Welcome to our dedicated page for authID news (Ticker: AUID), a resource for investors and traders seeking the latest updates and insights on authID stock.
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.ai (Nasdaq: AUID) reported financial results for Q1 2022, achieving total revenue of $0.6 million, unchanged from Q1 2021. However, net loss increased to $5.3 million, compared to $2.5 million a year prior, with a net loss per share of $0.22. The company secured $22.5 million in financing to support growth initiatives. Key accomplishments included new customer agreements, integration with Microsoft, and recognition as the 'Best ID Management Platform' by the FinTech Breakthrough Awards. The company aims for positive cash flow by 2024.
authID.ai (Nasdaq: AUID) announces the appointment of Annie Pham as Chief Financial Officer effective June, following Stuart Stoller's retirement after serving since 2017. During his tenure, Stoller significantly contributed to the company’s growth and its Nasdaq uplisting in 2021, alongside a funding raise of over $22 million. Pham, with over 20 years of finance experience, comes from SonicWall, where she led a team of over 30 professionals. She aims to execute the company's growth strategy and enhance financial management, driving value for customers and shareholders.
authID.ai (Nasdaq: AUID) will report its financial results for the first quarter ending March 31, 2022, on May 9, 2022, after market close. Following this, CEO Tom Thimot and CFO Stu Stoller will host a conference call at 5:30 p.m. EDT to discuss the results and provide updates. Investors can access the call via a dedicated link or by dialing in, and a replay will be available until May 16. The company specializes in biometric identity authentication solutions, aiming to enhance security and privacy for users.
authID.ai (Nasdaq: AUID) has appointed Joe Trelin to its Board of Directors, significantly enhancing its leadership with his extensive experience from CLEAR and NBC Universal. Trelin's expertise in technology product management and identity service innovation comes at a critical growth phase for the company, especially following their recent funding of over $22 million. His background in developing identity platforms across various sectors positions authID to innovate in the biometric authentication market, aiming to combat digital fraud effectively.
authID.ai has successfully completed a financing round of $22.5 million, which will support operations through 2023. For the year ended December 31, 2021, the company reported total revenue of $2.3 million, up from $2.1 million in 2020, but suffered a net loss of $17.7 million, compared to $11.3 million in the prior year. The adjusted EBITDA loss increased to $8.96 million. The company aims to strengthen its position in the identity authentication market by enhancing its Verified Identity as a Service (IDaaS) platform and leveraging strategic partnerships.
authID.ai (Nasdaq: AUID) has successfully closed financing totaling approximately $22.5 million, which is expected to cover working capital needs through 2023. The financing includes:
- $9.2 million through senior secured convertible promissory notes at a conversion price of $3.70.
- $3 million from the sale of common stock at $3.03 per share and $300,000 from management shares at $3.70.
- $10 million borrowing capacity under a credit facility.
authID.ai (Nasdaq: AUID) will report its financial results for the fiscal year ended December 31, 2021, on March 21, 2022, before the market opens, a day earlier than previously scheduled. Following the release, CEO Tom Thimot, President & CTO Tripp Smith, and CFO Stu Stoller will host a conference call and webcast at 8:30 a.m. EDT to discuss the results and recent developments. Investors can access the presentation and call via the company's Investor Relations website. For participation, dial-in numbers are provided for toll-free and international callers.
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