T Stamp Inc (NASDAQ: IDAI, EURONEXT: AIID)doing business as Trust Stamp, released its quarterly financial results showing its revenue and profit jumped in the quarter ended September 30, 2022.
The company, which provides AI-powered trust and identity services, said net revenue rose $1.02 million or 308.5% to $1.35 million in the third quarter. 2022, compared to $330,0000 for the third quarter of 2021. The increase was mainly due to revenue contracts executed by new and existing customers.
Gross margin increased $739,000 or 914.8% for Q3 2022 compared to the same period last year, and gross profit margin improved to 60.8% for Q3 2022 from 24 .5% for Q3 2021. The improvement is due in part to the company’s prior investment in research and development, which enabled the use of existing technologies with relatively minimal implementation costs for new deployments.
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“We continue to drive growth across our business platforms, which span enterprise, government and peer markets,” CEO Gareth Genner said in a statement.
“Our technology has generated interest in many government use cases in the United States and around the world, as governments seek to update their security infrastructure and implement the latest security solutions. privacy and biometrics. To that end, we recently unveiled our new government-focused, privacy-focused identity technology, Privtech™, and received trademark status for the Privtech solution with the U.S. Patent and Trademark Office. .
The company said operating loss in the quarter was $3.44 million, compared to $2.94 million in 3Q 2021.
Net loss amounted to $3.44 million or $0.15 per basic and diluted share for 3Q 2022, compared to $3.04 million or $0.16 per basic and diluted share for 3Q 2021.
As of September 30, 2022, the company had approximately $2.93 million in cash while working capital was $1.65 million. As of September 30, 2022, the company had no long-term debt while total equity was $3.76 million.
“Looking forward, we anticipate a number of significant growth opportunities for our software products within the Alternative to Detention program and other community case management services for federal and state agencies. “said CEO Gareth Genner.
“We have a ten-year technology services agreement with Mastercard International, in which Trust Stamp is paid to develop and host software solutions using IT2, support Mastercard implementations and is paid on an “as-is” basis. use” for all transactions using its technology. Under this agreement, Trust Stamp has received guaranteed minimum annual payments based on usage, but we expect significant usage-based revenue beginning in late 2023 and growing year-on-year through after.
“Our R&D team continues to develop products and work with partners and industry organizations in other industries that offer significant market opportunities, particularly the travel, healthcare, Metaverse platform and custody of cryptographic keys and account credentials. We believe we have built a highly scalable company that is committed to innovating secure, privacy-focused identity and trust verification solutions,” he said. -he adds.
Based in Atlanta, Georgia, Trust Stamp is a global provider of AI-powered identity services for use in multiple industries, including banking and finance, regulatory compliance, government, real estate,… communications and humanitarian services.
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