It has been a challenging time for many of us around the world and we can’t wait for this year to end. As the overall business environment is expected to improve and as the stock market continues to hit new highs, we at Iveda remain increasingly optimistic for a better and more prosperous 2021.
In 2016, our team, including management, the Board, and key shareholders, made the difficult decision to file Form 15 with the SEC to suspend the filing of our quarterly and audited annual financial disclosures. The move was tactically important to preserve our limited cash and run a leaner operation to reduce burn, improve operating margin, fund product development, and solidify and expand our sales channels here in the U.S. and abroad.
After a few years of streamlining our business and developing next generation technologies complimentary to our core offerings, we were very excited at the beginning of 2020. Just prior to the start of the year, we introduced our latest digital transformation solutions to the marketplace and to our channel partners. The Board also appointed, as President of the company, Mr. Sid Sung, an Industry 4.0 advocate and notable leader in the IoT revolution with core expertise in Smart City and industrial and enterprise digital transformation.
Unfortunately, what started as a promising year with lucrative opportunities and a growing pipeline, were soon stymied by the pandemic. As our project-based hardware and subscription revenue momentum began to decelerate, some key engagements, including government security projects, were pushed back indefinitely. However, due to the slowdown and overall macro uncertainties, management allocated more time and resources to fine tuning and finalizing all facets of our digital transformation product offering as part of the company’s reboot efforts. We were also able to garner new channel partners in the U.S.
While we are proud of what we’ve been able to accomplish this past year, we also understand that as a public company further milestones and financial goals have to be met or exceeded in order to build a sustainable and credible business model with high-margin recurring revenue streams. Over the course of the next several quarters, we expect to see high double-digit year over year top-line growth and fundamental improvements reflected in the performance of our market valuation.
The company intends to aggressively invest in both traditional and digital sales, marketing, and public relations initiatives to leverage our brand value internationally. In particular, we anticipate major activity across Southeast Asia, given our long-standing relationship with key Taiwan ministries and major technology vendors.
In closing, we remain 100% committed to continuously build Iveda into a brand synonymous with cutting-edge digital transformation technologies. Over the next three months, we will publicly release our detailed and multi-faceted operating strategy as well as our capital markets initiatives. This includes our plans for resuming timely SEC filings and financial disclosures, re-engaging with Wall Street, and raising capital to support our growth.
We would like to thank our loyal shareholders for standing by Iveda and believing in our vision. It has been nearly 17 years since I founded Iveda and my resolve has never and will never falter.
Chairman and CEO