Business
authID Reports Financial and Operating Results for the Quarter Ended March 31, 2023
Management to Host Conference Call Today at 5:30 p.m. EDT DENVER, May 11, 2023 (GLOBE NEWSWIRE) -- authID® [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. EDT\nDENVER, May 11, 2023 (GLOBE NEWSWIRE) -- authID® [Nasdaq: AUID] a leading provider of secure identity authentication solutions today reported financial and operating results for the quarter ended March 31, 2023. \"Balancing uncompromised cybersecurity with an easy user experience, authID’s biometric identity technology delivers the enhanced, non-repudiable authentication needed to protect both workforce and consumer applications against identity fraud and cyberattacks associated with compromised credentials,” said CEO Rhon Daguro. “With exponential growth predicted for digital transactions, the authID team is focused on achieving market momentum by delivering the faster, frictionless, and accurate user identity solutions on which highly secure enterprises and digital commerce will be built,” concluded Daguro. Financial Results for the First Quarter Ended March 31, 2023: The following highlights comprise results from continuing operations. Total revenue was $0.04 million for the first quarter ended March 31, 2023, compared with $0.2 million for the first quarter of 2022. The reduction was primarily attributed to revenue from a legacy authentication product that was discontinued in April 2022.Loss for the three-month period in 2023 was $5.2 million, of which non-cash and one-time severance charges were $3.0 million, compared with a loss of $5.1 million, of which non-cash and one-time severance charges were $2.3 million, for the comparable period in 2022.Net loss per share was $0.21 for the first quarter ended March 31, 2023, compared with net loss per share of $0.22 for the first quarter of 2022.Adjusted EBITDA loss improved to $2.2 million for the first quarter ended March 31, 2023, compared with an Adjusted EBITDA loss of $2.8 million for the first quarter of 2022, primarily due to cost savings from the restructuring plan executed in the first quarter of 2023.In March, the Company secured financing of up to $3.6 million under a facility agreement with Stephen J. Garchik, and completed a $0.9 million initial drawdown before fees, and expenses. Please refer to Table 1 for reconciliation of net loss to Adjusted EBITDA (a non-GAAP measure). Operational Highlights for the First Quarter of 2023: Appointed Rhon Daguro as Chief Executive Officer and Joe Trelin as Chairman of the...