Business
Trust Stamp Reports Q1 2023 Financial Results and Provides Business Update
ATLANTA, May 15, 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, May 15, 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 three months ended March 31, 2023 (“Q1 2023”). Trust Stamp CEO, Gareth N. Genner, comments, “Our focus in 2023 is growing revenue from our Software-as-a-Service (SaaS) solutions. Last year, we implemented the Orchestration Layer platform, which was built on our innovative intellectual property (IP) portfolio and to date we have onboarded 29 users, a number which we anticipate increasing substantially over the course of this year. This implementation accelerates Trust Stamp’s evolution from a custom solutions provider to a modular and highly scalable SaaS model. “We are currently hiring a dedicated sales team for Orchestration Layer sales, with the first senior team member joining this month. Our recruitment has focused upon accomplished account executives with substantial experience in our industry, and we anticipate meaningful revenue from the new team being booked by Q4 of this year and substantial revenue in 2024 and thereafter. “During the quarter, we integrated the Driver License Data Verification (DLDV) System, offered by the American Association of Motor Vehicle Administrators (AAMVA), into the Orchestration Layer platform, allowing us to verify authenticate identity information against the records of state motor vehicle agencies in real-time. This integration builds our ability to provide identity tools that are easy and cost effective for customers to use and it can be adopted as a stand-alone solution or to augment our biometric authentication solutions. “We continue to invest in research and development (R&D) to further expand our IP portfolio of transformative identity solutions, although we anticipate R&D expense to decrease as a percentage of our spend as we increase our investment in, and focus on, sales and marketing. We now have 17 issued patents, and we have an additional 16 patent applications either allowed but not yet issued or pending. We believe that our proprietary technology makes us uniquely positioned to monetize that technology through SaaS sales to government and the private sector, both direct and through channel partners. “We continue to care...