authID Reports Financial and Operating Results for Q2 2024 — TradingView News

authID, a leading provider of secure identity verification and authentication solutions, has released its financial and operating results for the second quarter and six months ended June 30, 2024. The company has shown significant progress in revenue growth and strategic partnerships, reflecting its commitment to combating sophisticated cyber threats.

Financial Highlights

For the second quarter of 2024, authID reported a total revenue of $0.28 million, a substantial increase from $0.04 million in the same period last year. Operating expenses rose to $3.6 million from $2.8 million a year ago. The net loss from continuing operations was $3.3 million, or $0.34 per share, compared to a net loss of $10.9 million, or $2.16 per share, in the second quarter of 2023. The Remaining Performance Obligation (RPO) increased to $4.24 million from $0.40 million a year ago.

Business and Operational Highlights

authID has made notable strides in its business operations, including:

• OEM agreement with DataVisor to integrate platforms for enhanced fraud and risk prevention.
• Partnership with KaiaSoft to expand biometric capabilities to clients in America and Europe.
• Collaboration with FinClusive to combat financial crimes and identity fraud.
• Closing of an $11 million registered direct offering of common stock.
• OEM agreement with Syntrove to secure workforce identity in the gaming industry.
• Signing new enterprise customers across various market segments including gaming, cannabis, financial compliance, and more.

Strategic Initiatives and Corporate Developments

authID has been active in strategic initiatives, including the closing of an $11 million registered direct offering, which will help expand market reach and accelerate the development of next-gen biometric solutions. The company has also signed new enterprise customers across various market segments, indicating strong market demand for its solutions.

Management’s Perspective

Rhon Daguro, Chief Executive Officer, expressed satisfaction with the company’s year-on-year revenue growth and the signing of contracts with strategic partners and enterprise customers. I have highlighted the market demand for authID’s solutions and the company’s commitment to delivering unparalleled identity assurance.

Future Outlook

authID has confirmed its revenue guidance for the full fiscal year ending December 31, 2024, in the range of $1.4 million to $1.6 million. The company expects approximately one-third of the RPO to be recognized as revenue over the next twelve months ending June 30, 2025.

SEC Filing: authID Inc. ( AUID ) – 8-K – Aug. 08, 2024