Trust Stamp announced filing its 10-Q for Q3-2025 reflecting 71% and 41% increases in Net Recognized Revenue compared to the corresponding three and nine month periods in 2024, and a 17% and 19% decrease in Total Operating Expenses compared to the same periods, with strong growth in customer enrollments and user completions

Rhea-AI Summary

Trust Stamp (Nasdaq: IDAI) filed its Q3 2025 10-Q on Nov 14, 2025 reporting strong revenue growth and lower operating costs.

Key results: Q3 net recognized revenue $0.87M (+71% YoY) and nine-month revenue $2.23M (+41% YoY). Total operating expenses declined 17% for the quarter and 19% for nine months. Basic/diluted net loss per share were $0.72 and $2.28 for the three- and nine-month periods. Cash and equivalents were $5.37M with total current assets $7.07M. The company extended a contract with an S&P 500 bank through May 31, 2031 with minimum gross revenue > $12.7M. FIS-related transaction starts rose 247% and customer completions > 30% over nine months.

Positive

• Q3 net recognized revenue +71% YoY to $0.87M
• Nine-month revenue +41% YoY to $2.23M
• Total operating expenses down 17% (Q3) and 19% (nine months)
• Contract amendment with S&P 500 bank: minimum gross revenue > $12.7M through May 31, 2031
• FIS-related transaction starts +247% over nine months

Negative

• Revenue missed original projections due to QID customer implementation delays
• Basic and diluted net loss per share of $0.72 (Q3) and $2.28 (nine months)
• Cash and equivalents $5.37M may limit runway without additional financing

Insights

Corporate finance analyst

Stronger revenue and lower expenses; a multi-year bank contract and FIS onboarding drive readthroughs, but losses persist.

Net recognised revenue rose to $0.87 million for Q3 and $2.23 million for the nine months, increases of 71% and 41% year‑over‑year, while Total Operating Expenses fell to $2.64 million and $7.85 million for the three and nine months, declines of 17% and 19%. The largest single contributor was a contract amendment and extension with an S&P 500 bank that sets minimum gross revenue above $12.7 million and extends the term to May 31, 2031. The filing also shows cash and cash equivalents of $5,372,021 and total current assets of $7,065,774.

Dependencies and risks are explicit in the disclosure: some projected revenue fell short due to implementation delays on the QID contract, with an offsetting reallocation of resources to product work and onboarding. As of September 30, 2025, deferred revenue stood at $0.33 million, and 97 financial institutions representing over $348 billion in assets were onboarded via FIS, with FIS‑related transaction starts up 247% and completion rates up over 30% in the nine months.

Watch the QID implementation milestones and any customer notices tied to the bank contract (it allows cancellation for convenience with six months' notice) and monitor quarterly revenue recognition tied to the deferred $0.23 million. Near‑term signals include subsequent quarter revenue trends and any further disclosures about implementation timing; the contract term through May 31, 2031 and the reported onboarding metrics provide concrete, monitorable items over the multi‑year horizon.

ATLANTA, Nov. 14, 2025 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI) announced that:

1. It filed its Q3 10-Q report for the nine months ended September 30, 2025 after the Nasdaq market closed on November 14th, 2025.
2. Net recognised revenue for the three months ended September 30, 2025 was $0.87 million, an increase of 71% from $0.51 million for the corresponding period in 2024. An additional $0.23 million of revenue was received from QID and fully earned but subject to deferred recognition under ASC 606. The majority of the increase ($313 thousand) was attributable to the Company's S&P 500 bank customer resulting from the Company entering into a contract amendment and extension with this customer extending the term until May 31, 2031 (subject to a right for the customer to cancel for convenience on 6 months notice), with minimum gross revenue exceeding $12.7 million. It included changes to the fee structure as well as new feature development and platform updates.
3. Net recognised revenue for the nine months ended September, 30 2025 was $2.23 million, a 41% increase from $1.59 million for the nine months ended 30 September 2024, with an additional $0.23 million of revenue received from QID and fully earned but subject to deferred recognition under ASC 606. As of September 30th, 2025, the Company had total received but deferred revenue of $0.33 million. The majority of the increase ($420 thousand) was attributable to the contract amendment with the S&P 500 bank customer.
4. Revenue for the three and nine months ended September 30, 2025, while significantly increased, undershot the Company’s original projections due to delays in customer implementation for the QID contract. The Company was able to redirect assigned resources to product development and improvements and new customer onboarding.
5. Total Operating Expenses were $2.64 million and $7.85 million for the three and nine-months ended September 30th, 2025, compared to $3.19 million and $9.74 million for the corresponding periods in 2024, representing 17% and 19% reductions between the respective periods in 2025 and 2024.
6. Basic and diluted net loss per share were $0.72 and $2.28 per share for the three and nine-months ended September 30, 2025, compared to $1.06 and $7.33 for the corresponding periods in 2024.
7. Cash and Cash Equivalents as of September 30, 2025 were $5,372,021 which, with receivables and prepaid expenses, resulted in Total Current Assets of $7,065,774.
   

Trust Stamp also announced that as of the date of this release, a total of 97 financial institutions with over $348 billion in assets have been onboarded via FIS, bringing the total number of customers either fully implemented or currently implementing the Orchestration Layer to 110. Importantly, over the nine months ending September 30th, 2025, transaction starts for FIS-related institutions have increased 247% and customer completion rates increased by over 30%.

Inquiries:
Trust Stamp	Email: Shareholders@truststamp.ai

About Trust Stamp

Trust Stamp is a global provider of AI-powered services for use in multiple sectors including banking and finance, regulatory compliance, government, healthcare, real estate, communications, and humanitarian services. Its technology empowers organizations via advanced solutions that reduce fraud, tokenize and secure data, securely authenticate users while protecting personal privacy, reduce friction in digital transactions, and increase operational efficiency, enabling customers to accelerate secure financial inclusion and reach and serve a broader base of users worldwide.

With team members from twenty-two nationalities in eight countries across North America, Europe, Asia, and Africa, Trust Stamp 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.

FAQ

What did Trust Stamp (IDAI) report for Q3 2025 net recognized revenue?

Trust Stamp reported $0.87M net recognized revenue for Q3 2025, a 71% increase year-over-year.

How did Trust Stamp's operating expenses change in Q3 2025 for IDAI?

Total operating expenses declined 17% in Q3 2025 versus Q3 2024 and 19% for the nine-month comparison.

What is the value and term of the S&P 500 bank contract for Trust Stamp (IDAI)?

The contract amendment extends term to May 31, 2031 with minimum gross revenue exceeding $12.7M.

How did Trust Stamp's FIS-related activity change through Sept 30, 2025?

FIS-related transaction starts increased 247% and customer completion rates rose by over 30% in the nine months ended Sept 30, 2025.

What were Trust Stamp's cash and total current assets as of Sept 30, 2025?

Cash and cash equivalents were $5,372,021 and total current assets were $7,065,774 as of Sept 30, 2025.