Business
authID Reports Financial and Operating Results for the Second Quarter Ended June 30, 2023
Management to Host Conference Call Today at 5:30 p.m. EDT DENVER, Aug. 10, 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, Aug. 10, 2023 (GLOBE NEWSWIRE) -- authID® [Nasdaq: AUID] a leading provider of secure identity verification and authentication solutions today reported financial and operating results for the second quarter and six months ended June 30, 2023. “In the second quarter, the authID team executed a successful fund raise, debt capitalization, and cost-savings plan that helped improve our balance sheet, allowing us to focus on our mission to eliminate authentication fraud and deliver 100% Zero Trust Identity Protection,” said CEO Rhon Daguro. “We also secured new contracts with several customers including ABM, a Fortune 500 company with over 100,000 employees. These customer wins validate strong market demand and fit for our identity verification and authentication products and represent the highest total gross BARR in sales that authID has achieved in a single quarter to date,” continued Daguro. “The authID team continues to be laser focused on achieving strong market momentum by delivering the faster, frictionless, and accurate user identity solutions on which highly secure enterprises and digital commerce will be built.” Financial Results for the Second Quarter Ended June 30, 2023 The following highlights comprise results from continuing operations. Total revenue for the three months ended June 30, 2023 was $0.04 million, compared with total revenue of $0.07 million for the three months ended June 30, 2022. For the six months ended June 30, 2023, total revenue was $0.07 million, compared with total revenue for the six months ended June 30, 2022 of $0.2 million. The reduction was primarily attributed to revenue from a legacy authentication product that was discontinued in April 2022.Operating expenses for the three months ended June 30, 2023 declined to $2.8 million, compared with $6.0 million for the comparable period in 2022. For the six-month period in 2023, operating expenses declined to $7.2 million, compared with $11.2 million for the same period last year. The reduced expenditure reflects the Company’s cost-saving measures resulting in lower headcount costs and lower third-party vendor costs.Loss for the three months ended June 30, 2023 was $10.9 million, of which non-cash charges were $9.2 million, compared with a loss of $6.4 million of which non-cash charges ...