Trust Stamp Inc (NASDAQ:IDAI, ISE:AIID) provided a business update on Monday, with CEO Gareth Genner outlining recent corporate activity, product development progress, and expansion initiatives.
Genner told shareholders that the company completed a financing round in the fourth quarter of 2025 using market stock placements and a warrant inducement agreement to provide working capital for growth initiatives in 2026, including acquisitions, customer expansion, and service development.
He noted that in January the company agreed to terms under non-binding letters of intent for two mergers and acquisitions transactions involving companies from the UK National Cyber Security Centre’s startup program. One transaction would involve an outright acquisition and the other a 50% ownership stake, with both targeted to close before the end of February. Genner added that the transactions involve no cash consideration and proposed dilution of less than 2.5% of current share capital.
Genner also highlighted that Trust Stamp delivered a minimum viable product for its stablecoin-focused Wallet of Wallets platform at the end of December 2025 and signed a letter of intent with a Nasdaq-listed company for an initial deployment. He said the company plans launch activities for StableKey and Wallet of Wallets in the first and second quarters of 2026.
The CEO also noted the company’s progress in Africa, including receiving its first purchase order from a telecommunications company operating across multiple African and Middle Eastern markets for its Irreversibly Transformed Identity Token technology. The customer is expected to generate seven-figure annual recurring revenue once transaction volumes mature and that discussions are ongoing with another telecom provider. The company’s first African nation-state project is progressing, he added. “We anticipate announcing specific revenue commitments in Q3 2026,” Genner said.
Genner wrote that enrollment on the Orchestration Layer platform in the US reached 112 institutions, with overall transaction volumes up about 20% year-over-year and FIS-related transactions up roughly 200%. He said the company plans to add sales support staff and increase industry engagement to accelerate implementation. He also wrote that the company’s relationship with an S&P 500 bank was extended and is estimated to generate $2.4 million to $2.7 million in gross annualized revenue in 2026.
He wrote that Trust Stamp is expanding its driver’s license and identity document authentication service as a stand-alone offering and pursuing banking opportunities in the United Kingdom and European Union, as well as age-verification market opportunities in the UK. He also wrote that the company has commercial healthcare deployments in the European Union and is in discussions with additional healthcare providers.
Genner noted that commercialization of the Tap-in-Band project has been delayed by US federal budget constraints, but that the company is pursuing partnerships in the UK and Africa. He also wrote that a channel partnership with a national security services company has generated a pipeline of prospects across multiple sectors.
Genner identified five revenue focus areas: banking and financial services, stablecoin and cryptocurrency, African nation-state and telecom projects, healthcare technology, and Tap-in-Band and security services. “The majority of those areas are now post-revenue and have proven product-market fit and we believe that the product areas that are not yet post-revenue have very substantial potential,” he said.
Trust Stamp continues to invest in intellectual property development, including recent patent issuances and filings related to multifactor authentication and zero-knowledge proof technologies. “We believe that this sustained investment in intellectual property differentiates us from many larger competitors that are farming legacy technology,” Genner told investors.