Trust Stamp (NASDAQ:IDAI, EURONEXT:AIID) Inc has posted a significant increase in net revenue for the six months to June 30, 2022, on the back of contracts executed by new and existing customers.
Net revenue for the first half was $3.53 million, compared to $1.25 million for H1 2021, while net revenue for the second quarter was $0.71 million, compared to $0.72 million a year ago, reflecting the timing of orders and a pause in performance and billing, which the company attributed to a government.
"We achieved a 182% year-over-year increase in revenue and a 284% increase in gross profit during the first half of 2022, reflecting the strength of our technology offerings and the continued efficient execution of our business plan," Trust Stamp CEO Gareth Genner said in the results statement.
READ: Trust Stamp granted Notice of Allowance for US patent on its biometric authentication technology
"Our decision to invest in developing cutting-edge, cost-effective, humane, and privacy-first technologies for the Alternatives to Detention (ATD) and similar programs has been validated by the House Appropriations Subcommittee on Homeland Security recommending a substantial increase (to $569.3m) in the funding allocated to the Alternatives to Detention program for the 2023 fiscal year, with a goal of more than doubling the current number of participants.
“Although our initial pilot with Immigration and Customs Enforcement has concluded, we are pursuing multiple opportunities in the ATD and broader Criminal Justice Space, including a partnership to offer additional value-added services that will further distinguish our offerings, as well as increasing the revenue potential from each engagement,” he added.
Concurrently, the company continues to advance its long-term work with a premier S&P 500 bank, as well as its collaboration with Fidelity Information Services, LLC (FIS) to implement a proprietary tokenization in FIS' new global identity authentication system, with two pilot runs already scheduled with banks, Genner said, providing further updates on corporate developments within the company.
"Overall, apart from government and banking use-cases, our technology platform has broad applications with significant market opportunities across multiple sectors, including travel, healthcare, metaverse and cryptographic key and account credential safekeeping, and more. Building on our success, we recently announced key partnerships with IdRamp, to leverage our technologies for transformative biometric multi-factor authentication applications, as well as letus (formerly RentMoola), to deliver world-class security in the rental space,” he added.
"We are also proud to continue working with Mastercard International to leverage our patented IT2 tokenized identity technology for Humanitarian & Development purposes as a core element of its Community Pass and Inclusive Identity offerings. This offering is designed to not only provide financial inclusion services for individuals and businesses, but also broader access to basic necessities, including food, water healthcare and more. We are further encouraged by the recent announcement that a Wellness Pass pilot program utilizing our technology is launching in Ethiopia, a market with over one hundred and fifteen million potential users. Moreover, there are nearly two billion people in the world without the ability to assert an identity for digital transactions and we believe this represents not only a tremendous business opportunity but also an important contribution to global societal inclusion," the Trust Stamp CEO added.
"At the same time as developing our user base, we continue to invest in research and development to further expand our portfolio of transformative identity solutions, not only covering identity tokenization but also presentation attack detection, metaverse identity systems, NFTs, and trust scores. Towards this end, we recently received a Notice of Allowance by the United States Patent Office for our twelfth patent, and we have an additional twenty-one patent applications pending. Trust Stamp's technology uniquely addresses the market need for an unparalleled level of identity data protection at a fraction of the cost, while improving the efficiency and expanding the utility of legacy identity systems.
"Our investments in scalable infrastructure position us to achieve growth and deliver meaningful value for our shareholders. We remain committed to our mission of delivering equitable, privacy-preserving identity solutions that empower access and protect data for individuals and organizations around the world. We remain highly encouraged by the outlook for the business and look forward to providing further updates in the weeks and months ahead," Genner concluded.
The company's second-quarter and first-half results can be accessed here.
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. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.
Contact the author at jon.hopkins@proactiveinvestors.com