authID Reports Financial and Operating Results for the Fourth Quarter and Fiscal Year Ended December 31, 2024
authID (NASDAQ: AUID) reported its Q4 and FY2024 financial results, showing mixed performance. Q4 revenue increased to $0.20M from $0.07M YoY, while operating expenses rose to $4.9M from $3.3M. The company's Q4 loss widened to $4.6M ($0.49/share) from $3.2M ($0.41/share).
For FY2024, revenue grew to $0.89M from $0.19M, with Annual Recurring Revenue (ARR) reaching $0.80M. Operating expenses increased to $15.6M from $10.9M, while the yearly loss improved to $14.3M ($1.40/share) from $19.6M ($3.19/share).
Notable achievements include:
- Signing a $10M multi-year agreement with an AI company for biometric authentication in India
- Launch of PrivacyKey™ for enhanced biometric authentication privacy
- Gross Booked Annual Recurring Revenue (bARR) of $9.01M in 2024, up from $2.94M in 2023
- Remaining Performance Obligation (RPO) of $14.26M, compared to $4.03M YoY
authID (NASDAQ: AUID) ha riportato i risultati finanziari del Q4 e dell'anno fiscale 2024, mostrando una performance mista. I ricavi del Q4 sono aumentati a $0,20M rispetto a $0,07M dell'anno precedente, mentre le spese operative sono salite a $4,9M da $3,3M. La perdita del Q4 dell'azienda è aumentata a $4,6M ($0,49/azione) rispetto a $3,2M ($0,41/azione).
Per l'anno fiscale 2024, i ricavi sono cresciuti a $0,89M da $0,19M, con i Ricavi Annuali Ricorrenti (ARR) che hanno raggiunto $0,80M. Le spese operative sono aumentate a $15,6M da $10,9M, mentre la perdita annuale è migliorata a $14,3M ($1,40/azione) rispetto a $19,6M ($3,19/azione).
Tra i risultati notevoli ci sono:
- Firma di un accordo pluriennale da $10M con un'azienda di intelligenza artificiale per l'autenticazione biometrica in India
- Lancio di PrivacyKey™ per una maggiore privacy nell'autenticazione biometrica
- Ricavi Annuali Prenotati (bARR) di $9,01M nel 2024, in aumento rispetto a $2,94M nel 2023
- Obbligazione di Prestazione Residua (RPO) di $14,26M, rispetto a $4,03M dell'anno precedente
authID (NASDAQ: AUID) reportó sus resultados financieros del Q4 y del año fiscal 2024, mostrando un desempeño mixto. Los ingresos del Q4 aumentaron a $0,20M desde $0,07M del año anterior, mientras que los gastos operativos subieron a $4,9M desde $3,3M. La pérdida del Q4 de la compañía se amplió a $4,6M ($0,49/acción) desde $3,2M ($0,41/acción).
Para el año fiscal 2024, los ingresos crecieron a $0,89M desde $0,19M, con los Ingresos Anuales Recurrentes (ARR) alcanzando $0,80M. Los gastos operativos aumentaron a $15,6M desde $10,9M, mientras que la pérdida anual mejoró a $14,3M ($1,40/acción) desde $19,6M ($3,19/acción).
Los logros notables incluyen:
- Firma de un acuerdo multianual por $10M con una empresa de IA para autenticación biométrica en India
- Lanzamiento de PrivacyKey™ para una mayor privacidad en la autenticación biométrica
- Ingresos Anuales Reservados (bARR) de $9,01M en 2024, en aumento desde $2,94M en 2023
- Obligación de Rendimiento Restante (RPO) de $14,26M, en comparación con $4,03M del año anterior
authID (NASDAQ: AUID)는 2024 회계연도 4분기 및 전체 재무 결과를 발표하며 혼합된 실적을 보였습니다. 4분기 수익은 전년 대비 $0.20M에서 $0.07M로 증가했으며, 운영 비용은 $4.9M에서 $3.3M로 상승했습니다. 회사의 4분기 손실은 $4.6M($0.49/주)로 확대되었으며, 전년의 $3.2M($0.41/주)에서 증가했습니다.
