authID Inc. - AUID STOCK NEWS

authID reported Q3 2024 financial results with revenue increasing to $0.25 million from $0.04 million year-over-year. Operating expenses remained flat at $3.8 million, while loss from continuing operations improved to $3.4 million ($0.31 per share) compared to $3.7 million ($0.47 per share) in Q3 2023. The company secured significant new contracts, including a $10 million multi-year agreement with an AI company in India and a $1 million plus deal with a global digital engagement organization. Remaining Performance Obligation (RPO) doubled to $3.8 million from $1.9 million year-over-year. However, the company revised its 2024 revenue guidance to $0.8-0.9 million due to customer implementation delays.

authID has secured a $10 million multi-year agreement with an AI company to provide biometric authentication solutions in India. The three-year contract guarantees minimum annual revenue of $3.33 million for licensing authID's identity platform services. The company will deliver biometric authentication for various industries including banking, financial services, emergency services, and transportation. The solution will support onboarding, daily login, account recovery, and high-value transactions while complying with Indian privacy laws. authID's platform processes biometric identification within 700 milliseconds, offering 1:1B verification accuracy for India's 1.4B citizens.

authID (Nasdaq: AUID) has scheduled its Third Quarter 2024 financial results announcement for November 7, 2024. The company will host a conference call and webcast at 5:00 p.m. EDT, featuring CEO Rhon Daguro and CFO Ed Sellitto. Participants can join via phone at (646) 968-2525 (U.S.) or +1 (888) 596-4144 (international) using conference ID 8624132. A live webcast will be available on the company's investor relations website, with replay and presentation materials accessible for 90 days.

authID (Nasdaq: AUID) has announced a multi-year agreement with Imperial Technologies, a nationwide broadband and wireless internet provider, to implement biometric identity and document verification services for customer onboarding. The solution delivers identity verification in 700 milliseconds, featuring PAD Level 2 liveness confirmation, ID anti-spoofing checks, and facial biometric matching. Imperial Technologies chose authID to combat identity fraud, deepfakes, and account takeover attacks while streamlining their customer onboarding process. The partnership marks authID's expansion into the telecommunications vertical.

authID Inc. (Nasdaq: AUID), a provider of secure identity verification and authentication solutions, has announced the approval of inducement grants for new employees by its Compensation Committee. The grants, made in accordance with Nasdaq Listing Rule 5635(c)(4), include:

- Options to purchase 15,000 shares at $6.29
- Options to purchase 15,000 shares at $6.00
- Options to purchase 25,000 shares at $6.66

Additionally, the company has agreed to grant options to purchase 15,000 shares to a new employee expected to join soon. All options will vest over three years in 36 equal monthly installments, subject to continued employment, with a 10-year term.

authID Inc. (Nasdaq: AUID) has appointed Erick Soto as Chief Product Officer. With over 15 years of industry experience, Soto will oversee the evolution of authID's biometric identity verification and authentication platform. He will lead a team of developers and designers to enhance the company's Proof and Verified product lines.

Soto's previous roles include Chief Product Officer at Oxygen Health, Chief Product Officer – New Digital Initiatives at BBVA, and VP of Product at Socure. At Socure, he collaborated with authID's current CEO, Rhon Daguro, to build the company into a $4.5 billion valuation.

authID aims to leverage Soto's expertise to improve its processing time, liveness detection, and precision in user authentication while enhancing privacy protections. The company continues to focus on providing enterprise customers with reliable identity verification solutions to combat fraud and emerging threats.

authID Inc. (Nasdaq: AUID), a provider of biometric identity verification and authentication solutions, has announced an inducement grant under Nasdaq Listing Rule 5635(c)(4). The company granted non-qualified options to purchase 25,000 shares of common stock to a new employee. Key details of the option grant include:

• Grant date: September 9, 2024
• Exercise price: $7.99 per share
• Vesting: Equal monthly amounts over three years, subject to continued employment
• Term: Ten years

This option was granted as an inducement for the employee entering into employment with authID, in accordance with Nasdaq regulations.

authID (Nasdaq: AUID) has released a white paper titled "The Spread of Deepfakes and How to Protect Yourself Against Them." The paper examines how deepfakes are created, enhanced, and used for fraud and other crimes. It highlights the growing threat of deepfakes to enterprises, including potential fraud losses in the tens of millions.

The white paper discusses:

• The scope of the deepfake problem and which organizations are at risk
• Best practices for combating deepfakes
• The importance of biometric authentication in the fight against deepfakes

authID's CEO, Rhon Daguro, emphasizes the need for an identity strategy that can keep pace with evolving threats while providing fast and accurate solutions for identity proofing and authentication.

authID (Nasdaq: AUID) reported financial results for Q2 2024, showing significant year-over-year growth. Total revenue increased to $0.28 million, up from $0.04 million in Q2 2023. The company's Remaining Performance Obligation (RPO) grew to $4.24 million, compared to $0.40 million a year ago. Despite progress, authID still reported a net loss of $3.3 million, or $0.34 per share, an improvement from the $10.9 million loss in Q2 2023.

authID highlighted recent partnerships with DataVisor, FinClusive, and Syntrove, expanding its market reach in cybersecurity and identity verification. The company also completed an $11 million direct offering, netting approximately $10 million. authID confirmed its 2024 revenue guidance of $1.4 million to $1.6 million, building on the $0.4 million YTD revenue.