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authID Inc. (Nasdaq: AUID) is a prominent provider of biometric identity verification and authentication solutions, committed to ensuring that cyber-savvy enterprises “Know Who’s Behind the Device” for every customer or employee login and transaction. The company’s easy-to-integrate, patented biometric identity platform quickly and accurately verifies user identities, thereby eliminating any assumptions about the person behind a device and preventing cybercriminals from taking over accounts.
authID combines digital onboarding, FIDO2 login, biometric authentication, and account recovery to provide a fast, accurate, and user-friendly identity verification experience. The company’s platform delivers identity verification in just 700 milliseconds, establishing a biometric root of trust for each user that is bound to their accounts and provisioned devices. This approach stops fraud at onboarding, eliminates password risks and costs, and provides a faster, frictionless, and more accurate user identity experience demanded by operators of today’s digital ecosystems.
Headquartered in Denver, authID’s footprint spans North America, and its services cater to various industries including financial services, healthcare, gaming, and e-commerce. The company has recently achieved significant milestones, such as appointing new talent to key positions and expanding its sales, customer success, and engineering teams. authID is also exploring strategic partnerships, such as with Verified Inc. and IDMWORKS, to enhance its market reach and offer innovative identity verification solutions.
In terms of financial performance, authID has shown strong momentum with a significant increase in sales and revenue. For instance, the company reported a 1200% increase in sales in 2023 and has set ambitious targets for 2024. This growth is supported by a strong sales pipeline and an expanding list of enterprise customers. authID’s recent initiatives include launching new products and expanding its customer base through direct sales and channel partnerships.
authID is also committed to corporate governance and regularly engages with its shareholders. The company’s 2024 Annual Meeting of Stockholders will include proposals to elect directors, ratify the appointment of auditors, and approve other key measures. The meeting will be held virtually, ensuring broad participation and transparency.
For more information, visit authID.ai.
authID announced its 2024 Annual Meeting of Stockholders will be held virtually on June 26 at 10:00 a.m. EDT. Key proposals include electing directors, appointing auditors, reducing authorized shares, adopting the 2024 Equity Incentive Plan, and approving 'Say-on-Pay' resolutions. All seven current directors are nominated for re-election. The Proxy Statement detailing proposals has been filed with the SEC and is being mailed to stockholders. The meeting will be webcast via Zoom Events, requiring pre-registration. Stockholders can vote electronically and are encouraged to do so by proxy before the meeting.
authID reported Q1 2024 financial results, highlighting a significant revenue growth of over 300% to $0.16 million compared to Q1 2023. This was driven by new customer launches signed in 2023. Operating expenses rose to $3.31 million, and the company reported a loss from continuing operations of $3.06 million. Revenue guidance for FY 2024 is projected between $1.4 million and $1.6 million. Adjusted EBITDA loss for Q1 2024 was $2.39 million. The company signed new partnerships and expanded its sales pipeline, with a focus on larger enterprise customers expected to drive higher long-term revenue.
authID Inc. has partnered with IDMWORKS to expand the reach of its biometric identity platform across North America. The agreement aims to provide highly secure identity verification solutions to combat cyberattacks and unauthorized access in various industries. IDMWORKS will resell and integrate authID's biometric capabilities to deliver strong identity assurance and user authentication.
authID Inc. (Nasdaq: AUID) will report financial results for the first quarter ended March 31, 2024 on May 15, 2024. The company specializes in secure identity verification and authentication solutions. CEO Rhon Daguro and CFO Ed Sellitto will host a webcast at 5:30 p.m. EDT to discuss the results and provide a corporate update.
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