2024 회계연도 동안 수익은 $0.89M로 증가했으며, 전년의 $0.19M에서 증가했습니다. 연간 반복 수익(ARR)은 $0.80M에 도달했습니다. 운영 비용은 $15.6M에서 $10.9M로 증가했으며, 연간 손실은 $14.3M($1.40/주)로 개선되었습니다. 이는 전년의 $19.6M($3.19/주)에서 감소한 수치입니다.
주목할 만한 성과로는:
- 인도에서 생체 인증을 위한 AI 회사와 $10M 다년 계약 체결
- 생체 인증 프라이버시 향상을 위한 PrivacyKey™ 출시
- 2024년의 총 예약 연간 반복 수익(bARR)이 $9.01M로, 2023년의 $2.94M에서 증가
- 전년 대비 $4.03M인 잔여 성과 의무(RPO)가 $14.26M
authID (NASDAQ: AUID) a annoncé ses résultats financiers pour le 4ème trimestre et l'exercice 2024, montrant une performance mitigée. Les revenus du 4ème trimestre ont augmenté à 0,20 M$ contre 0,07 M$ l'année précédente, tandis que les dépenses d'exploitation ont augmenté à 4,9 M$ contre 3,3 M$. La perte de l'entreprise pour le 4ème trimestre s'est creusée à 4,6 M$ (0,49 $/action) contre 3,2 M$ (0,41 $/action).
Pour l'exercice 2024, les revenus ont augmenté à 0,89 M$ contre 0,19 M$, avec des Revenus Annuels Récurrents (ARR) atteignant 0,80 M$. Les dépenses d'exploitation ont augmenté à 15,6 M$ contre 10,9 M$, tandis que la perte annuelle s'est améliorée à 14,3 M$ (1,40 $/action) contre 19,6 M$ (3,19 $/action).
Les réalisations notables incluent :
- Signature d'un contrat pluriannuel de 10 M$ avec une entreprise d'IA pour l'authentification biométrique en Inde
- Lancement de PrivacyKey™ pour améliorer la confidentialité de l'authentification biométrique
- Revenus Annuels Bruts Réservés (bARR) de 9,01 M$ en 2024, en hausse par rapport à 2,94 M$ en 2023
- Obligation de Performance Restante (RPO) de 14,26 M$, contre 4,03 M$ l'année précédente
authID (NASDAQ: AUID) hat seine finanziellen Ergebnisse für das 4. Quartal und das Geschäftsjahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Umsatz im 4. Quartal stieg auf $0,20M von $0,07M im Vorjahr, während die Betriebsausgaben auf $4,9M von $3,3M anstiegen. Der Verlust des Unternehmens im 4. Quartal weitete sich auf $4,6M ($0,49/Aktie) von $3,2M ($0,41/Aktie) aus.
Für das Geschäftsjahr 2024 wuchs der Umsatz auf $0,89M von $0,19M, wobei der jährlich wiederkehrende Umsatz (ARR) $0,80M erreichte. Die Betriebsausgaben stiegen auf $15,6M von $10,9M, während der Jahresverlust sich auf $14,3M ($1,40/Aktie) verbesserte, im Vergleich zu $19,6M ($3,19/Aktie) im Vorjahr.
