Business
Trust Stamp Provides a Business Report and Financial Results for the Six Months Ended June 30, 2024
Atlanta, GA, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company™ providing AI-powered software used globally
About this update from T Stamp Inc.
[{"type":"text","content":"Atlanta, GA, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company™ providing AI-powered software used globally across multiple sectors, announced financial results and provided a business update for the six months ended June 30, 2024. These included a 100% year-on-year increase in enrolled customers and increases in Net Revenue for each of the quarter and six-month periods ending June 30, 2024. Trust Stamp Chief Executive Officer Gareth N. Genner commented, “I am pleased to report our progress for the six months ended June 30, 2024. The relationship with our long-term customers remains very strong, and we anticipate long-term growth in the revenue derived from those relationships. In parallel, as we have previously reported, our SaaS offerings via our Orchestration Layer are an increasingly important part of our product mix. As of June 30, 2024, we had 62 financial institutions enrolled on our SaaS Orchestration Layer compared to 31 financial institutions on June 30, 2023, a 100% increase year on year. The 2023 focus on our FIS channel partnership was augmented this year by the acclaimed ThinkTech program operated by The Independent Community Bankers of America, which resulted in our tailoring some of our product offerings for the community banking sector, including the launch of a new wire/transfer authentication product with four new bank customers identified for the initial pilot.” Gareth Genner further commented, “One of the most commonly asked investor questions is how much recurring revenue we anticipate from each Orchestration Layer user once they are in full production. This is a challenging question as we still do not have a large enough sample size to produce a data-driven estimation, and the range is likely to be significant. Our first Orchestration Layer customer is in full production and is consistently generating over $14k of MRR with gross margins of 83.3%. In contrast, our S&P500 bank customer consistently generates more than $1.2m of ARR with variable but lower gross margins. We anticipate both the long-term average revenue and the gross margins from typical Orchestration Layer customers being closer to the former than the latter.” “Our net revenue increased from $919 thousand for the six months ended June 30, 2023, to $1.07 million for the six months ended June 30, 20...