Trust Stamp, the provider of identity services trading as T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), announced its financial results for the quarter ended June 30 and issued a corporate update on the progress of its various segments.
“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,” CEO Gareth Genner said in a statement.
Genner pointed to a trend in the financial services sector of companies adopting more digital offerings.
“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,” he said.
He continued, “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.”
Trust Stamp has a total of 29 financial institutions integrated through Orchestration Layer via its channel partnership, the company said. That’s a 283% increase in the company’s financial institution customer base in the first six months of 2023.
“We are delighted by this level of engagement, and based upon projections from our channel partner, we have increased our internal target to a total of 45-50 financial institutions onboarded by year-end,” Genner added.
Trust Stamp is also working with large language models which it believes can substantially improve the quality of biometric services.
“We anticipate completing our first proof of concept using a large language model in Q3 together with releasing a vision paper explaining our next iterations on that technology,” Genner said.
Trust Stamp’s net loss for the period narrowed by $752,000 year-over-year to $2.17 million, or $0.32 per share.
More detailed financial results can be found here.
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