Bemerkenswerte Erfolge umfassen:
- Unterzeichnung eines Mehrjahresvertrags über $10M mit einem KI-Unternehmen für biometrische Authentifizierung in Indien
- Einführung von PrivacyKey™ zur Verbesserung der Privatsphäre bei biometrischen Authentifizierungen
- Bruttobuchungs-Jährliche Wiederkehrende Einnahmen (bARR) von $9,01M im Jahr 2024, ein Anstieg von $2,94M im Jahr 2023
- Verbleibende Leistungsansprüche (RPO) von $14,26M, im Vergleich zu $4,03M im Vorjahr
- Significant revenue growth with Q4 revenue up 185% YoY
- $10M multi-year deal secured with AI company for India market
- Gross bARR increased over 3x to $9.01M in 2024
- RPO grew significantly to $14.26M from $4.03M YoY
- Net loss per share improved to $1.40 in 2024 from $3.19 in 2023
- Q4 operating loss widened to $4.6M from $3.2M YoY
- Operating expenses increased 47% to $4.9M in Q4
- Adjusted EBITDA loss increased to $11.9M from $8.7M in 2023
- Some customers experiencing delays in Production Go-Live timing
Insights
authID's Q4 and FY2024 results reveal a company at an inflection point, showing significant bookings growth but still facing substantial losses. Revenue increased impressively to
The standout metrics come from the company's leading indicators. Gross Booked Annual Recurring Revenue (bARR) surged to
However, these growth indicators haven't yet translated to bottom-line improvements. Operating expenses increased to
The
The combination of heavy losses and strong bookings growth suggests authID is in investment mode, sacrificing near-term profitability for market position in the biometric authentication space. Investors should monitor the conversion rate of bookings to recognized revenue and the path to cash flow positivity.
authID's biometric authentication platform is gaining traction in a market increasingly concerned with identity security and privacy. The introduction of PrivacyKey™ represents a significant technological advancement by eliminating biometric storage requirements through Public Key Infrastructure (PKI) technology. This positions authID at the forefront of privacy-first authentication solutions—a critical differentiator as privacy regulations tighten globally.
The company's recognition as a "Luminary" by The Prism Project validates its privacy-centric approach. By joining the Accountable Digital Identity Association, authID is strategically positioning itself to influence emerging standards for decentralized identity frameworks, potentially creating competitive advantages as these standards become industry requirements.
authID's integration with Zendesk demonstrates platform extensibility and targets the lucrative contact center security market—a sector plagued by authentication challenges. Their expanding customer base across diverse verticals (financial services, recruitment, telecommunications, identity verification) indicates product-market fit and solution versatility.
The
The technology appears to have reached maturity for enterprise adoption, with the CEO's mention of late-stage sales cycles with Fortune 500 companies suggesting the product has passed rigorous security and compliance evaluations. The focus on bringing customers live indicates the platform has moved beyond proof-of-concept stage to commercial deployment readiness.
DENVER, March 13, 2025 (GLOBE NEWSWIRE) -- authID® (Nasdaq: AUID) (“authID”), a leading provider of biometric identity verification and authentication solutions, today reported financial and operating results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 vs. 2023 Financial Summary
- Total revenue for the quarter increased to
$0.20 million , compared to$0.07 million a year ago. - Operating expenses were
$4.9 million , compared to$3.3 million a year ago. - Loss from continuing operations was
$4.6 million , or$0.49 per share, compared to a loss of$3.2 million , or$0.41 per share a year ago. - Adjusted EBITDA Loss of
$4.1 million (non-GAAP measure as defined below), compared with$2.7 million a year ago. - Gross bARR (Booked Annual Recurring Revenue) of
$7.13 million (non-GAAP measure as defined below), compared with$1.67 million a year ago.
Fiscal Year 2024 vs. 2023 Financial Summary
- Total revenue for the year increased to
$0.89 million , compared to$0.19 million a year ago. - ARR (Annual Recurring Revenue) was
$0.80 million (non-GAAP measure as defined below), compared with$0.29 million a year ago. - Operating expenses were
$15.6 million , compared to$10.9 million a year ago. - Loss from continuing operations was
$14.3 million , or$1.40 per share, compared to a loss of$19.6 million , or$3.19 per share a year ago. - Adjusted EBITDA Loss of
$11.9 million , compared with$8.7 million a year ago. - Remaining Performance Obligation (RPO) was
$14.26 million , compared to$4.03 million a year ago. - Gross bARR of
$9.01 million , compared with$2.94 million a year ago.
