Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) Inc, a provider of AI-powered trust and identity services across multiple industries, has outlined several achievements as it reported a positive year-end review of 2021, characterized by significant company-wide growth.
The Atlanta, Georgia-based company noted that its momentum coming out of 2021 has positioned it to further accelerate growth, with the capital, team, technology, clients, and prospects needed to target another record year.
“The 2021 fiscal year was exciting and transformational for Trust Stamp (OTCQX:IDAI, EURONEXT:AIID),” CEO Gareth Genner said in a statement.
“Despite exceptional market conditions, we were able to achieve record growth in every aspect of our business, from our team size and our intellectual property portfolio to our prospect and client base, and notably, in our market capitalization and revenue,” he added.
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Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) said billed revenue increased by 121% in 2021 from a year earlier on a non-GAAP (generally accepted accounting principles) basis, with 4Q revenue up 195%. Its share price, adjusted for August 2021’s 5:1 share split, increased by 156% for 2021 while its market capitalization grew by 195%, it added.
Other business highlights include:
- $3.92 million initial contract with the US Department of Homeland Security, launching its entry into the $400 billion plus GovTech market and reflecting the maturity and broad applicability of its privacy-first approach to identity;
- Established Cryptovault offering and Metapresence subsidiary, continuing to develop its competitive position in response to the increased market demand for, and mainstreaming of, digital asset services to meet the needs of consumers;
- Executed $12.84 million in equity raises, bringing total raised capital to over $30 million. After closing one of the first-ever oversubscribed $5 million Regulation CF offerings, Trust Stamp said it has a shareholder base of over 3,500 direct investors, many having participated in multiple raises;
- 50% growth in the number of contracted clients, in addition to increased engagement with existing customers and partners as a result of strengthened sales and marketing initiatives, along with accelerated productization of the company’s intellectual property (IP) to meet commercial opportunities;
- 32% team growth (from 75 to 99) with a focus on speeding research and development (R&D) and productization and expanding the global sales team’s capacity to address growing interest across geographies and verticals;
- Patent portfolio increased to 11 allowances and issuances, most significantly including the allowance of a patent for its revolutionary privacy-first identity tokenization technology: the IT2. Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) said it also has an additional 12 patents pending, reflecting its substantial investment into R&D into transformational identity and trust solutions striving for unmatched privacy, security, and utility, at a fraction of the cost of legacy solutions;
- Opened its biometric R&D campus for Africa in Rwanda as part of its commitment to delivering equitable, accessible, and secure identity technologies that power inclusion for all races and ethnicities, in all regions of the world;
- Obtained an OTCQX listing and applied for up-listing to the Nasdaq Capital Market, marked by several strategic corporate actions in the second half of the year intended to assist in meeting the requirements for listing.
Trust Stamp (OTCQX:IDAI, EURONEXT:AIID)’s technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, and increase operational efficiency.
Located in seven countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the OTCQX Best Market and Euronext Growth in Dublin. Founded in 2016 by CEO Genner and Andrew Gowasack, Trust Stamp now employs close to 100 people.
Contact the author at stephen.gunnion@proactiveinvestors.com