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T Stamp Inc develops and markets identity authentication software solutions for enterprise partners and peer-to-peer markets. The company is engaged in developing proprietary artificial intelligence-powered solutions; researching and leveraging biometric science, cryptography, and data mining to deliver insightful identity & trust predictions while identifying and defending against fraudulent identity attacks, protecting sensitive user information, and extending the reach of digital services through accessibility.
Trust Stamp (Nasdaq: IDAI) announced a strong traction with 22 banks enrolling in paid pilot programs over the past three months, reflecting significant interest in its low-code Privacy-First Identity solution launched in 2022. These banks, collectively holding over $50 billion in assets, indicate a robust market demand. Additionally, Trust Stamp received a Notice of Allowance for its trademark from the United States Patent Office, underscoring its commitment to privacy-first identity services. The company's mission focuses on enhancing secure financial and societal inclusion while prioritizing user privacy.
Trust Stamp (Nasdaq: IDAI) has partnered with Simunix to enhance age verification and identity services through privacy-first biometric technology. This collaboration integrates Trust Stamp's advanced biometric and OCR solutions into Simunix's existing offerings, expanding the capabilities of their verification products. The biometric system market is projected to grow from $36.6 billion in 2020 to $68.6 billion by 2025, highlighting the increasing demand for identity solutions across various sectors. Trust Stamp aims to address the rising challenges of identity theft, while Simunix enhances its service offerings for its customers.
Trust Stamp (Nasdaq: IDAI) has engaged Marcum, LLP as its new independent registered public accounting firm. This decision reflects Trust Stamp's commitment to uphold high financial standards, as Marcum is well-regarded for serving rapidly growing small-cap companies. Marcum brings over 70 years of experience and a strong SEC auditing practice, enhancing Trust Stamp's financial oversight and supporting its global expansion across North America, Europe, Asia, and Africa.
Trust Stamp (Nasdaq: IDAI) reported significant growth in Q3 2022, with a 309% year-over-year revenue increase to $1.35 million and a 915% increase in gross profit. For the nine months ended September 30, 2022, revenue rose 208% to $4.88 million. The company emphasizes technology advancements, including the launch of Privtech™, which enhances government security solutions. Operating losses grew to $3.44 million for Q3 2022. Trust Stamp projects substantial use-based revenue from a partnership with Mastercard beginning in late 2023.
Trust Stamp (Nasdaq: IDAI) is now listed as a Software-as-a-Service (SaaS) supplier on G-Cloud 13, a UK Government cloud procurement framework. This listing enhances visibility for Trust Stamp's solutions, including Privtech Certified™ technology, which focuses on privacy-first identity authentication. The G-Cloud framework enables UK public sector organizations to procure cloud services efficiently, awarding £2.8bn in contracts in 2021/2022. The framework allows contracts of up to three years, with a possible one-year extension, providing an opportunity for Trust Stamp in the public sector market.
Trust Stamp (Nasdaq: IDAI) has announced that its new identity technology, Privtech™, has received registered trademark status from the US Patent and Trademark Office. This privacy-first solution allows government agencies to verify identities while minimizing data collection and enhancing transparency. Privtech features four customizable privacy protection levels, with the highest ensuring that sensitive data remains on users' devices. The recent surge in government tech investments presents a significant market opportunity for Trust Stamp's innovative technology.
Trust Stamp (Nasdaq: IDAI) has announced a securities purchase agreement with an institutional investor to raise approximately $1.5 million through the sale of 975,000 shares of common stock along with warrants. Each share is being sold with two warrants at a combined price of $1.55. The warrants, exercisable for five years, have an exercise price of $1.77 per share. The private placement is anticipated to close around September 14, 2022, subject to customary conditions. Maxim Group LLC serves as the placement agent for this transaction.
Trust Stamp (OTCQX: IDAI) announced that Josh Allen, EVP Corporate Finance, will present at the H.C. Wainwright 24th Annual Global Investment Conference from September 12-14, 2022. Allen's presentation is scheduled for September 14 at 2:30 PM ET and will be accessible to registered attendees online. The conference will also facilitate one-on-one meetings with qualified investors. Trust Stamp specializes in AI-powered identity services, enhancing data privacy, fraud reduction, and operational efficiency across multiple sectors globally.
Trust Stamp (Nasdaq: IDAI) reported impressive interim results for H1 2022, with a 182% increase in revenue to $3.53 million and a 284% increase in gross profit, reaching a margin of 70.5%. The company is expanding its technological capabilities in the Alternatives to Detention program and has ongoing partnerships with major financial institutions. R&D expenses rose significantly, but a reduction is anticipated by Q4 2022. However, net loss for H1 2022 was $4.61 million, and SG&A expenses increased due to investments in growth initiatives, impacting operational performance.
Trust Stamp (Nasdaq: IDAI) announced a Notice of Allowance for patent #16/406,978 from the U.S. Patent Office. This patent covers innovative technology for transforming biometric and identity data into secure tokens, enhancing data protection and system efficiency. CEO Gareth Genner highlighted that this is the company’s twelfth patent, with 21 additional applications pending. Their growing patent portfolio also includes technologies in identity tokenization, presentation attack detection, and biometric science, aimed at promoting privacy-focused identity solutions.
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