Business
authID Reports Financial and Operating Results for the Year Ended December 31, 2022
Recently appointed executive leadership and Board of Directors set to help Company advance its next stage of market growth. DENVER, March 30, 2023 (GLOBE
About this update from Authid Inc.
[{"type":"text","content":"Recently appointed executive leadership and Board of Directors set to help Company advance its next stage of market growth. DENVER, March 30, 2023 (GLOBE NEWSWIRE) -- authID® [Nasdaq: AUID] a leading provider of secure identity authentication solutions today reported financial and operating results for the year ended December 31, 2022. “I am excited about the strength of authID’s digital identity technology. It delivers the enhanced, non-repudiable authentication needed to protect both workforce and consumer applications against identity fraud and cyberattacks associated with compromised passwords,” said CEO Rhon Daguro. “In 2022, our stellar development team delivered our Verified 3.0 platform, secured a perfect score in testing for ISO Level 2 Biometric Presentation Attack Detection, achieved ISO 27001 Certification for Information Security Management Systems, and received certification of our FIDO2 passwordless solution by the FIDO Alliance.” “The authID leadership team is focused on achieving market momentum in 2023 by delivering the faster, frictionless, and accurate user identity solutions demanded by today’s rapidly expanding digital ecosystem,” concluded Daguro. Financial Results for the 12 Months Ended December 31, 2022 The following highlights comprise results from continuing operations and reflect the Company’s 2022 exit of non-core businesses in South Africa and Colombia. These businesses are classified in authID’s financial statements as discontinued operations and assets held for sale. For the twelve-month period ended December 31, 2022, Verified software license revenue increased year over year. Total revenue for the twelve months ended December 31, 2022 was $0.5 million, of which $0.2 million comprised Verified software license revenue. This compared with total revenue for the twelve months ended December 31, 2021 of $0.6 million, of which $0.1 million was from Verified software license sales.Loss for the twelve-month period in 2022, totaled $23.7 million, of which non-cash charges were $12.0 million. This compared with a net loss of $16.7 million, of which $8.0 million were non-cash charges, for the comparable period in 2021. Expenses for 2022 rose from a year ago as the company accelerated its investment in staff, technology, and sales and marketing, starting in the second half of 2021.Basic and diluted net los...