T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), dba Trust Stamp CEO Gareth Genner lauded the identity management company's progress in 2023, with several key achievements in the books.
During the 2023 financial year, Genner said the company had strengthened relationships with long-term customers and saw significant growth in the financial institution customer base as it launched new products such as AI-powered age estimation technology.
And now that financial institutions have moved ahead with the process of integrating Trust Stamp services into their systems and started rolling them out to their end-users, Genner told shareholders that revenue should increase significantly in 2024 as these integrations are completed and the services become fully operational.
That will lead to recurring revenue from ongoing usage of the company's products or services by these customers, Genner added.
“The market for age estimation products is growing exponentially fuelled by national and state legislation in the United States and overseas. For many potential customers, this is a new and time-sensitive requirement and there is no legacy vendor to be displaced,” said Genner.
“As a result of research and development that started in 2023 and extended into 2024, we have recently announced the launch of our AI-powered age-estimation product and are negotiating our first engagement. We believe that this sector will be an important complement to our mainstream identity products.”
The US banking sector is a particular focus for Trust Stamp, with participation in industry programs like the ThinkTech program, and expansion into new sectors through joint ventures and government partnerships.
In the fiscal year ending December 31, 2023, its basic and net loss per share decreased to $1.07 compared to $2.55 in the previous year.
Trust Stamp saw a reduction in net revenue from $5.39 million to $4.56 million, primarily due to the conclusion of the ICE pilot and a shift towards focusing on Software-as-a-Service (SaaS) sales. However, this decline was counteracted by a substantial decrease in selling, general, and administrative expenses, totaling $4.05 million, including a notable 48.79% reduction in the cost of sales.
Throughout the year, Trust Stamp bolstered its balance sheet through equity investments, raising a total of $10.32 million in net proceeds.