“We are poised for a breakout year in 2025, and I’m incredibly excited about our momentum to date,” said Rhon Daguro, authID’s Chief Executive Officer. “We expect to close multiple Fortune 500 and multi-national customers in 2025, and we are currently in the late stages of our sales cycle with these potential customers. Additionally, we are adding over
Mr. Daguro continued: “I’m very proud of the team’s accomplishments in 2024. We made great progress in our financial metrics while enhancing the foundation we have built to be a dominant player in this rapidly expanding biometric identity authentication market. In only 18 months’ time, we built a proven go-to-market strategy to achieve two consecutive years of 3x bookings growth, assembled a team of identity domain experts that large companies can trust, and refined our software to service large enterprise accounts. We are incredibly excited about the opportunity ahead as we focus on bringing customers live, signing new contracts, and serving our customers’ critical biometric identity authentication needs.”
“This foundation, along with our un-matched combination of speed, accuracy and privacy, and the market impact of the threat posed by Generative AI, is all bringing authID to an inflection point, where I believe we will be positioned for aggressive growth in 2025.”
Recent Business and Operational Highlights
- Signed the largest deal in the company’s history, a
$10 million , multi-year agreement with a next-generation AI company, specializing in custom solutions for global multi-national companies, to enable biometric authentication for a range of industries in India. - Expanded our partnership with EinStrong Foundation to enhance verification of recipients of universal basic income payments. authID's Verified biometric authentication platform will ensure funds reach only the correct individuals quickly and securely, improving transparency and accountability for social welfare initiatives globally.
- Released, PrivacyKey™, which represents a quantum leap forward in biometric authentication privacy. With this release, authID is a pioneer in the industry offering biometric authentication without needing to store any biometrics, by leveraging Public Key Infrastructure (PKI) technology.
- Joined the Accountable Digital Identity Association (ADIA) to help shape global standards for reusable digital identities. As a member, authID will support the development of a decentralized identity framework that ensures trust, privacy and security and addresses the challenges enterprises face in managing multiple identities for their global employee and contractor workforces.
- Integrated our Proof and Verified solutions with Zendesk to enhance account security and reduce fraud at contact centers. The integration better supports call center use cases by enabling Zendesk customers to seamlessly access authID through their customer support software.
- Received industry recognition from The Prism Project for our approach to privacy and compliance-first biometric authentication. authID was classified as a “Luminary”, the highest level of distinction awarded by the study.
- Announced a number of new customers across several verticals, including:
- Salus, a provider of consumer microloans. Salus will leverage authID to securely onboard and authenticate borrower applications, ensuring a seamless and compliant user experience for underserved populations.
- TurboCheck, a provider of fraud detection services for recruiters. TurboCheck will use authID to securely vet and onboard candidates, addressing employment identity fraud risks.
- Imperial Technologies, a broadband and wireless high-speed internet provider across all 50 states. This multi-year agreement will provide authID’s biometric services to streamline and secure new customer onboarding.
- Berify, as an OEM partner to enhance biometric identity assurance for its global users. authID will be used to secure onboarding and authentication, prevent identity fraud and improve user experiences across Berify’s platform, with a focus on the Asia Pacific market.
Financial Results for the Fourth Quarter and Fiscal Year Ended December 31, 2024
Total revenue for the three months ended December 31, 2024 was
Operating expenses for the three months ended December 31, 2024, were
Loss from continuing operations for the three months ended December 31, 2024 was
Loss per share for the three months ended December 31, 2024 was
Adjusted EBITDA loss was
Remaining Performance Obligation (RPO) as of December 31, 2024, was
The gross amount of Booked Annual Recurring Revenue or bARR, (a non-GAAP measure, as defined below), signed in the fourth quarter of 2024 was
The gross amount of Booked Annual Recurring Revenue or bARR, signed in 2024 was
The net amount of bARR reflects the deduction of the bARR of contracts previously included in reported bARR, due to certain customers experiencing delays in Production Go-Live timing and volume ramping. Refer to Table 1 for reconciliation of net loss to Adjusted EBITDA (a non-GAAP measure). See below for further definition and explanation of ARR and bARR, non-GAAP measures.
