From GlobeNewswire: 2024-05-14 10:00:00

Trust Stamp (Nasdaq: IDAI) reported financial results for the three months ended March 31, 2024, with net revenue increasing to $574 thousand from $459 thousand in 2023. The company saw increased revenue from integrating with 51 financial institutions, leading to a growth in customer base and anticipation of recurring revenue in Q3 2024.

Expanding its market reach, Trust Stamp tailored products for the community banking sector and launched a new wire/transfer authentication product expected to go live in Q3 2024. The company also entered the age estimation market with an AI-powered product, securing its first contract and aiming for significant growth in this sector.

With 22 issued and 13 pending patents, Trust Stamp’s technology can be used in various sectors beyond identity verification. The company ventured into joint ventures to enter new markets and collaborated with a major government contractor for Federal contracting opportunities, anticipating growth in licensing opportunities and collaborations.

Despite an operating loss of $2.85 million for the three months ended March 31, 2024, Trust Stamp continues to focus on enhancing its technology for future revenue potential. The company’s net loss increased, resulting in a basic and net loss per share of $0.26, compared to $0.50 per share in the same period in 2023.

Trust Stamp, a global provider of AI-powered identity services, trades on the Nasdaq Capital Market and was founded in 2016 by Gareth Genner and Andrew Gowasack. The company’s technology aims to reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users across various sectors worldwide.



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