T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID) dba Trust Stamp posted a 62% rise in second-quarter net recognised revenue, driven by higher customer activity and growth in its financial institution client base.
The AI-powered identity services provider reported net recognized revenue of $810,000 for the three months ended June 30, up from $500,000 a year earlier, with an additional $290,000 earned from its QID services contract but deferred under accounting rules.
Revenue for the quarter fell short of prior projections due to delays in customer implementation for QID, but the company said it redirected resources to product enhancements and onboarding new clients.
Net loss narrowed to $1.71 million from $2.6 million in the prior-year quarter, as total operating expenses fell 20% to $2.5 million. Basic and diluted net loss per share were $0.69, down from $3.19 a year earlier.
For the first half of 2025, net recognized revenue rose 26% to $1.36 million, while net loss narrowed 27% to $3.87 million.
Trust Stamp said that as of the date of the release, a total of 92 financial institutions with over $348 billion in assets had been onboarded via FIS, bringing the total number of customers either fully implemented or in implementation for its Orchestration Layer to 105.
Over the six months to June 30, transaction starts for FIS-related institutions surged 247%, including a 179% jump in July versus June, while customer completion rates climbed over 30%.