Business
authID Inc. Reports Financial and Operating Results for the Third Quarter Ended September 30, 2022
Management to Host Conference Call Today at 5:30 p.m. EST DENVER, Nov. 10, 2022 (GLOBE NEWSWIRE) -- authID Inc. (Nasdaq: AUID), a leading provider of secure
About this update from Authid Inc.
[{"type":"text","content":"Management to Host Conference Call Today at 5:30 p.m. EST\nDENVER, Nov. 10, 2022 (GLOBE NEWSWIRE) -- authID Inc. (Nasdaq: AUID), a leading provider of secure identity authentication solutions, today reported financial and operating results for the third quarter and nine months ended September 30, 2022. “I am pleased to report that the efforts of our team during the third quarter led to the successful introduction of Human Factor Authentication™ (HFA) and the launch of Verified 3.0, authID’s transformative platform,” said Tom Thimot, CEO of authID. “Potential partners and customers are finding Verified 3.0’s pioneering human-centric authentication solution compelling, as it addresses cyber risks that exploit human error, removes barriers to workforce productivity, and achieves reduced friction for consumers. “authID has evolved significantly during the year. Today’s Verified 3.0 platform responds to the alarming increase in cybersecurity breaches that exploit compromised credentials and legacy MFA. HFA identifies the human behind the device, and our own FIDO2 certified, passwordless authentication technology delivers a more secure, streamlined authentication solution for our customers. Our strong sales pipeline gives us confidence that our highly differentiated Human Factor Authentication addresses mission-critical security issues. “Macro-economic headwinds have lengthened sales cycles and impacted our revenues. Looking ahead, with our technology and competitive position strengthened, we believe the Company has sufficient cash and credit facilities to support operations through 2023. During this time, we anticipate sales to ramp to support our revised target of reaching positive cash flow in late 2024,” concluded Thimot. Financial Results for the Three Months and Nine Months Ended September 30, 2022The following highlights comprise results from continuing operations, and reflect the Company’s previously announced plan to exit non-core businesses in South Africa and Colombia. The Cards Plus business was sold on August 29, 2022, and the exit from the non-core business in Colombia is in process. These businesses are classified in authID’s financial statements as discontinued operations and assets held for sale. For both the three and nine-month periods, Verified software license revenue increased year over year. Total revenue for th...