Trust Stamp (NASDAQ:IDAI, EURONEXT:AIID) Inc announced that its first-quarter 2022 net revenue surged 430% to a record $2.82 million, which the company attributed primarily to revenue contracts executed by newly-acquired and existing customers.
The creator of proprietary artificial intelligence solutions also saw its operating loss for the period narrow by $295,000 to $1.64 million, mainly due to growth in net revenue, which outpaced the growth in operating costs by a factor of 5.3.
The company noted that its 1Q net loss narrowed by 17% to $1.69 million, or $0.07 per share, while its gross profit margin increased to 75.4% from 51.6% during the same period last year.
“This strong financial and operational performance reflects Trust Stamp's ability to capture diversified market opportunities and grow existing commercial relationships to generate long-term revenue streams,” Trust Stamp CEO Gareth Genner said in a statement.
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“Notably, we expanded upon an existing customer relationship within the government sector while increasing our scope of work with multiple Fortune 500 commercial clients in the financial services sector,” Genner added.
The company said it ended 1Q with cash and equivalents of about $5.84 million as of March 31, 2022.
Trust Stamp creates proprietary artificial intelligence solutions, researching and leveraging facial biometric science and wide-scale data mining to deliver identity and trust predictions while defending against fraudulent identity attacks.
Contact Sean at sean@proactiveinvestors.com