Trust Stamp filed a report on its business and financial results for the year ended December 31, 2023, and filed a Form 10-K for the year ended December 31, 2023 with the Securities and Exchange Commission on April 1, 2024. announced that it would be submitted to
ATLANTA, Ga., March 27, 2024 (Globe Newswire) — Trust Stamp, a privacy-first identity company™ providing AI-powered trust and identity services used worldwide across multiple sectors, : IDAI) announced financial results and provided business. Updated for the year ended December 31, 2023.
Gareth N. Genener, Chief Executive Officer of Trust Stamps, commented:
Our long-term customer relationships remain very strong and we expect continued long-term growth in revenue from these relationships.
For new customers, a significant number of financial institutions are integrated through channel partnerships or directly with the orchestration layer, bringing the total number of financial institutions integrated as of the 10-K filing date to 5x 43 financial institutions. have become. Since the beginning of 2023, the customer base of financial institutions has been increasing. Although we expected nominal revenue from these new customers in 2023, we continue to expect recurring revenue as financial institutions integrate and deploy them internally and ultimately with end users. . We believe that the long time between initial effort and significant returns in financial institution consolidation is rewarded by the consistency and longevity of the resulting revenue stream.
Our focus on US-based banking in 2023 through our channel partnership with FIS is further strengthened by our participation in the highly regarded ThinkTech program run by The Independent Community Bankers of America. Through this initiative, some of our product offerings have been tailored to the community banking sector, and we expect to begin selling there as early as the second quarter of this year.
The market for age estimation products is growing rapidly due to national and state laws in the United States and abroad. For many potential customers, this is a new and time-sensitive requirement, and traditional vendors cannot be replaced. As a result of his research and development that began in 2023 and extended through 2024, the company recently announced the launch of an AI-powered age estimation product and is negotiating its first contract. We believe this area will be an important complement to our mainstream identity products.
One of the benefits of our microservices architecture and orchestration layer infrastructure is that our technology can be used in multiple areas without extensive development effort on our part. As a result, at the end of 2023, we will enter into two joint ventures to expand the market for our products into entirely new areas, as well as focus on using our technology for substantial contract opportunities with the federal government. We have signed a partnership agreement with a major government contractor.
The previously announced decrease in net revenue from $5.39 million for the year ended December 31, 2022 to $4.56 million for the year ended December 31, 2023 reflects the termination of the ICE pilot and a new focus on SaaS sales. This was more than offset by what happened. This reduced selling, general and administrative expenses by $4.05 million, or 32.53%, including a 48.79% reduction in cost of goods sold.
Operating loss for the year ended December 31, 2023 was $7.64 million, down from $12.08 million for the year ended December 31, 2022, with a corresponding decrease in net loss. As a result, basic loss and net loss per share for the year ended December 31, 2023 was $1.07 (compared to $2.55 for the year ended December 31, 2022).
During the year, our balance sheet was strengthened by equity investments, which generated a total of $10.32 million in net income. The Company received $4.78 million (Q2 2023), $2.69 million (Q2 2023) and $621,000 from three separate securities purchase agreements with institutional investors for the Class A issuance. (Q3 2023) and $2.23 million (Q4 2023) in revenue. Common Stock, Prefunded Warrants, and Common Stock Warrants. ”
Jenner continued, “We have significantly reduced SG&A expenses and increased sales resources while continuing to invest in research and development, resulting in a state-of-the-art patent portfolio and AI-powered technology stack. Currently, with 20 patents awarded and an additional 15 provisional or pending patents, our patent portfolio continues to support our current and future generations of innovative products. We believe this is a key asset that will strengthen and differentiate us.”
Financial performance summary
Copies of the Company's Reports on Form 10-K for the years ended December 31, 2023 and 2022 have been filed with the Securities and Exchange Commission and are available on the Company's website at https://investors.truststamp.ai /sec-). Submitted/April 1, 2024.
inquiry
Investor: shareholder@truststamp.ai
About trust stamp
Privacy-first identity company trust stampTMis a global provider of AI-powered identity services used in multiple sectors, including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Through unique data transformation and comparison capabilities, its technology provides advanced biometric ID solutions that reduce fraud, protect personal data privacy, improve operational efficiency, and reach a broader user base around the world. provide to the organization.
Trust Stamp has locations in North America, Europe, Asia and Africa and trades on the Nasdaq Capital Market (Nasdaq: IDAI).
Safe Harbor Statement: Forward-Looking Cautionary Statement
All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933, as amended. Section 21E of the Securities Exchange Act of 1934, as amended. Information in this announcement may include forward-looking statements and information relating, among other things, to the Company, its business plans and strategies, and its industry. These statements reflect management's current beliefs regarding information currently available regarding future events that could cause the Company's actual results to differ materially from those contained in the forward-looking statements. Subject to risks and uncertainties. Investors are cautioned not to place undue reliance on these forward-looking statements. These statements speak only as of the date on which they are made. We undertake no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events..
