T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), doing business as Trust Stamp, reported higher revenue for the six-month period ending June 30, 2024, as it saw a 100% year-over-year increase in enrolled customers.
The company had 62 financial institutions enrolled on their SaaS Orchestration Layer compared to 31 financial institutions as of June 30, 2023.
“The relationship with our long-term customers remains very strong, and we anticipate long-term growth in the revenue derived from those relationships,” Trust Stamp CEO Gareth Genner commented.
Revenue for the six-month period was $1.07 million, up from $919,000 for the same period in 2023 despite resources being allocated to unpaid product enhancements for a major client.
It narrowed its net loss for the six-month period ending June 30 to $0.47, down from $0.80 for the same period last year. Its net loss for the second quarter was $0.21 per share, down from $0.32 per share in the year-ago quarter.
Operational highlights included the launch of a new wire/transfer authentication product tailored to the community banking software.
It also entered into new distribution channels through NayaOne Marketplace and AWS Marketplace, facilitating customer access and payment through AWS accounts, and deployed technology in the automotive dealership market and launched an AI-powered age-estimation product, supported by a new patent application.
Trust Stamp has also expanded its patent portfolio to 22 issued patents and 15 provisional or pending patents as of June 30, 2024.
The company expects to secure significant license fees as “other income” in the third quarter from licensing intellectual property and continues to develop go-to-market partnerships to grow geographic and vertical markets.