On November 8, 2023, AuthID Inc (AUID, Financial), a leader in biometric identity verification and authentication solutions, announced its financial and operating results for the third quarter ended September 30, 2023. The company has experienced a remarkable 300% increase in quarter-over-quarter sales, signaling strong market momentum and the successful implementation of its sales strategy.
Performance and Strategic Developments
AuthID Inc's CEO, Rhon Daguro, expressed satisfaction with the company's performance, attributing the success to the newly appointed sales team's ability to secure contracts valued at $1 million in aggregate bARR. This achievement represents a fourfold increase compared to the company's highest bARR in any previous quarter. Daguro emphasized the company's focus on providing secure, biometric identity solutions that do not compromise user convenience, delivering identity verification in a market-leading 700 milliseconds.
Financial Highlights
The company's financial results for the third quarter and nine months ended September 30, 2023, include key customer wins across various sectors, such as a multinational money remittance company, a digital bank, and a healthcare services provider. These partnerships underscore the versatility and demand for AuthID's biometric platform.
Income Statement Overview
AuthID Inc reported revenues from its Verified software license at $42,369 for the third quarter of 2023, compared to $30,023 in the same period of the previous year. The company also saw a reduction in its net loss, from $(6,334,949) in Q3 2022 to $(3,717,618) in Q3 2023. This improvement is reflected across the board, with general and administrative expenses decreasing significantly from $3,914,432 in Q3 2022 to $2,965,344 in Q3 2023.
Balance Sheet and Cash Flow Insights
As of September 30, 2023, AuthID Inc's balance sheet shows a cash position of $3,811,014, an increase from $3,237,106 at the end of 2022. The company's total assets stood at $8,953,965, while total liabilities were $1,637,899, resulting in total stockholders' equity of $7,316,066.
Non-GAAP Financial Measures
Adjusted EBITDA, a non-GAAP measure, was reported at $(2,129,259) for Q3 2023, an improvement from $(3,277,137) in Q3 2022. The company believes that non-GAAP measures such as Adjusted EBITDA, bARR, and ARR provide valuable insights into its operational performance and are used by management to assess the company's financial health.
Forward-Looking Statements Disclaimer
AuthID Inc's press release includes forward-looking statements, which are based on assumptions about the company's future business strategies and market conditions. These statements are subject to risks and uncertainties, and actual results may differ materially from those projected.
Investor Relations and Webcast Information
Investors interested in learning more about AuthID Inc's financial results and corporate updates can access a replay of the webcast and presentation materials on the company's investor relations webpage.
In summary, AuthID Inc (AUID, Financial) has demonstrated a strong quarter with significant sales growth and strategic customer acquisitions. The company's focus on biometric identity solutions is resonating with the market, as evidenced by the substantial increase in bARR and the narrowing of net losses. AuthID Inc continues to position itself as a key player in the identity verification industry, with a promising outlook for future growth and innovation.
Explore the complete 8-K earnings release (here) from AuthID Inc for further details.
