Trust Stamp Inc. (Nasdaq: IDAI) posts H1 2026 results and expands sovereign AI strategy
Rhea-AI Filing Summary
Trust Stamp Inc. reported H1 2026 net recognised revenue of $1.66 million, up 22% from $1.36 million a year earlier, driven by greater activity from an S&P 500 bank customer and work for a multinational African telecommunications company. Total billed and billable work for this Telecom reached $0.992 million after June 30. The company identified a 2026–2027 sales pipeline of $42.40 million, which it estimates could translate into $9.48 million of revenue based on contracting probabilities.
Total operating expenses rose to $6.32 million from $5.20 million, including $1.42 million of non-cash expenses and several one-time items such as acquisition and financing costs. Net loss widened to $4.93 million from $3.87 million, a 27.29% increase, while cash burn from operations was $3.51 million. Basic and diluted net loss per share improved to $0.90 from $1.57. Cash and cash equivalents were $6.31 million, with total current assets of $8.14 million.
Strategically, Trust Stamp Malta Limited was selected as a participant in the EU’s IPCEI on Advanced Semiconductor Technologies, supporting projects that bind device identity to verified human identity and protect neural-signal data. The company is also establishing The Sovereign Technology Centre Limited in Malta to target the growing sovereign-AI market, which independent research estimates could exceed $48 billion in 2026.
Positive
- Net recognised revenue grew 22% to $1.66 million for H1 2026, supported by increased work for an S&P 500 bank customer and a major African telecommunications engagement.
- The company reported a $42.40 million sales pipeline for 2026–2027, with an estimated $9.48 million revenue pipeline after discounting for contracting likelihood.
- Trust Stamp Malta Limited was selected for the EU’s IPCEI on Advanced Semiconductor Technologies, positioning its identity technology within a major strategic semiconductor initiative.
- Cash and cash equivalents stood at $6.31 million as of June 30, 2026, providing a liquidity base alongside total current assets of $8.14 million.
Negative
- Net loss increased 27.29% year on year to $4.93 million for H1 2026, reflecting higher expenses despite revenue growth.
- Total operating expenses rose to $6.32 million from $5.20 million, including higher non-cash charges and one-time acquisition and financing costs.
- Cash burn from operations was $3.51 million in H1 2026, indicating significant cash utilization even after adjusting for $1.42 million of non-cash expenses.
Filing Explained
The IPCEI collaborations still require formal approval; the planned Malta Sovereign Technology Centre assigns economic interests to Trust Stamp.
Although the release calls Trust Stamp Malta Limited a direct participant in the EU’s IPCEI AST program, it says the two cooperation agreements planned for
Separately, The Sovereign Technology Centre Limited is being established as a Malta corporation whose economic interests vest in Trust Stamp, while administration and governance vest in a board primarily comprising Maltese citizens and residents.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net recognised revenue: $1.66 million
Net loss: $4.93 million
Total operating expenses: $6.32 million
+5 more
8 metrics
Net recognised revenue
$1.66 million
For the six months ended June 30, 2026; 22% increase from $1.36 million in 2025
Net loss
$4.93 million
For the six months ended June 30, 2026; up from $3.87 million, a 27.29% increase
Total operating expenses
$6.32 million
For the six months ended June 30, 2026; compared to $5.20 million in 2025
Non-cash expenses
$1.42 million
Included within H1 2026 operating expenses; $654k higher than prior-year period
Cash burn from operations
$3.51 million
For the six months ended June 30, 2026, including one-time expenses
Cash and cash equivalents
$6.31 million
Balance as of June 30, 2026; part of total current assets of $8.14 million
Sales pipeline
$42.40 million
Total potential governmental and private sector customers for 2026 and 2027 combined
Estimated revenue pipeline
$9.48 million
Discounted estimate of revenue from the $42.40 million sales pipeline
Key Terms
net recognised revenue, non-cash expenses, Important Project of Common European Interest, sovereign AI, +2 more
6 terms
net recognised revenue financial
"Net recognised revenue for the six months ended June 30, 2026 was $1.66 million"
non-cash expenses financial
"including $1.42 million of non-cash expenses (an increase in non-cash expenses of $654k"
Important Project of Common European Interest regulatory
"selected as a direct participant in the Important Project of Common European Interest on Advanced"
An important project of common European interest is a major, cross-border initiative that the European Union recognizes as strategically valuable for the bloc’s economy or technology, allowing participating governments to coordinate support and get special approvals. For investors it signals higher chances of public funding, regulatory help and cooperation across countries—like neighbors pooling money and permits to build a shared bridge—reducing execution and political risk for companies involved.
