Business
authID Reports Financial and Operating Results for the Second Quarter Ended June 30, 2024
DENVER, Aug. 08, 2024 (GLOBE NEWSWIRE) -- authID® (Nasdaq: AUID) (“authID”), a leading provider of secure identity verification and authentication solutions,
About this update from Authid Inc.
[{"type":"text","content":"DENVER, Aug. 08, 2024 (GLOBE NEWSWIRE) -- authID® (Nasdaq: AUID) (“authID”), 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, 2024. Second Quarter 2024 vs. Second Quarter 2023 Financial Summary Total revenue for the quarter increased to $0.28 million, compared to $0.04 million a year ago.Operating expenses were $3.6 million, compared to $2.8 million a year ago.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 a year ago.Remaining Performance Obligation (“RPO”) was $4.24 million, compared to $0.40 million a year ago. “We are pleased to announce significant progress in our year-on-year revenue growth and the signing of contracts with strategic partners and enterprise customers,” said Rhon Daguro, Chief Executive Officer. “Our Q2 collaborations with DataVisor, FinClusive, Syntrove, and other partners evidence the market demand for our solutions and our commitment to delivering unparalleled identity assurance that helps organizations confidently combat today’s sophisticated cyber threats. Our recently completed direct offering will help us expand our market reach and accelerate the evolution of our next-gen biometric solutions, ultimately leading to increased growth and value creation for shareholders.” Recent Business and Operational Highlights On August 8, 2024, the Company announced its OEM agreement with DataVisor, the world's leading AI-powered fraud and risk prevention platform. The companies will integrate their platforms to deliver a compelling risk toolset that streamlines account onboarding of good customers and stops cybercriminals from performing account takeovers and seizing assets, while delivering the fastest, frictionless, and most accurate user identity experience.On July 31, 2024, the Company announced its partnership with KaiaSoft, a provider of scalable and reliable SaaS applications, that expands the availability of authID’s biometric capabilities to KaiaSoft clients across America and Europe. The first joint customer is a cannabis ecommerce platform, where authID’s solutions will deliver trusted identity and age verification to protect against identity fraud and account takeovers caused by phishing ...