authID Inc. - AUID STOCK NEWS

authID® (AUID) reported its financial results for 2022, highlighting a total revenue of $0.5 million, down from $0.6 million in 2021. The company faces a net loss of $23.7 million, exacerbated by a rise in expenses due to increased investment in technology and personnel. Despite these financial challenges, authID achieved significant operational milestones, including launching its Verified 3.0 platform and securing ISO certifications. The executive leadership aims to enhance market momentum in 2023 by delivering advanced identity solutions. The company also secured up to $3.6 million in additional financing in early 2023.

authID (Nasdaq: AUID) announced the appointment of Rhon Daguro as Chief Executive Officer and Joe Trelin as Chairman of the Board on March 24, 2023. Rhon Daguro, with over 20 years of experience in sales, marketing, and technology, previously served as Chief Revenue Officer at Socure Inc., helping the company achieve a valuation exceeding $1 billion. Under his leadership, authID aims to leverage its technology platform for growth in the identity authentication market. Joe Trelin brings significant industry expertise, having served at CLEAR and other notable companies, and will focus on advancing authID's strategic goals.

authID (Nasdaq: AUID) will report its financial results for Q4 and the full year ending December 31, 2022, on March 30, 2023, after market close. The company specializes in secure identity authentication solutions, using its Verified™ platform that integrates Human Factor Authentication™ with biometric technology to enhance security. A shareholder call is expected to follow the results announcement. This quarter's performance is crucial for investors as it will reflect the company's growth and operational effectiveness in a competitive industry.

The company authID (Nasdaq: AUID) has appointed four new non-executive Directors to its Board, bolstering leadership and enhancing growth in secure identity solutions. The new Directors include industry veterans such as Rhon Daguro, former Chief Revenue Officer of Socure, and Michael Thompson, a partner at Hemingway Capital. Their collective experience spans sectors like fintech and technology, focusing on expanding authID's innovative identity services to enterprise clients. These additions are seen as pivotal in navigating the evolving landscape of identity assurance and enhancing revenue potential.

authID (Nasdaq: AUID) announced a closed financing agreement with investor Stephen J. Garchik for $3.6 million to support working capital needs through Q1 2024. The agreement modifies terms from a previous facility agreement and includes an initial drawdown of $900,000. The appointment of four new Directors has been made to enhance the board's expertise. The company also reported that Chairman Phillip Kumnick and other directors have resigned, and CEO Tom Thimot will step down by early April. The board is negotiating a successor CEO while retaining essential teams for continuity.

authID (Nasdaq: AUID) has integrated its Verified CloudConnect with BeyondTrust’s Privilege Management for enhanced security. This collaboration aims to combat cyberattacks by providing unphishable multi-factor authentication (MFA) through its Human Factor Authentication (HFA), ensuring only authorized users gain access. Key features include strong FIDO2 passwordless authentication and anti-spoofing measures. The integration supports a zero-trust model across enterprise endpoints, significantly decreasing the risk of password-related attacks and unauthorized access. The strategy fits into the broader trend of advanced identity and access management solutions.

authID (Nasdaq: AUID) is partnering with Juniper Research to host a webinar titled “Accelerating Zero Trust with Unphishable Human Factor Authentication” on February 15, 2023, at 1 pm ET. This educational event will address the growing threat of phishing attacks and the shortcomings of legacy multi-factor authentication (MFA) systems. Experts Nick Maynard and Jeremiah Mason will explore unphishable human factor authentication, its role in enhancing security, and its alignment with a zero-trust identity strategy. Key topics include the identity authentication market's state, MFA limitations, the zero-trust framework, and practical use cases for workforce and consumer applications.

authID (Nasdaq: AUID) has announced the integration of Verified CloudConnect with Okta’s Workforce Identity Cloud, enhancing their Human Factor Authentication™ (HFA). This collaboration aims to eliminate the need for passwords and mitigate risks related to phishing and credential compromise. By combining strong passwordless authentication with biometric verification, authID enhances security for both workforce and customer applications. The integration supports seamless user experiences while accelerating the move to zero trust security within organizations.