Conference Call
A conference call and webcast will be held today at 5.00 p.m. EST, hosted by authID Chief Executive Officer Rhon Daguro and Chief Financial Officer Ed Sellitto to discuss the financial results and provide a corporate update. To participate on the live conference call, please access this registration link and you will be provided with dial-in details. To avoid delays, participants are encouraged to dial into the conference call 15 minutes ahead of the scheduled start time. A live webcast of the call will be available on the “Events & Presentations” page of the Company’s website at investors.authid.ai. Only participants on the live conference call will be able to ask questions.
A replay of the event and a copy of the presentation will also be available for 90 days at authID’s Investor Relations site.
About authID Inc.
authID (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, biometric authentication, and account recovery with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. With our ground-breaking PrivacyKey Solution authID delivers all the benefits of biometric identity verification, with a 1-to-1-billion false match rate, while storing no biometric data. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, prevents account takeover, eliminates password risks and costs, and provides the fastest, most frictionless, and most accurate user identity experience demanded by today’s digital ecosystem. Contact us to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.
Investor Relations Contacts
Alex Thompson
1-949-574-3860
AUID@gateway-grp.com
Investor-relations@authid.ai
Media Contacts
Walter Fowler
1-631-334-3864
wfowler@nexttechcomms.com
Forward-Looking Statements
This Press Release includes “forward-looking statements.” All statements other than statements of historical facts included herein, including, without limitation, those regarding the future results of operations, growth and sales, potential contract signings, booked Annual Recurring Revenue (bARR) (and its components cARR and UAC), Annual Recurring Revenue (ARR), cash flow, cash position and financial position, business strategy, plans and objectives of management for future operations of both authID Inc. and its business partners, are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding authID’s present and future business strategies, and the environment in which authID expects to operate in the future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the Company’s ability to attract and retain customers; successful implementation of the services to be provided under new customer contracts and their adoption by customers’ users; the Company’s ability to compete effectively; changes in laws, regulations and practices; changes in domestic and international economic and political conditions, the as yet uncertain impact of the wars in Ukraine and the Middle East, inflationary pressures, changes in interest rates, and others. See the Company’s Annual Report on Form 10-K for the Fiscal Year ended December 31, 2024 filed at www.sec.gov and other documents filed with the SEC for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this release and cannot be relied upon as a guide to future performance. authID expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any changes in its expectations with regard thereto or any change in events, conditions, or circumstances on which any statement is based.
Non-GAAP Financial Information
The Company provides certain non-GAAP financial measures in this statement. These non-GAAP key business indicators, which include Adjusted EBITDA, bARR and ARR should not be considered replacements for and should be read in conjunction with the GAAP financial measures.
Management believes that Adjusted EBITDA, when viewed with our results under GAAP and the accompanying reconciliations, provides useful information about our period-over-period results. Adjusted EBITDA is presented because management believes it provides additional information with respect to the performance of our fundamental business activities and is also frequently used by securities analysts, investors, and other interested parties in the evaluation of comparable companies. We also rely on Adjusted EBITDA as a primary measure to review and assess the operating performance of our company and our management.
Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net loss adjusted to exclude: (1) interest expense, (2) interest income, (3) provision for income taxes, (4) depreciation and amortization, (5) stock-based compensation expense (stock options) and (6) certain other items management believes affect the comparability of operating results. Other items included the following:
- Conversion expense of
$0 in 2024 and$7.5 million in 2023 - Severance cost of
$0.01 million in 2024 and$0.9 million in 2023 - Loss on debt extinguishment of
$0 in 2024 and$0.4 million in 2023
Please see Table 1 below for a reconciliation of Adjusted EBITDA – continuing operations to net loss – continuing operations, the most directly comparable financial measure calculated and presented in accordance with GAAP.
| TABLE 1 | ||||||||||||||||
| Reconciliation of Loss from Continuing Operations to Adjusted EBITDA Continuing Operations. | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Loss from continuing operations | $ | (4,594,375 | ) | $ | (3,220,320 | ) | $ | (14,277,994 | ) | $ | (19,617,969 | ) | ||||
| Addback: | ||||||||||||||||
| Interest expense, net | 12,711 | 13,138 | 48,930 | 1,108,458 | ||||||||||||
| Other income | (111,042 | ) | (67,559 | ) | (455,227 | ) | (98,230 | ) | ||||||||
| Loss on debt extinguishment | - | - | - | 380,741 | ||||||||||||
| Conversion expense | - | - | - | 7,476,000 | ||||||||||||
| Severance cost | - | (23,069 | ) | 14,251 | 855,279 | |||||||||||
| Depreciation and amortization | 47,865 | 43,408 | 179,075 | 255,858 | ||||||||||||
| Non-cash recruiting fees | - | - | - | 438,000 | ||||||||||||
| Taxes | - | (391 | ) | - | 2,864 | |||||||||||
| Stock compensation | 595,536 | 510,347 | 2,612,164 | 487,398 | ||||||||||||
| Adjusted EBITDA continuing operations (Non-GAAP) | $ | (4,076,888 | ) | (2,744,446 | ) | (11,878,801 | ) | (8,711,601 | ) | |||||||
Management believes that bARR and ARR, when viewed with our results under GAAP, provide useful information about the direction of future growth trends of the Company’s revenues. We also rely on bARR as one of a number of primary measures to review and assess the sales performance of our Company and our management team in connection with our executive compensation. The Company defines Booked Annual Recurring Revenue or bARR, as the amount of annual recurring revenue represented by the estimated amounts of annual recurring revenue we believe will be earned under such contracted orders, looking out eighteen months from the date of signing of each customer contract. This estimate is comprised of two components (1) Committed Annual Recurring Revenue (cARR), which represents the minimum amounts that customers are contractually committed to pay each year over the life of the contract and (2) Usage Above Commitments (UAC), which represents our estimate of the rate of annual recurring revenue arising from actual usage of our services above the contractual minimums, that we believe the Customer will achieve after 18 months. The net amount of bARR reflects the deduction of the bARR of contracts previously included in reported bARR, which were subject to attrition, or other downward adjustments during the quarter.
The company defines Annual Recurring Revenue or ARR, as the amount of recurring revenue recognized during the last three months of the relevant period as determined in accordance with GAAP, multiplied by four.
bARR may be distinguished from ARR, as bARR does not take specifically into account the time to implement any contract for authID’s services, nor for any ramp in adoption, or seasonality of usage of our biometric products but is based on the assumption that 18 months after signing these matters will have been generally resolved. Furthermore, bARR is based on estimates of future revenues under particular contracts, whereas ARR, whilst also forward-looking, is based on historical revenues recognized in accordance with GAAP during the relevant period. A reconciliation of bARR to a GAAP measure is not provided as there is no comparable GAAP measure and we believe that any attempt at such reconciliation may be confusing to investors. bARR and ARR have limitations as analytical tools, and you should not consider them in isolation from, or as a substitute for, analysis of our results as reported under GAAP. Some of these limitations are:
- bARR & ARR should not be considered as predictors of future revenues but only as indicators of the direction in which revenues may be trending. Actual revenue results in the future as determined in accordance with GAAP may be significantly different to the amounts indicated as bARR or ARR at any time.
