Business
Trust Stamp Reports Financial Results for the quarter and period ended June 30, 2023 and Provides Business Update
ATLANTA, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company™ providing AI-powered trust and identity services
About this update from T Stamp Inc.
[{"type":"text","content":"ATLANTA, Aug. 14, 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 June 30, 2023 (“Q2 2023”). Trust Stamp Chief Executive Officer Gareth N. Genner commented: “I am very pleased to report the progress made during this quarter and year to date. Our team has executed effectively across all of our objectives including raising equity capital to strengthen our balance sheet, achieving impressive growth in our customer base, expanding our intellectual property portfolio, and the recruitment of accomplished sales leadership for our SaaS rollout; all while substantially cutting our operating costs and thereby reducing both net and operating losses.” “Looking at the US banking and financial services market, which is our primary client base, there is a continued shift towards digital channels with more financial institutions embracing next-generation, cloud-native technologies and increasing competition for deposits. In parallel to that shift there is a greater focus upon data protection and privacy; important considerations that are core to our technology. We see those trends, together with the additional fraud risks that will be associated with implementing the Federal Reserve’s new FedNow service as creating particularly fertile ground for our technology across a broad range of financial and other institutions.” “As we refocus on SaaS sales and deliveries through our Orchestration Layer platform, we continue to carefully manage expenses and have reduced selling, general, and administrative expenses by $1.85 million, or 32.49%, for YTD 2023, compared to YTD 2022. Not all of our cost rationalizations fully impacted the first two quarters, and we are continuing to implement efficiencies during fiscal 2023 resulting in additional savings that we will primarily redirect to building the Orchestration Layer sales team. We have also significantly strengthened our balance sheet by raising $7.47 million in equity capital during Q2 2023.” “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 29 financial in...