FacePhi Biometría S A : reinforces its financial strength and continues to expand in the Asia-Pacific region

• CEO Javier Mira underlines the company's commitment to transparency and recognizes a turnover restatement in the advance outcome figures.
• Facephi consolidates its growth with this accounting restatement that boosts the pipeline for the first months of 2024.

Facephi has just released the results of its consolidated audited financial statements report for the 2023 financial year. In an effort to ensure transparency and accuracy in the financial information it shares with the market, after an exhaustive external financial audit CEO Javier Mira has announced a turnover restatement.

The restatement, that puts turnover at 25.15 million euros, differs from the figure previously reported in the advance results published in February. The discrepancy arose from a change in accounting criteria related to recognition of income from delivery of licenses to clients, now accounted for in the financial year at the time the agreements were formally executed. The aim of this amendment, recommended by registered auditors, is to standardize the balance sheet and align the company's accounting criteria with the best practices in the sector.

The change, consisting of a substantial increase in turnover, signals an extremely positive impact on Facephi's pipeline for the first months of 2024. Compared to the previous year's figure of 1.85 million euros, turnover for the same period is forecast to be notably higher at 6.49 million euros. This represents a significant growth in relation to the previous year's figure.

In a gesture of appreciation of his partners and allies, Javier Mira expressed his gratitude for the continued support of all stakeholders. The company faces 2024 with high expectations, driven by the strategic agreement with the Asian group HANCOM that opens the door to expansion in the Asia-Pacific region.