iSign Reports Second Quarter 2022 Results

Rhea-AI Summary

iSign Solutions Inc. (ISGN) reported a decline in revenue for Q3 2022, totaling $233,000, down 17% from $282,000 in the previous year. Despite higher transaction volumes, revenue diminished due to a stronger US dollar. Operating expenses decreased by $25,000 to $299,000. However, the company faced a net loss of $161,000, a significant increase from the $2,000 loss reported last year. The rollout of new features is expected to boost transaction volumes in early 2023.

Positive

• Operating expenses decreased by $25,000, or 8%, compared to the prior year.
• Transaction volume remained higher compared to previous levels.

Negative

• Revenue decreased by $49,000, or 17%, from the prior year.
• Net loss increased significantly to $161,000 from $2,000 in the previous year.
• Qualified electronic signature project remains delayed, affecting revenue potential.

SAN JOSE, CA / ACCESSWIRE / November 14, 2022 / 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 $233,000 for the quarter ended September 30, 2022, a decrease of $49,000, or 17%, compared to total revenue of $282,000 for the prior year.

"Similar to last quarter, our transaction volume continued at its higher 2022 levels, but revenue was negatively impacted by an even stronger US Dollar," said Philip Sassower, co-chairman and chief executive officer for iSIGN. "The previously announced qualified electronic signature project that is paired with virtual security certificate capabilities remain delayed. We expect to see further acceleration in volumes once the new features roll-out - currently expected to occur in the first part of 2023."

For the quarter ended September 30, 2022, operating expenses were $299,000, a decrease of $25,000, or 8%, compared to operating expenses of $324,000 in the prior year. This decrease primarily was due to lower professional service expenses offset by an increase in health benefits.

For the quarter ended September 30, 2022, the net loss was $161,000, an increase of $159,000 compared to a net loss of $2,000 in the prior year. This increase was due to a $24,000 increase in loss from operations, a $10,000 increase in interest expense and a $125,000 increase in other income that was related to the forgiveness of our PPP loan in 2021.

Additional financial information regarding iSIGN's operating results for the quarter ended September 30, 2022, will be available in the Company's Quarterly Report on Form 10-Q 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/725120/iSign-Reports-Second-Quarter-2022-Results

FAQ

What were iSign Solutions' Q3 2022 revenues?

iSign Solutions reported revenues of $233,000 for Q3 2022.

How much did iSign Solutions' revenue decrease by in Q3 2022?

The company's revenue decreased by $49,000, or 17%, compared to Q3 2021.

What was the net loss for iSign Solutions in Q3 2022?

iSign Solutions reported a net loss of $161,000 for Q3 2022.

What caused the increase in net loss for iSign Solutions?

The increase in net loss was due to a rise in operational loss, interest expense, and changes in other income.

When is the new feature rollout expected for iSign Solutions?

The new feature rollout is expected in the first part of 2023.