T Stamp Inc. reports developments for Trust Stamp, a Nasdaq-listed provider of AI-powered trust, identity and security software. Company news centers on biometric tokenization, privacy-preserving authentication, fraud reduction and digital identity services used across banking and finance, regulatory compliance, government, healthcare, real estate, communications and humanitarian services.
Recurring updates include commercial agreements, customer integrations, product and trademark activity for biometrically secured wallet technology, annual results, customer enrollment trends and expansion across geographies. News also covers completed strategic transactions, including the Lexverify acquisition and CyberFish investment, as well as partnerships involving decentralized identity, Multi-Party Computation and driver’s license data verification.
Trust Stamp (Nasdaq: IDAI) has engaged Marcum, LLP as its new independent registered public accounting firm. This decision reflects Trust Stamp's commitment to uphold high financial standards, as Marcum is well-regarded for serving rapidly growing small-cap companies. Marcum brings over 70 years of experience and a strong SEC auditing practice, enhancing Trust Stamp's financial oversight and supporting its global expansion across North America, Europe, Asia, and Africa.
Trust Stamp (Nasdaq: IDAI) reported significant growth in Q3 2022, with a 309% year-over-year revenue increase to $1.35 million and a 915% increase in gross profit. For the nine months ended September 30, 2022, revenue rose 208% to $4.88 million. The company emphasizes technology advancements, including the launch of Privtech™, which enhances government security solutions. Operating losses grew to $3.44 million for Q3 2022. Trust Stamp projects substantial use-based revenue from a partnership with Mastercard beginning in late 2023.
Trust Stamp (Nasdaq: IDAI) is now listed as a Software-as-a-Service (SaaS) supplier on G-Cloud 13, a UK Government cloud procurement framework. This listing enhances visibility for Trust Stamp's solutions, including Privtech Certified™ technology, which focuses on privacy-first identity authentication. The G-Cloud framework enables UK public sector organizations to procure cloud services efficiently, awarding £2.8bn in contracts in 2021/2022. The framework allows contracts of up to three years, with a possible one-year extension, providing an opportunity for Trust Stamp in the public sector market.
Trust Stamp (Nasdaq: IDAI) has announced that its new identity technology, Privtech™, has received registered trademark status from the US Patent and Trademark Office. This privacy-first solution allows government agencies to verify identities while minimizing data collection and enhancing transparency. Privtech features four customizable privacy protection levels, with the highest ensuring that sensitive data remains on users' devices. The recent surge in government tech investments presents a significant market opportunity for Trust Stamp's innovative technology.
Trust Stamp (Nasdaq: IDAI) has announced a securities purchase agreement with an institutional investor to raise approximately $1.5 million through the sale of 975,000 shares of common stock along with warrants. Each share is being sold with two warrants at a combined price of $1.55. The warrants, exercisable for five years, have an exercise price of $1.77 per share. The private placement is anticipated to close around September 14, 2022, subject to customary conditions. Maxim Group LLC serves as the placement agent for this transaction.
Trust Stamp (OTCQX: IDAI) announced that Josh Allen, EVP Corporate Finance, will present at the H.C. Wainwright 24th Annual Global Investment Conference from September 12-14, 2022. Allen's presentation is scheduled for September 14 at 2:30 PM ET and will be accessible to registered attendees online. The conference will also facilitate one-on-one meetings with qualified investors. Trust Stamp specializes in AI-powered identity services, enhancing data privacy, fraud reduction, and operational efficiency across multiple sectors globally.
Trust Stamp (Nasdaq: IDAI) reported impressive interim results for H1 2022, with a 182% increase in revenue to $3.53 million and a 284% increase in gross profit, reaching a margin of 70.5%. The company is expanding its technological capabilities in the Alternatives to Detention program and has ongoing partnerships with major financial institutions. R&D expenses rose significantly, but a reduction is anticipated by Q4 2022. However, net loss for H1 2022 was $4.61 million, and SG&A expenses increased due to investments in growth initiatives, impacting operational performance.
Trust Stamp (Nasdaq: IDAI) announced a Notice of Allowance for patent #16/406,978 from the U.S. Patent Office. This patent covers innovative technology for transforming biometric and identity data into secure tokens, enhancing data protection and system efficiency. CEO Gareth Genner highlighted that this is the company’s twelfth patent, with 21 additional applications pending. Their growing patent portfolio also includes technologies in identity tokenization, presentation attack detection, and biometric science, aimed at promoting privacy-focused identity solutions.
On June 16, 2022, Trust Stamp (Nasdaq: IDAI) announced that CEO Gareth Genner will participate in a trade delegation to the Commonwealth Business Forum in Rwanda from June 20 to June 25, 2022. This forum aims to strengthen multilateral cooperation among 54 nations and facilitate economic growth. Genner emphasized the significance of intra-Commonwealth trade, projected to exceed $700 billion in 2022. Trust Stamp, established in Rwanda in 2021, focuses on addressing equity in biometric systems and enhancing global transactions through AI-powered identity services.
Trust Stamp (Nasdaq: IDAI) announces the launch of the MetaPresence™ Vault, a secure account credential and cryptographic key storage solution, designed to protect digital assets from unauthorized access. This service allows individuals to manage their private keys securely, using biometric authentication and irreversible data tokenization. Trust Stamp aims to cater to both consumers and financial institutions, responding to a rising need for secure decentralized financial services. CEO Gareth Genner emphasizes the relevance of this technology amid substantial crypto theft, highlighting a significant market opportunity.