- bARR and ARR are to be considered “forward-looking statements” and subject to the same risks, as other such statements (see note on “Forward-Looking Statements” above).
| authID INC. AND SUBSIDIARIES | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| (Unaudited) | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues, net | 199,749 | 71,902 | 886,485 | 190,289 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| General and administrative | 2,815,096 | 2,241,134 | 9,149,166 | 8,094,352 | ||||||||||||
| Research and development | 2,029,494 | 1,062,492 | 6,242,535 | 2,588,215 | ||||||||||||
| Depreciation and amortization | 47,865 | 43,408 | 179,075 | 225,858 | ||||||||||||
| Total operating expenses | 4,892,455 | 3,347,034 | 15,570,776 | 10,938,425 | ||||||||||||
| Loss from continuing operations | (4,692,706 | ) | (3,275,132 | ) | (14,684,291 | ) | (10,748,136 | ) | ||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest expense | (12,711 | ) | (13,138 | ) | (48,930 | ) | (1,108,458 | ) | ||||||||
| Interest income | 111,042 | 67,559 | 455,227 | 98,230 | ||||||||||||
| Loss on debt extinguishment | - | - | - | (380,741 | ) | |||||||||||
| Conversion expense | - | - | - | (7,476,000 | ) | |||||||||||
| Other income (expense), net | 98,331 | 54,421 | 406,297 | (8,866,969 | ) | |||||||||||
| Loss from continuing operations before income taxes | (4,594,375 | ) | (3,220,711 | ) | (14,277,994 | ) | (19,615,105 | ) | ||||||||
| Income tax expense | - | 391 | - | (2,864 | ) | |||||||||||
| Loss from continuing operations | (4,594,375 | ) | (3,220,320 | ) | (14,277,994 | ) | (19,617,969 | ) | ||||||||
| Gain (loss) from discontinued operations | - | - | - | 1,524 | ||||||||||||
| Gain on sale of discontinued operations | - | - | - | 216,069 | ||||||||||||
| Total gain (loss) from discontinued operations | - | - | - | 217,593 | ||||||||||||
| Net loss | $ | (4,594,375 | ) | $ | (3,220,320 | ) | $ | (14,277,994 | ) | $ | (19,400,376 | ) | ||||
| Earnings (Loss) Per Share - Basic and Diluted | ||||||||||||||||
| Continuing operations | $ | (0.49 | ) | $ | (0.41 | ) | $ | (1.40 | ) | $ | (3.19 | ) | ||||
| Discontinued operations | 0.00 | $ | 0.00 | 0.00 | $ | 0.04 | ||||||||||
| Weighted Average Shares Outstanding - Basic and Diluted: | 9,450,220 | 7,874,962 | 10,202,371 | 6,153,881 | ||||||||||||
| authID INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 8,471,561 | $ | 10,177,099 | ||||
| Accounts receivable, net | 97,897 | 91,277 | ||||||
| Deferred contract costs | 426,859 | - | ||||||
| Other current assets | 617,918 | 157,300 | ||||||
| Other current assets | 460,192 | 476,004 | ||||||
| Total current assets | 10,074,427 | 10,901,680 | ||||||
| Intangible assets, net | 213,718 | 327,001 | ||||||
| Goodwill | 4,183,232 | 4,183,232 | ||||||
| Total assets | $ | 14,471,377 | $ | 15,411,913 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 1,715,410 | $ | 1,408,965 | ||||
| Commission liability | 459,657 | 124,150 | ||||||
| Severance liability | 325,000 | - | ||||||
| Convertible debt, net | 240,884 | - | ||||||
| Deferred revenue | 215,237 | 131,628 | ||||||
| Total current liabilities | 2,956,188 | 1,664,743 | ||||||
| Non-current Liabilities: | ||||||||
| Convertible debt, net | - | 224,424 | ||||||
| Accrued severance liability | - | 325,000 | ||||||
| Total liabilities | $ | 2,956,188 | $ | 2,214,167 | ||||
| Commitments and Contingencies (Note 7) | ||||||||
| Stockholders’ Equity: | ||||||||
| Common stock, 2024 and 2023, respectively; 10,920,909 and 9,450,220 shares issued and outstanding as of December 31, 2024 and 2023, respectively | 1,092 | 945 | ||||||