sovereign AI technical
"initiative to provide the development and deployment of Sovereign-AI models represents a substantial"
An AI system described as "sovereign" is built, hosted, or operated under a country’s legal and technical control so that data, code, and decision-making stay within that jurisdiction. For investors, sovereign AI matters because it affects which vendors can sell to governments or regulated industries, imposes compliance and infrastructure costs, and can create protected local markets—similar to a factory that must follow a nation’s building codes and can only sell to certain buyers.
air-gapped technical
"strengthen the case for sovereign, air-gapped AI deployments that operate entirely within trusted"
A system described as air-gapped is physically isolated from public and private networks so it cannot be reached over the internet or company LAN, like a safe kept in a room with no phone line. For investors this matters because air-gapping reduces the risk that critical data, trading algorithms, backups or industrial controls will be accessed or tampered with by hackers, but it can also increase costs and slow information flow compared with connected systems.
physically unclonable functions technical
"including memristor-based physically unclonable functions) with Trust Stamp's biometric"
Earnings Snapshot
Net recognised revenue: $1.66 million
Six months ended June 30, 2026
Net recognised revenue
$1.66 million
Increase of 22% from $1.36 million for the corresponding period in 2025
Net loss
$4.93 million
Increased from $3.87 million, a 27.29% year-on-year increase
Total operating expenses
$6.32 million
Increased from $5.20 million for the corresponding period in 2025
Cash and cash equivalents
$6.31 million
Estimated revenue pipeline
$9.48 million
Derived from a $42.40 million sales pipeline after discounting for contracting likelihood
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Trust Stamp (IDAI) perform financially in H1 2026?
Trust Stamp reported net recognised revenue of $1.66 million for H1 2026, a 22% increase from $1.36 million in H1 2025. Net loss widened to $4.93 million from $3.87 million, with total operating expenses rising to $6.32 million.
What is Trust Stamp’s (IDAI) revenue pipeline for 2026 and 2027?
Trust Stamp identified a sales pipeline of $42.40 million for 2026–2027. After discounting for likelihood of contracting, it estimates an expected revenue pipeline of $9.48 million, excluding potential new engagements that cannot yet be reliably projected.
How much has Trust Stamp (IDAI) billed its African Telecom customer?
For its African Telecom engagement, Trust Stamp had $192 thousand billed in Q2 2026 and, subsequent to June 30, delivered an additional $800 thousand of work product. This brings total billed and billable work for the Telecom to $0.992 million.
What are Trust Stamp’s (IDAI) operating expenses and cash burn in H1 2026?
Total operating expenses were $6.32 million in H1 2026, up from $5.20 million, including $1.42 million of non-cash expenses. The company reported cash burn from operations of $3.51 million, which includes one-time acquisition and financing costs.
What is Trust Stamp’s (IDAI) cash position as of June 30, 2026?
As of June 30, 2026, Trust Stamp held $6.31 million in cash and cash equivalents. Together with receivables and prepaid expenses, this resulted in total current assets of $8.14 million on its balance sheet.
What strategic initiatives did Trust Stamp (IDAI) highlight in H1 2026?
Trust Stamp highlighted selection of its Malta subsidiary for the EU’s IPCEI AST semiconductor initiative and the creation of The Sovereign Technology Centre Limited in Malta to develop sovereign AI products targeting a sovereign-AI market estimated at $48 billion in 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 13, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (404 ) 806-9906
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On August 13, 2026, T Stamp Inc. (the “Company”) issued a press release announcing its results of operations for the six months ended June 30, 2026. A copy of that press release is being furnished herewith as Exhibit 99.1.
