Business
Trust Stamp announces record revenue and gross profit for Q1 2022; revenue increases 430% over the same period last year
Atlanta, GA, May 13, 2022 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI, Euronext Growth: AIID ID), the Privacy-First Identity CompanyTM providing AI-powered
About this update from T Stamp Inc.
[{"type":"text","content":"Atlanta, GA, May 13, 2022 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI, Euronext Growth: AIID ID), the Privacy-First Identity CompanyTM providing 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 March 31, 2022 (“Q1 2022”). First Quarter 2022 Financial Highlights: Net Revenue was $2.82M in Q1 2022 compared to $0.53M in Q1 2021, a 430.0% increase year-over-yearGross Profit was $2.13M in Q1 2022 compared to $0.27M in Q1 2021, a 673.8% increase year-over-yearGross Profit Margin for Q1 2022 was 75.4% compared to 51.6% for Q1 2021Operating Loss decreased to $1.64M in Q1 2022 compared to $1.94M in Q1 2021Net Profit Margin increased to -60.0% in Q1 2022 from -381.7% in Q1 2021 Net Loss was $1.69M in Q1 2022 compared to $2.03M in Q1 2021, a 16.7% decrease year-over-yearCash and Cash Equivalents were $5.84M in Q1 2022 compared with $3.48M as of December 31, 2021 Gareth Genner, Chief Executive Officer, comments: “We achieved record revenue of $2.82 million and gross profit of $2.13 million during Q1 2022, representing year-over-year increases of 430% and 674%, respectively. Trust Stamp has reported several significant developments over the past quarter as we delivered growth across the business, from our targeted suite of solutions and intellectual property portfolio to our earnings and client base. This strong financial and operational performance reflects Trust Stamp’s ability to capture diversified market opportunities and grow existing commercial relationships to generate long-term revenue streams. Notably, we expanded upon an existing customer relationship within the government sector while increasing our scope of work with multiple Fortune 500 commercial clients in the financial services sector. Our technology has garnered interest across multiple government use cases in the United States and internationally, addressing pressing concerns around the privacy and security of legacy biometric implementations. Towards this end, Trust Stamp has made a significant investment in expanding our government-facing business development team and are in active discussions with several overseas governments. We continue to innovate through investment in research and development to expand and productize our portfolio of solu...