Business
authID.ai Announces Third Quarter 2021 Financial and Operational Results
Corporate Rebrand, Nasdaq Uplist and Verified™ Launch Set Stage For Growth Management to Host Conference Call Today at 5:00 p.m. EDT DENVER, Nov. 08, 2021
About this update from Authid Inc.
[{"type":"text","content":"Corporate Rebrand, Nasdaq Uplist and Verified™ Launch Set Stage For Growth Management to Host Conference Call Today at 5:00 p.m. EDT DENVER, Nov. 08, 2021 (GLOBE NEWSWIRE) -- authID.ai (www.authid.ai) [Nasdaq:AUID] (formerly Ipsidy) a leading provider of secure, mobile, biometric identity authentication, today reported financial and operational results for the third quarter ended September 30, 2021. The Company made substantial progress during the quarter and year to date on its multi-pronged strategy to rebrand itself under the name authID.ai, and drive key product development, sales and marketing initiatives. “Our vision is to help every organization “Recognise their Customers” and eliminate the friction, loss of privacy and customer abandonment that comes with legacy password structures,” said Tom Thimot, CEO of authID.ai. “We know that businesses must defend against ever-growing cyber threats, but one-time passwords and challenge questions are vulnerable to hackers and often frustrate customers and can lead to lost business. Verified™ by authID—which captures a selfie seamlessly in a web-browser and verifies identity to a secure, cloud-biometric—offers a superior, frictionless, authentication solution. Importantly, our successful launch of Verified™ as a replacement for one-time passwords (OTP) at Money 20/20 at the end of October validated our view of the meaningful market demand for authID.ai’s cloud-biometrics. We look forward to continuing the momentum we created at this event in conjunction with our expanded sales efforts and compelling new marketing campaigns,” added Thimot. Financial Results for the Three Months and Nine Months Ended September 30, 2021 Total revenue for the three and nine-month periods in 2021 was $0.5 million and $1.7 million respectively, compared with $0.5 million and $1.6 million, respectively for same periods in 2020.Net loss for the three and nine-month periods was $5.2 million and $10.7 million respectively, compared with a net loss before taxes for the same periods in 2020 of $1.9 million and $9.2 million, respectively.Basic and diluted net loss per share was $0.24 and $0.52 for the three and nine-month periods ended September 30, 2021, respectively, compared to basic and diluted net loss per share of $0.11 and $0.52 in the same periods in 2020, respectively.Adjusted EBITDA loss for the three ...