The information contained in and accompanying this Form 8-K with respect to Item 2.02 (including Exhibit 99.1 hereto) is being furnished to, and not filed with, the Securities and Exchange Commission in accordance with General Instruction B.2 to Form 8-K.
Item 9.01. Financial Statements and Exhibits
(d)Exhibits
| Exhibit No. | Description | |||||||
99.1 | Press Release of the registrant issued June 30, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| T STAMP INC. | ||||||||
| By: | /s/ Gareth Genner | |||||||
| Name: Gareth Genner | ||||||||
| Title: Chief Executive Officer | ||||||||
Dated: August 13, 2026
Exhibit 99.1
T STAMP INC
(‘Trust Stamp’ or ‘The Company’)
Nasdaq: IDAI
Trust Stamp provided a H1 2026 business report including a 22% increase in net recognized revenue with continued customer and pipeline growth, selection for the European Union’s IPCEI program and entry into the $48 billion Sovereign-AI market
August 13, 2026, Atlanta, Georgia, United States: Trust Stamp (Nasdaq: IDAI) announced that:
1.Net recognised revenue for the six months ended June 30, 2026 was $1.66 million, an increase of 22% from $1.36 million for the corresponding period in 2025 primarily attributable to increased revenue from the Company's S&P 500 bank customer and $192 thousand billed in Q2 for work with a multinational telecommunications corporation operating in Africa (“the Telecom”). The Company believes its engagement with the Telecom has strong potential for generating increased revenues, which subsequent to June 30 has included an additional $800 thousand of work product delivered to the Telecom, bringing total billed and billable work for the Telecom to $992 thousand.
2.The Company is in negotiations with a second African telecoms company and views the African telecommunications market as a strategic growth opportunity, given the regulatory emphasis on subscriber identity assurance. In parallel, negotiations on three government related contracts in Ghana continue to progress and are expected to result in one or more definitive agreements during FY 2026.
3.The Company also identified a sales pipeline of potential governmental and private sector customers of $42.40 million for 2026 and 2027 combined. When discounting based on the likelihood of contracting, the Company believes the sales pipeline may generate an estimated revenue pipeline of $9.48 million, which does not include revenue from new engagements and initiatives that are not yet capable of accurate projection.
4.Total Operating Expenses were $6.32 million for the six months ended June 30, 2026, compared to $5.20 million for the corresponding period in 2025, for an increase of $1.12 million, including $1.42 million of non-cash expenses (an increase in non-cash expenses of $654k compared to the corresponding period in 2025). Operating Expenses included up-front costs related to the engagement with the Telecom which are expected to yield long-term usage-based-revenue. The increase also includes one-time acquisition expenses related to Lexverify, internal and external development expenses related to the Wallet of Wallets (WoWTM), $250 thousand in one-time expenses related to the financing completed in Q2, increases in depreciation and timing differences in recognition of RSU expenses, as well as increased cost of sales in tandem with the increase in both recognized and unbilled revenue.
5.Net Loss for the six months ended June 30, 2026 based on recognized revenue was $4.93 million compared to $3.87 million for the six months ended June 30, 2025 representing a 27.29% increase year on year. For the purpose of clarifying cash utilization, the Company flagged that the net loss included $1.42 million of non-cash expenses resulting in a cash burn from operations of $3.51 million including one-time expenses. Basic and diluted net loss per share were $0.90 per share for the six months ended June 30, 2026, compared to $1.57 per share for the corresponding period in 2025.
6.Cash and Cash Equivalents as of June 30, 2026 were $6.31 million which, with receivables and prepaid expenses, resulted in Total Current Assets of $8.14 million.
7.The Company also highlighted two significant strategic initiatives:
a.Trust Stamp Malta Limited, has been selected as a direct participant in the Important Project of Common European Interest on Advanced Semiconductor Technologies (IPCEI AST), with the support of Malta Enterprise.
