T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), doing business as Trust Stamp, saw revenue grow year-over-year in the first quarter and anticipates further growth in the coming quarters as customer integrations come online.
The provider of AI-powered trust and identity services reported a year-over-year increase in revenue to $574,000 from $459,000 for the three months ended March 31, 2024.
This included an additional $115,000 in revenue from an S&P 500 bank customer adopting Trust Stamp’s Orchestration Layer solution.
CEO Gareth Genner highlighted that during Q1, a “significant” number of additional financial institutions integrated with its Orchestration Layer both via its channel partnership and directly. As of May 14, the total number of integrated institutions is 51, representing a fivefold increase in Trust Stamp’s financial institution customer base since the start of 2023.
“We had reported nominal revenue from those new customers in 2023 as the financial institutions integrate and eventually roll out with their end-users, and we currently anticipate recurring revenue from new integrations starting in Q3 2024,” Genner said.
“We believe that the lengthy lead period from first engagement to significant revenue for integrating financial institutions will be rewarded by the consistency and longevity of the resulting revenue streams.”
He added that Trust Stamp expects many potential customers for its age estimation product, fuelled by national and state legislation in the US and overseas. Notably, there is no legacy vendor to be displaced.
“As a result of research and development that started in 2023 and extended into 2024, we have recently launched our AI-powered age-estimation product and have contracted for our first engagement,” the CEO said. “We believe that this sector will be an important complement to our mainstream identity products.”
Trust Stamp saw its operating loss increase slightly year-over-year to $2.85 million for the first three months of 2024 from $2.58 million for the same period in 2023.