Q2 2024 Authid Inc Earnings Call Transcript
Key Points
- AuthID Inc (AUID) has developed highly differentiated biometric authentication technology with significant improvements in speed, accuracy, and privacy.
- The company has expanded its sales reach by signing six new committed partners, enhancing its market presence.
- AuthID Inc (AUID) reported a 75% increase in revenue from Q1 to Q2 2024, indicating strong growth momentum.
- The company's sales pipeline grew to over $25 million, reflecting a 20% increase from Q1, showcasing robust demand for its solutions.
- AuthID Inc (AUID) has introduced a revolutionary biometric privacy option that eliminates the need to store biometric data, enhancing data protection and compliance.
- Despite revenue growth, AuthID Inc (AUID) reported a net loss of $3.3 million for Q2 2024, highlighting ongoing financial challenges.
- Operating expenses increased to $3.6 million in Q2 2024 from $2.8 million a year ago, indicating rising costs.
- The company faces challenges in balancing development investments with customer demands, particularly for large enterprise accounts.
- AuthID Inc (AUID) has experienced mixed success with channel partners in the past, which could impact future growth.
- The company's adjusted EBITDA loss increased to $2.5 million in Q2 2024 from $1.7 million in the same period last year, reflecting higher operational losses.
Greetings, and good afternoon. This is Graham Arad, General Counsel at authID. Welcome to the authID second quarter 2024 results conference call. (Event Instructions) As a reminder, this conference is being recorded.
With me on today's call are our CEO, Rhon Daguro; and our CFO, Ed Sellitto. By now, you should have access to today's press release announcing our second quarter 2024 results. If you have not received this, the release can be found on our website at www.authid.ai under the Investor Relations section.
Throughout this conference call, we will be presenting certain non-GAAP financial information. This information is not calculated in accordance with GAAP and may be calculated differently from other companies' similarly titled non-GAAP information. Quantitative reconciliation of our non-GAAP adjusted EBITDA information to the most directly comparable GAAP financial information appear in today's press release.
Before we begin our formal remarks, let me remind
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