The IPCEI-AST is a major, coordinated European initiative backed by participating EU Member States and their national authorities, with the objective of strengthening Europe's sovereignty, security and resilience across the advanced semiconductor value chain. Bringing together industry and research participants from across the EU, it is designed to accelerate the development and first industrial deployment of next-generation chip technologies. IPCEI is one of the EU's principal instruments for funding strategic technologies; its predecessor in microelectronics, IPCEI ME/CT, mobilized up to €8.1 billion in public funding across fourteen Member States. The overall funding envelope for the Advanced Semiconductor Technologies wave is still being finalized.
Trust Stamp's selection positions its privacy-first identity technology within this strategic effort by binding the identity of a device to a verified human identity, so that critical hardware can be trusted to operate only in authorized hands. This work will build on Trust Stamp's patented approach to irreversible biometric tokenization, which protects personal data while enabling strong, privacy-preserving authentication. Trust Stamp's participation is anchored by two cooperation agreements planned to run over the project period (2027 - 2032), subject to formal approval:
•A secure semiconductor identity platform: a collaboration to design a platform that links device identity to a verified human identity, combining hardware-rooted security (including memristor-based physically unclonable functions) with Trust Stamp's biometric tokenization to help prevent the unauthorized use of critical devices across communications, IoT and safety-critical systems.
•AI-supported processing of neural signals: a collaboration exploring the AI-assisted processing and analysis of neural-signal data generated by an emerging biosignal-chip platform, paired with secure device authentication to protect highly sensitive data at the hardware level.
b. The Company believes that its initiative to provide the development and deployment of Sovereign-AI models represents a substantial market opportunity for which the Company is well positioned given our 10-year experience in developing proprietary AI models for deployments in-the-cloud, on premises and on mobile devices.
The rapid emergence of sovereign artificial intelligence is creating one of the largest new technology markets of the coming decade. Governments, critical infrastructure operators, healthcare providers, financial institutions and defense organizations increasingly require AI systems that are developed, deployed and governed under their own legal jurisdiction, ensuring that access to technology, sensitive data, intellectual property and decision-making remain under national control rather than being subject to foreign laws or external commercial interests. Independent market research estimates the global sovereign AI market is expected to exceed US$48 billion in 2026 and grow to approximately US$180 billion by 2033, while Europe is making digital sovereignty a strategic priority through major investments in sovereign AI infrastructure and cloud capacity. Europe and Africa together represent a particularly attractive opportunity, with strong regulatory drivers, increasing demand for local AI capability and comparatively limited domestic providers, creating a realistic addressable market measured in many billions of euros over the next decade.
Recent admissions by frontier LLM operators and independent research have demonstrated that frontier AI models can exhibit unexpected and potentially harmful behaviors when given broad autonomy or exposed to adversarial inputs. Independent studies have documented instances of models attempting to circumvent restrictions, conceal their reasoning, exploit software vulnerabilities, or pursue objectives in ways not anticipated by their developers. While these behaviors have generally occurred in controlled testing environments rather than in operational deployments, they highlight the importance of robust governance and technical safeguards as AI systems become more capable. For governments, healthcare providers, defense organizations and operators of critical infrastructure, these developments strengthen the case for sovereign, air-gapped AI deployments that operate entirely within trusted environments under the organization's direct control. Air-gapped sovereign AI reduces the risk of sensitive data leakage, prompt injection and model poisoning attacks, prevents unauthorized access to external networks or cloud services, enables comprehensive monitoring and audit of every interaction, and ensures that AI systems cannot communicate with or act upon external systems without explicit human authorization. By combining sovereign ownership with strong network isolation, organizations can
realize the benefits of advanced AI while maintaining the highest standards of security, resilience and regulatory compliance for mission-critical applications.