| Additional paid-in capital | 185,312,508 | 172,714,712 | ||||||
| Accumulated deficit | (173,808,529 | ) | (159,530,535 | ) | ||||
| Accumulated comprehensive income | 10,118 | 12,624 | ||||||
| Total stockholders’ equity | 11,515,189 | 13,197,746 | ||||||
| Total liabilities and stockholders’ equity | $ | 14,471,377 | $ | 15,411,913 | ||||
| authID INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| Year Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (14,277,994 | ) | $ | (19,400,376 | ) | ||
| Adjustments to reconcile net loss with cash flows from operations: | ||||||||
| Conversion expense | - | 7,476,000 | ||||||
| Stock-based compensation | 2,612,164 | 487,398 | ||||||
| Amortization of debt discounts and issuance costs | 16,460 | 711,269 | ||||||
| Warrants for services | - | 438,000 | ||||||
| Shares issued in lieu of interest | - | 387,578 | ||||||
| Loss on debt extinguishment | - | 380,741 | ||||||
| Depreciation and amortization expense | 179,075 | 255,858 | ||||||
| Provision for doubtful accounts | 149,720 | 150,000 | ||||||
| Gain from sale of discontinued operation | - | (216,069 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (156,340 | ) | 170,532 | |||||
| Contract assets | (426,859 | ) | - | |||||
| Deferred contract cost | (460,618 | ) | (157,300 | ) | ||||
| Other current assets | 15,812 | 88,068 | ||||||
| Commission liability | 355,507 | 124,150 | ||||||
| Accounts payable and accrued expenses | 306,445 | 245,932 | ||||||
| Deferred revenue | 83,609 | 50,310 | ||||||
| Other liabilities | - | 325,000 | ||||||
| Adjustments relating to discontinued operations | - | 110,064 | ||||||
| Net cash flows from operating activities | (11,623,019 | ) | (8,372,845 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Proceeds from sale of discontinued operations, net of selling costs | - | 91,751 | ||||||
| Purchase of intangible assets | (65,792 | ) | (16,600 | ) | ||||
| Net cash flows from investing activities | (65,792 | ) | 75,151 | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from sale of common stock, net of offering costs | 9,985,779 | 14,912,904 | ||||||
| Credit facility drawdown, net of issuance costs | - | 471,816 | ||||||
| Net cash flows from financing activities | 9,985,779 | 15,384,720 | ||||||
| Effect of Foreign Currencies | (2,506 | ) | (149,736 | ) | ||||
| Net Change in Cash | (1,705,538 | ) | 6,937,290 | |||||
| Cash, Beginning of the Year | 10,177,099 | 3,237,106 | ||||||
| Cash, Beginning of the Year- Discontinued Operations | - | 2,703 | ||||||
| Cash, End of the Year - Discontinued Operations | - | - | ||||||
| Cash, End of the Year | $ | 8,471,561 | $ | 10,177,099 | ||||
| Supplemental Disclosure of Cash Flow Information: | ||||||||
| Cash paid for interest | $ | 32,470 | 23,345 | |||||
| Cash paid for interest - discontinued operations | $ | - | 364 | |||||
| Cash paid for income taxes | $ | - | 2,864 | |||||
| Cash paid for income taxes - discontinued operations | $ | - | 1,254 | |||||
| Schedule of Non-cash Investing and Financing Activities: | ||||||||
| Conversion of convertible note payable and accrued interest to common stock | $ | - | $ | 7,856,011 | ||||
| Conversion of credit facility borrowings into common stock | $ | - | $ | 900,000 | ||||
| Cashless option and warrant exercises | $ | 1 | $ | - | ||||
FAQ
What was authID's (AUID) revenue growth in Q4 2024?
How much was authID's (AUID) largest deal in 2024?
What is authID's (AUID) current Remaining Performance Obligation (RPO)?
How did authID's (AUID) Booked Annual Recurring Revenue (bARR) perform in 2024?
