T Stamp Inc. - IDAI STOCK NEWS

Trust Stamp (Nasdaq: IDAI) has announced a $2.0 million registered direct offering and warrant inducement, priced at-the-market. The company will issue 1,432,399 shares of common stock (or pre-funded warrants) at $0.3223 per share, along with unregistered warrants for 2,864,798 additional shares. The deal includes a warrant inducement agreement for the exercise of 4,773,030 outstanding warrants at $0.3223, with new warrants for 9,546,060 shares issued as consideration. The offering is expected to close around September 5, 2024. Proceeds will be used for working capital, capital expenditures, and other corporate purposes, including terminating transaction documents with HCM Management Foundation. Maxim Group is acting as the sole placement agent.

Trust Stamp (Nasdaq: IDAI) reported financial results for H1 2024, highlighting a 100% year-on-year increase in enrolled customers and Net Revenue growth. Key points include:

1. 62 financial institutions enrolled on SaaS Orchestration Layer, up from 31 in 2023.
2. Net revenue increased to $1.07 million, up from $919,000 in H1 2023.
3. Operating loss widened to $5.47 million from $4.96 million in H1 2023.
4. Net loss per share improved to $0.47 from $0.80 in H1 2023.
5. R&D expenses decreased by 15.76% to $190,000.
6. New partnerships in automotive, mobile identity verification, and healthcare sectors.
7. Anticipating significant license fees as 'other income' in Q3 2024.

Trust Stamp (IDAI) has licensed its AI technologies to Boumarang Inc. for use in hydrogen-powered drones, generating $5 million in income for Q3 2024. The deal involves integrating Trust Stamp's computer vision and data tokenization into Boumarang's UAV systems for search & rescue, humanitarian services, surveillance, and delivery applications.

The collaboration targets the rapidly growing global drone market, expected to reach $166.7 billion by 2031 with a 25% CAGR. Hydrogen-powered drones offer advantages like longer flight times and reduced environmental impact. Trust Stamp received the license fee as pre-paid common stock warrants, gaining equity participation in Boumarang.

Trust Stamp (Nasdaq: IDAI) has partnered with Botdoc to integrate its low-code Orchestration Platform into Botdoc Connect, enhancing Identity Verification and KYC for the automotive industry. This collaboration aims to combat rising fraud rates and cybersecurity concerns in auto dealerships. The integration includes document validation using the Driver License Data Verification (DLDV) System from the American Association of Motor Vehicle Administrators (AAMVA).

With nearly 80,000 cars stolen from dealerships last year, this partnership brings advanced security measures to fight fraud, including real-time verification of driver's licenses against issuing agency data. Both companies, graduates of the ICBA ThinkTECH accelerator, bring their expertise from regulated industries like banking and insurance to address critical issues in the automotive sector.

Trust Stamp (Nasdaq: IDAI) has entered a non-binding Letter of Intent with Qenta Inc. for a strategic alliance to serve a global federated network including crypto, bank, and other financial services companies. This alliance aims to integrate Trust Stamp's proprietary tokenized identity technology with Qenta's financial ecosystem, positioning both companies to capitalize on the growing digital transaction market.

Key points:

• The global shift to digital transactions is estimated to reach $16 Trillion annually by 2030
• Tokenization service revenue is predicted to grow from $2.81 Billion in 2023 to $13.2 Billion by 2032
• Trust Stamp has 20 issued patents and 9 pending patents related to identity and data tokenization
• The alliance aims to enhance capabilities for AI-powered solutions in data controls, privacy, secure content transfer, and payments

Trust Stamp (Nasdaq: IDAI) has filed for its 37th patent, marking a significant milestone in its evolution as a SaaS provider of AI-powered technologies. The company's Chief Technology Officer, Scott Francis, and Chief Science Officer, Dr. Norman Poh, provided insights into Trust Stamp's growing patent portfolio and expanding customer base. Originally focused on financial services, Trust Stamp now serves a diverse global market across sectors such as healthcare, public safety, and blockchain. The company's SaaS Orchestration Layer has facilitated a rapid increase in customers, growing from two at the end of 2022 to over seventy in mid-2024. Recent patents focus on innovations in Zero Knowledge Proof technology and combating AI-powered injection attacks.

Trust Stamp (Nasdaq: IDAI) reported substantial growth in H1 2024 by onboarding 21 new customers to its low-code Orchestration Layer platform, totaling 69 customers.

The company expanded its financial services client base in the U.S. and internationally and entered new industries. It added 14 banks to its platform via a main channel partnership, which signifies a slower-than-expected ramp-up but long-term revenue potential.

Trust Stamp's biometric Identity Tokenization technology allows for easier reauthentication processes, and the company is experiencing steady revenue growth from its existing clients.

New distribution channels like NayaOne and AWS Marketplace have been established, and Trust Stamp initiated a proof of concept with Africa’s largest mobile network provider.

The company is diversifying into the social media sector with age estimation technology, automotive dealership partnerships, IoT market collaborations, and a healthcare-focused go-to-market strategy.

Additionally, Trust Stamp has been awarded a multi-year public safety contract by an EU government, and extended a strategic relationship with ManTech for defense sector opportunities.

Trust Stamp (Nasdaq: IDAI), a privacy-first identity company, announced the filing of a provisional patent (#63/662,575) for an AI-powered technology to counter injection attacks in biometric authentication processes. These attacks, often using deep fake images and videos, aim to bypass a user's device camera or inject images captured out of context into the data stream between the user's device and the server. Dr. Norman Poh, Trust Stamp's Chief Science Officer, emphasized the increasing frequency of such attacks and the necessity for advanced detection mechanisms. This new technology targets injection attacks regardless of the artifacts used, aiming to enhance security in the face of rapid advances in generative AI.

Trust Stamp has announced the integration of its AI-powered software solutions with Mastercard’s Sandbox as a Service. This integration enables Mastercard’s member banks and financial institutions to browse, test, and experience secure and verified solutions within a core banking environment.

The collaboration aims to drive innovation and support partnership strategies by allowing institutions to collaborate, build, and validate solutions with third-party providers. This move is expected to enhance the robustness of fraud prevention measures, thus protecting customers and assets while maintaining trust.

Trust Stamp's President, Andrew Gowasack, highlighted the importance of these measures in combating increasingly sophisticated fraud attempts. He expressed optimism that the integration will shorten the time needed for banks and financial institutions to understand and implement Trust Stamp's technology solutions.