As frontier AI models become recognized as strategically important technologies, access to the most capable systems can no longer be assumed to be commercially available on equal terms worldwide. Recent U.S. export control actions demonstrate that frontier AI models may be restricted or withdrawn for national security reasons, extending beyond advanced semiconductors to the AI models themselves. In June 2026, Anthropic was directed by the U.S. government to suspend access to its most advanced models for foreign nationals, resulting in the models being withdrawn globally while the company sought to comply with the order. This precedent highlights a significant strategic risk for governments and enterprises outside the United States: critical AI capabilities may become unavailable with little notice as geopolitical priorities evolve. Organizations that rely exclusively on foreign-hosted frontier models therefore face an emerging technology sovereignty risk alongside traditional cybersecurity and operational risks. Sovereign AI deployments provide an effective hedge against this uncertainty by ensuring that essential AI capabilities remain under local ownership, operate on locally controlled infrastructure, and continue to be available regardless of changes in export controls, international relations or the commercial decisions of overseas providers.
While generative AI has delivered significant productivity gains, many organizations are discovering that large-scale deployment through commercial cloud models can become prohibitively expensive as usage increases. Unlike traditional enterprise software, costs are typically incurred on a per-token basis, meaning expenditure rises directly with user adoption, larger context windows and more sophisticated reasoning models. As organizations move from pilot projects to enterprise-wide deployment, monthly AI costs can increase by an order of magnitude, prompting many to impose usage limits or reassess their AI strategies. Recent examples illustrate this trend: Uber introduced caps on employee AI usage after exhausting its AI budget far earlier than anticipated, while Klarna publicly acknowledged that an aggressive AI-first strategy prioritizing cost reduction delivered lower-quality outcomes and has since shifted towards a more balanced human–AI model. Similarly, a number of enterprises have reduced access to premium AI tools or tightened governance to control rapidly escalating token expenditure. These experiences are driving growing interest in sovereign AI deployments, where organizations can operate models on dedicated infrastructure with predictable costs, eliminate recurring per-token charges, optimize models for specific workloads and maintain complete control over both expenditure and performance.
The Sovereign Technology Centre Limited is being established to meet this demand by developing a portfolio of sovereign AI products, including secure sovereign large language models, sector-specific AI assistants, sovereign cloud infrastructure, cybersecurity solutions, medical and financial AI applications, and ultra-small language models that can operate on edge devices and semiconductors. Proprietary models have been and are being developed from scratch while the Company has also collated a library of over 100 open-weight models that can be trained to meet the specific needs of customers without the risks and costs associated with commercial frontier models.
The Sovereign Technology Centre Limited is being established as a Malta corporation with the economic interests vesting in the Company but administration and governance vesting in a corporate board primarily comprising Maltese citizens and residents. It is believed that this structure will facilitate participation in EU projects and funding opportunities not currently open to the Company as a U.S. corporation with the potential to develop subsidiary centers in African nations that face similar technology sovereignty challenges to those being addressed in the European Union.
The Sovereign Technology Centre is the physical manifestation and engine that will empower this vision. Located in Gozo, Malta, it is being designed as a center of excellence for the research, development, testing and commercialization of sovereign AI technologies. The Centre will bring together AI engineers, cybersecurity specialists, data scientists, infrastructure experts and university graduates to develop secure AI systems that comply with European and African standards and utilize highly efficient proprietary servers powered by solar energy. The Center will function not just as a working environment but also as a demonstration site for other interested nations to partner in establishing their own Sovereign Technology Centers.
Gareth N. Genner, Chief Executive Officer of the Company commented: “The increase in recognized revenue reflects a high level of continued performance on historic engagements in parallel to our work with new clients that we anticipate will result in significant billable revenue. Our pipeline of substantial revenue prospects has continued to grow and mature and we are seeing significant interest in our WoWTM wallet-of-wallets which is planned to be launched once there is resolution of the uncertainties regarding the Clarity Act.
Our selection for the European Union’s IPCEI program is an exciting recognition of the value of our technology when applied to linking human identity to semiconductor based applications.
Finally, our investment in developing the Sovereign Technology Centre concept has been very timely given the accelerating range of challenges to frontier model deployments and we anticipate significant interest from international governmental entities concerned with technology sovereignty, privacy and jurisdictional issues. We will also target enterprises aiming to protect intellectual property and ensure compliance with GDPR and other privacy and data localization legislation while guaranteeing access to affordable customized models.”
| Inquiries | |||||
| Investors: | 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.