline?

The revenue decline was mainly due to lower engineering services, despite an increase in transaction revenue.

What is the outlook for iSign in 2023?

iSign management remains optimistic about future prospects while focusing on expense management.