Trust Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID) has reported increased net recognized revenue and reduced its operating expenses in the third quarter as it has expanded its customer base.
Net recognized revenue for the third quarter was $0.87 million, up 71% from $0.51 million in the same period of 2024.
The company also received $0.23 million in revenue from QID that was fully earned but deferred under ASC 606.
Trust Stamp said the majority of the quarterly revenue increase, $313,000, came from a contract amendment and extension with an S&P 500 bank customer. The updated agreement extends the term to May 2031, includes a six-month cancellation option for the customer, and provides for minimum gross revenue exceeding $12.7 million, along with fee structure changes, new feature development, and platform updates.
For the first nine months of 2025, net recognized revenue was $2.23 million, a 41% increase from $1.59 million in the same period of 2024. The company again noted $0.23 million in earned but deferred QID revenue and reported $0.33 million in total received but deferred revenue as of September 30. Trust Stamp said $420,000 of the year-to-date increase was attributable to the S&P 500 bank contract amendment.
The company stated that revenue rose significantly for both reporting periods but fell short of internal projections due to delays in customer implementation for the QID contract. It noted that assigned resources were redirected to product development, improvements, and onboarding new customers.
Total operating expenses declined to $2.64 million in the third quarter and $7.85 million for the nine-month period, down from $3.19 million and $9.74 million in the corresponding periods of 2024, representing reductions of 17% and 19%.
Basic and diluted net loss per share for the third quarter were $0.72, compared with $1.06 a year earlier. For the nine months ended September 30, basic and diluted net loss per share were $2.28, compared with $7.33 in 2024.
As of the quarter-end, cash and cash equivalents totaled $5.37 million.
Trust Stamp also reported continued customer growth. As of the date of the release, 97 financial institutions with more than $348 billion in assets had been onboarded via FIS, bringing the total number of customers either fully implemented or implementing the Orchestration Layer to 110.
Over the nine months ended September 30, transaction starts for FIS-related institutions increased 247%, and customer completion rates rose by more than 30%.
SEC confirmation sought for Wallet of Wallets
In a separate announcement, Trust Stamp also reported that it has submitted requests for no-action relief from the US Securities and Exchange Commission and a European Union financial services regulator overseeing the Markets in Crypto‑Assets Regulation (MiCAR). The filings follow the company’s recent raise of over $10 million in new capital and the launch of a cryptocurrency-focused initiative.
The requests concern Trust Stamp’s newly introduced biometrically validated, quantum-secure wallet, designed to function as both a non-custodial wallet for stablecoins and other digital assets and as a “Wallet of Wallets.”
The wallet incorporates live biometric authentication and offers features such as multi-cryptocurrency support, cross-device access, joint control, inheritance planning, alternative recovery methods, and the ability to manage multiple wallets within a single platform.
“With rapid adoption by businesses and individuals alike, and the US Treasury Secretary Scott Bessent predicting that the stablecoin market will hit $3 trillion by 2030 thanks to the innovation made possible by the Genius Act, it is inevitable that we will see a corresponding growth in both inadvertent losses and fraud,” Trust Stamp’s EVP of government and law enforcement John Bridge said in a statement.
“The StableKey Wallet bridges the gap between the convenience and inherent risks of legacy software wallets and inconvenient hardware-based cold storage while providing not only bank-level security but also a comprehensive set of human-centric features that are not typically found in a non-custodial solution.”