Business
Trust Stamp Achieves Revenue Increase of 309% and Gross Profit Increase of 915% for Q3 2022
Atlanta, GA, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), a global provider of AI-powered trust and identity services used globally across
About this update from T Stamp Inc.
[{"type":"text","content":"Atlanta, GA, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), a global provider of AI-powered trust and identity services used globally across multiple sectors, provides a business update and commentary on reported financial results for the three months ended September 30, 2022 (“Q3 2022”). Gareth Genner, Chief Executive Officer, comments, “We achieved a 309% year-over-year increase in revenue and a 915% increase in gross profit for Q3 2022, as well as a 208% increase in revenue and 354% in gross profit for the nine months ended September 30, 2022. We continue to deliver growth across our business platforms, which span enterprise, government, and peer-to-peer markets.” “Our technology has garnered interest across multiple government use cases in the United States and internationally, as governments look to update their security infrastructure and implement the latest solutions in privacy and biometrics. Towards this end, we recently unveiled our new government-focused, privacy-first identity technology, Privtech™, and received registered trademark status for the Privtech solution from the US Patent and Trademark Office.” \"Over the past two years, Trust Stamp has been working diligently to transition from the model we used with our early customers--building custom platforms and custom solutions--to a model that provides scalability and a SaaS revenue model. Our end-to-end Identity Orchestration Platform dramatically decreases integration time and increases client flexibility to tailor a Trust Stamp solution to meet their specific need, as well as opening access to a market that relies on low-code partner integrations. We are at an inflection point for our Orchestration Platform, as multiple customers are now using the platform. We are beginning to see exciting results, as our platform offers rapid deployment across devices and platforms, with custom workflows that seamlessly orchestrate trust across the identity lifecycle for a consistent user experience in processes for onboarding, including know-your-customer (KYC) and anti-money laundering (AML) regulations, multi-factor authentication, account recovery, fraud prevention, compliance, and more.” “Trust Stamp now has multiple customers already using the Orchestration Layer. Notably, our channel partner Fidelity Information Services, LLC (FIS) is utilizing the Orche...