authID.ai Inc has reported its financial and operational results for the third quarter ended September 30, 2021, showing substantial progress during the quarter and year to date on its multi-pronged strategy to rebrand itself and drive key product development, sales and marketing initiatives.
“Our vision is to help every organization 'Recognise their Customers' and eliminate the friction, loss of privacy and customer abandonment that comes with legacy password structures,” Tom Thimot, CEO of authID.ai said in a statement.
“We know that businesses must defend against ever-growing cyber threats, but one-time passwords and challenge questions are vulnerable to hackers and often frustrate customers and can lead to lost business. Verified by authID—which captures a selfie seamlessly in a web-browser and verifies identity to a secure, cloud-biometric—offers a superior, frictionless, authentication solution.
"Importantly, our successful launch of Verified as a replacement for one-time passwords (OTP) at Money 20/20 at the end of October validated our view of the meaningful market demand for authID.ai’s cloud-biometrics. We look forward to continuing the momentum we created at this event in conjunction with our expanded sales efforts and compelling new marketing campaigns,” Thimot added.
READ: authID.ai Inc's solutions helping Hamilton Reserve Bank in quest to expand customer base
Highlights of financial results for the three months and nine months ended September 30, 2021:
- Total revenue for the three and nine-month periods in 2021 was $0.5 million and $1.7 million respectively, compared with $0.5 million and $1.6 million, respectively for the same periods in 2020
- Net loss for the three and nine-month periods was $5.2 million and $10.7 million respectively, compared with a net loss before taxes for the same periods in 2020 of $1.9 million and $9.2 million, respectively
- Basic and diluted net loss per share was $0.24 and $0.52 for the three and nine-month periods ended September 30, 2021, respectively, compared to basic and diluted net loss per share of $0.11 and $0.52 in the same periods in 2020, respectively
- Adjusted EBITDA loss for the three and nine-month periods ended September 30, 2021 was $2.8 million and $5.4 million, respectively compared to $1.3 million and $4.1 million in the same periods in 2020, respectively
The company said the increased adjusted EBITDA loss reflected increased investment in product management, sales and marketing and technology during the period.
authID.ai has cash and cash equivalents as at September 30, 2021, of $9.2 million. The company closed a public offering of approximately $11.5 million from existing and new investors in August 2021.
Highlights and accomplishments for the quarter and subsequent weeks:
- Rebranded as authID.ai and uplisted to NASDAQ under the new ticker symbol of AUID
- Launched Verified at Money 20/20 USA by emphasizing the importance of replacing OTPs and knowledge-based authentication (KBA) with biometric identity authentication in the cloud, and offering competitive pricing and introductory trial periods
- Built out the senior leadership team with the addition of Peter Curtis as Chief Marketing Officer, Jeremiah Mason as senior vice president Product and Steven Fazio as senior vice president Sales. Each of these professionals bring deep industry experience and a track record of success spearheading significant growth at market-leading technology companies
- Launched services with Hamilton Reserve Bank, a global bank on the Temenos Infinity platform, to provide the bank’s international clientele with a secure frictionless onboarding and passwordless banking experience
- Announced that CU NextGen, a leading provider of next-generation technology solutions and platforms to US-based credit unions deployed authID’s biometric identity verification solution to transform the way its credit union clients recognize their members—both digitally and in person
- Continued development of innovative improvements to the authID.ai Identity as a Service (IDaaS) platform and products, with the goal of working toward a true self-service model for Verified customers
authID.ai noted that its chief executive officer, Tom Thimot, president & CTO Tripp Smith, and chief financial officer Stuart Stoller will host a webcast and conference call at 5.00pm EST today to discuss the financial results and provide a corporate update, including discussion of the company's recent market and product launch.
authID.ai - formerly Ipsidy -provides secure, mobile, biometric identity verification software products through an easy-to-integrate Identity as a Service (IDaaS) platform. The company's suite of self-service biometric identity proofing and authentication solutions frictionlessly eliminate all usernames and passwords through a consent-based facial matching system.
Powered by the most sophisticated biometric and artificial intelligence technologies, authID ultimately aims to re-establish security and trust between businesses and their customers by helping to protect sensitive personal data.
Contact the author at jon.hopkins@proactiveinvestors.com