Trust Stamp Inc (NASDAQ:IDAI, ISE:AIID) saw its net recognized revenue rise 39% rise in Q1, fueled by a bank client contract amendment, with revenue from two new customers set to begin in Q2.
Net recognized revenue rose to $757,000 from $545,000 in the year-ago period, with the company attributing the gain primarily to a contract amendment with an S&P 500 bank customer that added $236,000 in recognized revenue compared to the prior-year quarter.
The company noted that revenue from services delivered to its newest customers in Q1 was not included in the recognized revenue figure and will generate billable revenue in the second quarter and beyond.
“The increase in recognized revenue in Q1 reflects a high level of continued performance on our historic engagements in parallel to our work with two new major clients that we anticipate will result in significant billable revenue in Q2 and beyond,” CEO Gareth Genner told shareholders.
Total operating expenses for the quarter were $3.03 million, up from $2.71 million a year earlier, an increase of $318,000. Trust Stamp said the rise included one-time acquisition costs related to Lexverify, development spending on its Wallet of Wallets (WoW) product, timing differences in restricted stock unit expense recognition, and higher cost of sales tied to the revenue increase.
“Our pipeline of substantial revenue prospects has continued to grow and mature and we are seeing significant interest in our WoW which will launch once there is resolution of the continuing legislative uncertainties regarding stablecoin governance,” Genner added.
Comprehensive loss for the quarter was $2.23 million, compared to $2.16 million in the first quarter of 2025. Basic and diluted net loss per share narrowed to $0.42 from $0.89 in the year-ago period.
Cash and cash equivalents stood at $3.89 million at the end of March 2026.