Trust Stamp (NASDAQ: IDAI, EURONEXT: AIID) Inc reported a significant increase in net revenue for the six months ending June 30, 2022, driven by contracts fulfilled by new and existing customers.
First half net revenue was $3.53 million, compared to $1.25 million for the first half of 2021, while second quarter net revenue was $0.71 million, down from $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 margin in the first half of 2022, reflecting the strength of our technology offerings and the continued efficient execution of our business plan,” said Trust Stamp’s CEO. Gareth Genner said in the earnings release.
READ: Trust Stamp has received notice of clearance for a US patent on its biometric authentication technology
“Our decision to invest in the development of cutting-edge, cost-effective, humane and privacy-friendly technologies for Alternatives to Detention (ATD) and similar programs has been validated by the House Appropriations Subcommittee on Homeland Security recommending an increase substantial (for $569.3 million) in funding allocated to the Alternatives to Detention program for fiscal year 2023, with a goal of more than doubling the current number of participants.
“While our initial pilot project with Immigration and Customs Enforcement has ended, we are pursuing multiple opportunities in the ATD and broader criminal justice space, including partnering to offer additional value-added services that will further distinguish our offerings, as well as the increased revenue potential of each engagement,” he added.
At the same time, the company continues to advance its long-term work with a leading S&P 500 bank, as well as its collaboration with Fidelity Information Services, LLC (FIS) to implement proprietary tokenization in the new global system. identity authentication from FIS, with two pilot rounds already scheduled with banks, Genner said, providing further updates on business developments within the company.
“Globally, outside of government and banking use cases, our technology platform has many applications with significant market opportunities across many industries, including travel, healthcare, the metaverse, and custody. cryptographic keys and account credentials, and more Building on our success, we recently announced key partnerships with IdRamp, to leverage our technologies for transformative multi-factor biometric authentication applications, as well as with letus (formerly RentMoola), to deliver world-class security in the rental space,” he added.
“We are also proud to continue to work with Mastercard International to leverage our patented IT2 token identity technology for humanitarian and development purposes as a core part of its Community Pass and Inclusive Identity offerings. This offering is designed not only to provide financial inclusion services to individuals and businesses, but also broader access to basic necessities, including food, water-related healthcare and more. encouraged by the recent announcement of a Wellness Pass pilot program using our technology in Ethiopia, a market of over one hundred and fifteen million. Additionally, there are nearly two billion people in the world who do not have the ability to assert an identity for digital transactions and we believe this not only represents a tremendous business opportunity, but also an important contribution commitment to global societal inclusion,” said the CEO of Trust Stamp. added.
“Along with growing our user base, we continue to invest in research and development to further expand our portfolio of transformative identity solutions, covering not only identity tokenization, but also attack detection. presentation, metaverse identity systems, NFTs and trust scores. To that end, we recently received Notice of Allowance from the United States Patent Office for our twelfth patent, and we have twenty-one more 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 usefulness of legacy identity systems.
“Our investments in scalable infrastructure enable us to achieve growth and deliver significant value to our shareholders. We remain committed to our mission to provide fair and privacy-preserving identity solutions that enable access and data protection for individuals and organizations around the world. We remain very encouraged by the company’s outlook and look forward to providing further updates in the weeks and months to come,” concluded Genner.
The company’s second quarter and first half results can be viewed here.
Trust Stamp is a global provider of AI-powered identity services for use in many industries including banking and finance, regulatory compliance, government, real estate, communications and humanitarian services. Its technology provides organizations with advanced biometric identity solutions that reduce fraud, protect the privacy of personal data, increase operational efficiency and reach a wider user base globally through its unique transformation and data comparison.
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