Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company™
providing AI-powered software used globally across multiple
sectors, announced financial results and provided a business update
for the six months ended June 30, 2024. These included a 100%
year-on-year increase in enrolled customers and increases in Net
Revenue for each of the quarter and six-month periods ending June
30, 2024.
Trust Stamp Chief Executive Officer Gareth N.
Genner commented, “I am pleased to report our progress for the six
months ended June 30, 2024. The relationship with our long-term
customers remains very strong, and we anticipate long-term growth
in the revenue derived from those relationships. In parallel, as we
have previously reported, our SaaS offerings via our Orchestration
Layer are an increasingly important part of our product mix. As of
June 30, 2024, we had 62 financial institutions enrolled on our
SaaS Orchestration Layer compared to 31 financial institutions on
June 30, 2023, a 100% increase year on year. The 2023 focus on our
FIS channel partnership was augmented this year by the acclaimed
ThinkTech program operated by The Independent Community Bankers of
America, which resulted in our tailoring some of our product
offerings for the community banking sector, including the launch of
a new wire/transfer authentication product with four new bank
customers identified for the initial pilot.”
Gareth Genner further commented, “One of the
most commonly asked investor questions is how much recurring
revenue we anticipate from each Orchestration Layer user once they
are in full production. This is a challenging question as we still
do not have a large enough sample size to produce a data-driven
estimation, and the range is likely to be significant. Our first
Orchestration Layer customer is in full production and is
consistently generating over $14k of MRR with gross margins of
83.3%. In contrast, our S&P500 bank customer consistently
generates more than $1.2m of ARR with variable but lower gross
margins. We anticipate both the long-term average revenue and the
gross margins from typical Orchestration Layer customers being
closer to the former than the latter.”
“Our net revenue increased from $919 thousand
for the six months ended June 30, 2023, to $1.07 million for the
six months ended June 30, 2024, despite having applied significant
billable resources to unpaid product enhancements for a major
client in order to maximize future revenue potential from that
relationship.”
“One of the benefits of our broad intellectual
property portfolio, microservice architecture, and Orchestration
Layer infrastructure is the ability of our technology to be
deployed in multiple sectors without significant development work
on our part. During the period ending June 30, 2024, we established
new distribution channels for our financial services products with
NayaOne Marketplace and AWS Marketplace. In the case of AWS, their
existing customers can discover, test, contract, and pay for Trust
Stamp technology through their AWS account and receive AWS usage
credit for the services we provide. During this period, we have
also announced deployment with a strategic partner serving the
automotive dealership market and the release of our AI-powered
age-estimation product, which is supported by a newly filed patent
application.”
“Outside of the United States, we have
contracted with Africa’s largest mobile network provider for a
proof of concept deploying our technology for mobile identity
verification for financial transactions, and through our Master
Services Agreement with a branded card network, we are seeing
planned usage expanding to banks in at least two African countries
by the end of 2024. As examples of new market verticals, we have
entered into two partnerships for implementation in the IOT market
with partners in the UK and Denmark, as well as entering into a
go-to-market collaboration for healthcare focused on the UK, US,
and Scandinavian markets.”
“In addition to go-to-market partnerships that
are intended to grow our geographic and vertical markets, we have
been working to license our intellectual property for
productization in different market sectors, and we anticipate
booking significant license fees as “other income” in Q3 of 2024
and continuing to announce innovative and profitable collaborations
for the licensing of our intellectual property thereafter.”
“Selling, general, and administrative expenses increased by $777
thousand, including a $466 thousand impact from the timing of
stock-based compensation awards and a one-time $108 thousand impact
from the reversal of out-of-period costs associated with carrying
mobile hardware assets incurred during the six months ended June
30, 2023. These increases, with other increases in individual
SG&A expenses, were offset by notable reductions in SG&A
for the six months ended June 30, 2024, including a total reduction
of $540 thousand in professional fees, management consulting and
training, and office rent as a direct result of the Company's
ongoing cost-cutting initiatives.”
“On June 30, 2024, we had 22 issued patents and
15 provisional or pending patents compared to 16 issued patents and
15 provisional or pending patents on the same date in 2023. Our
associated Research and Development (“R&D”) expenses decreased
by $190 thousand, or 15.76%, for the six months ended June 30,
2024, compared to the six months ended June 30, 2023, as we
completed transitioning all R&D work internally.”
“Our operating loss for the six months ended
June 30, 2024 was $5.47 million, increasing from $4.96 million for
the six months ended June 30, 2023, with a corresponding increase
in our net loss. This resulted in a basic and net loss of $0.21 per
share for the three months ended June 30, 2024, compared to $0.32
per share for the three months ended June 30, 2023, and $0.47 per
share for the six months ended June 30, 2024, compared to $0.80 per
share for the six months ended June 30, 2023.”
A copy of the Company’s report on Form 10-Q for
the six months ended June 30, 2024 and 2023, has been filed with
the Securities and Exchange Commission and posted on the Company’s
website at https://investors.truststamp.ai/sec-filings/.
Inquiries
Investors:
shareholders@truststamp.ai
About Trust Stamp
Trust Stamp, the Privacy-First Identity Company
™, is a global provider of AI-powered software and data
transformation services for use in multiple sectors, including
banking and finance, regulatory compliance, government, real
estate, communications, and humanitarian services. Trust Stamp is
located across North America, Europe, Asia, and Africa and trades
on the Nasdaq Capital Market (Nasdaq: IDAI).
Safe Harbor Statement: Caution Concerning Forward-Looking
Remarks
All statements in this release that are not based on historical
fact are “forward-looking statements,” including within the meaning
of the Private Securities Litigation Reform Act of 1995 and the
provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The information in this announcement may contain
forward-looking statements and information related to, among other
things, the Company, its business plan and strategy, and its
industry. These statements reflect management’s current views with
respect to future events-based information currently available and
are subject to risks and uncertainties that could cause the
Company’s actual results to differ materially from those contained
in the forward-looking statements. Investors are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date on which they are made. The Company does
not undertake any obligation to revise or update these
forward-looking statements to reflect events or circumstances after
such date or to reflect the occurrence of unanticipated events.
T Stamp (NASDAQ:IDAI)
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T Stamp (NASDAQ:IDAI)
過去 株価チャート
から 9 2023 まで 9 2024