Trust Stamp Provides a Business Report and Financial Results for the Six Months Ended June 30, 2024
Rhea-AI Summary
Trust Stamp (Nasdaq: IDAI) reported financial results for H1 2024, highlighting a 100% year-on-year increase in enrolled customers and Net Revenue growth. Key points include:
1. 62 financial institutions enrolled on SaaS Orchestration Layer, up from 31 in 2023.
2. Net revenue increased to $1.07 million, up from $919,000 in H1 2023.
3. Operating loss widened to $5.47 million from $4.96 million in H1 2023.
4. Net loss per share improved to $0.47 from $0.80 in H1 2023.
5. R&D expenses decreased by 15.76% to $190,000.
6. New partnerships in automotive, mobile identity verification, and healthcare sectors.
7. Anticipating significant license fees as 'other income' in Q3 2024.
Positive
- 100% year-on-year increase in enrolled customers on SaaS Orchestration Layer
- Net revenue increased by 16.4% to $1.07 million in H1 2024
- First Orchestration Layer customer generating over $14k MRR with 83.3% gross margins
- S&P500 bank customer consistently generating more than $1.2m ARR
- New distribution channels established with NayaOne Marketplace and AWS Marketplace
- Expansion into new markets including automotive dealerships, mobile identity verification in Africa, and healthcare
- Anticipating significant license fees as 'other income' in Q3 2024
- Number of issued patents increased from 16 to 22 year-on-year
- R&D expenses decreased by 15.76% due to internalization of R&D work
Negative
- Operating loss increased to $5.47 million from $4.96 million in H1 2023
- Selling, general, and administrative expenses increased by $777,000
- Net loss per share of $0.47 for H1 2024, although improved from $0.80 in H1 2023
News Market Reaction – IDAI
In the trading session that priced this news, IDAI declined 4.75%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Atlanta, GA, Aug. 13, 2024 (GLOBE NEWSWIRE) -- 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
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
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
“Our net revenue increased from
“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
“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
“Our operating loss for the six months ended June 30, 2024 was
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.
