Business
Trust Stamp Provides a Business Report and Financial Results for the Quarter and Period Ended September 30, 2023 Including Positive EBITDA for Q3
Atlanta, GA, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company™ providing AI-powered trust and identity
About this update from T Stamp Inc.
[{"type":"text","content":"Atlanta, GA, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company™ providing AI-powered trust and identity services used globally across multiple sectors, announced financial results and provided a business update for the quarter and period ended September 30, 2023 (“Q3 2023”). Trust Stamp's Chief Executive Officer, Gareth N. Genner, commented, “I am very pleased to report the progress made during this quarter and year to date. You will see that we have continued to execute effectively across all of our objectives and despite investing in our new salesforce, we have reduced selling, general, and administrative expenses by $3.11 million, or 34.54%, for nine months ended September 30, 2023 (\"YTD 2023\"), compared to nine months ended September 30, 2022 (\"YTD 2022\") and $1.23 million, or 37.42%, for Q3 2023, compared to Q3 2022. Not all of our cost rationalizations fully impacted the first three quarters, and we are continuing to implement efficiencies during fiscal 2023. Our balance sheet was further strengthened in Q3 by an investor exercising warrants yielding an additional $621 thousand in equity capital.” “Additional financial institutions integrated with the Orchestration Layer via our channel partnership, bringing the total through that channel as at the date of our 10-Q filing to 35 financial institutions representing a fivefold increase in our financial institution customer base in the first nine months of 2023. We are delighted by this level of engagement, and based upon projections from our channel partner our internal target is a total of 45-50 financial institutions onboarded by year-end. As we have previously indicated, we are forecasting nominal revenue from these new customers in 2023 as the financial institutions integrate and roll-out both internally and with their end-users and we anticipate significant monthly recurring revenue starting in 2024. In addition to the 35 customers enrolled through the channel partnership, an existing S&P500 bank customer has also integrated with the platform and our first Orchestration Layer user (obtained through a direct sale) is already in full production and generating monthly recurring revenue with gross margins in excess of 84%.\" “We have continued our investment in the creation of a direct sales force for our Orchestration Layer...