Trust Stamp (OTCQX:IDAID, EURONEXT:AIID) Inc, the AI-powered identity services provider, revealed its six-month financial results showing the company booked $1.3 million in sales thanks to a large new order from a returning customer.
The 2021 revenue figure, an 18% increase over the same year-ago period when it posted $1.1 million, included a $224,000 new technology services order from an existing customer, according to Trust Stamp.
The firm said it believes that the new purchase orders will lead to additional usage revenues in future periods.
READ: Trust Stamp wins $3.9M contract from the US Department of Homeland Security
During the six-months ended June 30, 2021, Trust Stamp saw an Adjusted EBITDA loss of $2.7 million, compared to $1.4 million in the same year-ago period.
In a statement accompanying the results, CEO Gareth Genner told investors that the six-month results are “indicative of the company's sustained position for growth towards our strategic goals and global mission in the coming months and years.”
Trust Stamp's core product offerings “stand strong by design during times of market volatility, unpredictable regulatory environments, and increased competition seen across the digital identity space,” Genner said.
The company communicated that it expects its financial performance to be strongly weighted to the fourth quarter.
“The increase in sales is partly the result of an expanded business relationship with one of the three additional revenue-generating clients, which is anticipated to result in long-term recurring revenue from pay-per-use and other usage-based engagements,” Trust Stamp wrote.
The firm is also in the process of moving from the OTCQX Best Market to the Nasdaq Capital Market, which includes conducting an ongoing public round of funding following a successful private raise earlier in the year.
“The capital resources gained during H1 2021 and from our current fundraising activities present the opportunity for Trust Stamp to drive deeper market penetration in key verticals, diversify our target markets, and continue growing a strong IP portfolio of transformative identity solutions,” Genner added.
“These results reflect the dedication of Trust Stamp's team, the confidence of our investors, and the strength of our unique value proposition in positioning the company as a trusted leader in the identity space.”
Atlanta-based Trust Stamp is a global provider of AI-powered identity services for use in multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services.
Contact Angela at angela@proactiveinvestors.com
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