Trust Stamp Chief Executive Officer,
“The relationship with our long-term customers remains very strong and we anticipate continued long-term growth in the revenue derived from those relationships.
“In respect of new customers, a significant number of additional financial institutions integrated with our Orchestration Layer both via our channel partnership and directly, bringing the total number of integrated institutions as of the date of this press release to 51 financial institutions representing a fivefold increase in our financial institution customer base since the start of 2023. We had reported nominal revenue from those new customers in 2023 as the financial institutions integrate and eventually roll-out with their end-users, and we currently anticipate recurring revenue from new integrations starting in Q3 2024. We believe that the lengthy lead period from first engagement to significant revenue for integrating financial institutions will be rewarded by the consistency and longevity of the resulting revenue streams.
“Our 2023 focus on US-based banks via our channel partnership with FIS has now been augmented by our participation in the acclaimed ThinkTech program operated by The
“The market for age estimation products is growing exponentially, fuelled by national and state legislation in
“One of the benefits of our microservice architecture and Orchestration Layer infrastructure is the ability for our technology to be utilized in multiple sectors without significant development work on our part. While the identity market is an important concentration for our business, our 22 issued and 13 provisional or pending patents include numerous AI-powered innovations that can be used in other industries. As a consequence, in late 2023, we entered into two joint ventures to expand the market for our products into completely new sectors, as well as a teaming agreement with a major government contractor focused on their using our technology for substantial Federal contracting opportunities. As we move ahead we anticipate additional licensing opportunities as well as collaborations for the use of our technology in new vertical and geographic markets.
“Billable revenue was impacted by our applying resources to unpaid product enhancements for a major client which were undertaken to maximize future revenue potential from that relationship, but our net revenue still increased from
Our operating loss for the three months ended
A copy of the Company’s report on Form 10-Q for the three months ended
Inquiries
Investors: shareholders@truststamp.ai
About Trust Stamp
Trust Stamp, the Privacy-First Identity Company™, 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.
Located in seven countries across
Safe Harbor Statement: Caution Concerning Forward-Looking Remarks
All statements in this release that are not based on historical fact are “forward-looking statements,” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the Company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the Company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.
Source: Trust Stamp
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