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Share Name | Share Symbol | Market | Type |
---|---|---|---|
authID Inc | NASDAQ:AUID | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.79 | -9.04% | 7.95 | 7.00 | 13.07 | 9.00 | 7.80 | 8.68 | 23,884 | 05:00:06 |
Commenting on these results, Rhon Daguro, authID CEO, said,
“Our efforts in 2023—the strengthening of our financial foundation, addition of new identity domain sales and engineering talent, and application of a proven sales discipline to our engagements that generated a robust sales pipeline—have positioned authID for growth in biometric identity verification and authentication. Our momentum in booking contracts with bARR of $3 million in only six months, and not 12 months as originally planned, attests to the demand for our fast, accurate and user-friendly solutions that fight rampant authentication fraud attributed to compromised passwords and devices. Our patented identity life-cycle platform unleashes the speed and power of biometrics to ensure cyber-savvy enterprises “Know Who’s Behind the Device” for every customer or employee login and transaction, with seamless user convenience, in a market-leading 700 milliseconds.
“With generative AI predicted to increase the effectiveness and frequency of relentless phishing schemes, deepfakes and fraud attacks, authID’s multi-layered authentication platform defends against these attacks with best-in-class deepfake detection and seamless, trusted biometric authentication that together outperform the competition. Looking ahead, I am confident that authID will reward the trust of our valued investors with continued market momentum by growing our sales pipeline and realizing our 2024 bARR target of $9 million, a triple target over 2023.”
Financial Results for the 12 Months Ended December 31, 2023
The following highlights comprise results from continuing operations, including certain Non-GAAP measures:
Refer to Table 1 for reconciliation of net loss to Adjusted EBITDA (a non-GAAP measure).
Operational Highlights for 2023 and recent months
Continued Daguro, “Our best of breed team for sales and execution, steeped in identity knowledge, has continually set and surpassed high sales goals, validated strong market demand and fit for our biometric identity products. We have delivered significant customer wins for both workforce and consumer use-cases, across financial services, healthcare, and the digital economy,” said Rhon Daguro, CEO of authID. “We remain committed to delivering product innovation that stays ahead of fraud trends and amplifies our thought leadership with our customers.”
Today’s Webcast
The Company will host a webcast today at 5:30 p.m. EDT to discuss the financial results and provide a corporate update. A question-and-answer session will follow management's presentation.
To join the webcast, investors must register here: authID FY2023 Results Webcast Registration. Please note the webcast will use the Zoom Events platform. Participants are advised to pre-register with a validated email address OR your existing Zoom account. Registrants will receive a confirmation email and calendar notice to add the meeting to your calendar.
A replay of the event and a copy of the presentation will also be available for 90 days via authID’s Investor Relations news and events web page at: https://investors.authid.ai/news-and-events/events-and-presentations
About authID Inc.
authID (Nasdaq: AUID) ensures cyber-savvy enterprises “Know Who’s Behind the Device” for every customer or employee login and transaction. Through its easy-to-integrate, patented, biometric identity platform, authID quickly and accurately verifies a user’s identity, eliminating any assumption of ‘who’ is behind a device and preventing cybercriminals from taking over accounts. authID combines digital onboarding, FIDO2 login, and biometric authentication and account recovery, with a fast, accurate, user-friendly experience – delivering identity verification in 700ms. Establishing a biometric root of trust for each user that is bound to their accounts and provisioned devices, authID stops fraud at onboarding, eliminates password risks and costs, and provides the faster, frictionless, and more accurate user identity experience demanded by operators of today’s digital ecosystems. For more information, visit authID.ai.
Forward-looking Statements
This Press Release includes “forward-looking statements.” All statements other than statements of historical facts included herein, including, without limitation, those regarding the future results of operations, growth and sales, booked Annual Recurring Revenue (bARR), Annual Recurring Revenue (ARR), cash flow, cash position and financial position, business strategy, plans and objectives of management for future operations of both authID Inc. and its business partners, are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding authID’s present and future business strategies, and the environment in which authID expects to operate in the future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the Company’s ability to attract and retain customers; successful implementation of the services to be provided under new customer contracts; the Company’s ability to compete effectively; changes in laws, regulations and practices; changes in domestic and international economic and political conditions, the as yet uncertain impact of the wars in Ukraine and the Middle East, inflationary pressures, increases in interest rates, and others. See the Company’s Annual Report on Form 10-K for the Fiscal Year ended December 31, 2023 filed at www.sec.gov and other documents filed with the SEC for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this release and cannot be relied upon as a guide to future performance. authID expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any changes in its expectations with regard thereto or any change in events, conditions, or circumstances on which any statement is based.
Investor Relations Contact
Ed SellittoChief Financial Officerinvestor-relations@authID.ai
Non-GAAP Financial Information
The Company provides certain non-GAAP financial measures in this statement. These non-GAAP key business indicators, which include Adjusted EBITDA, bARR and ARR should not be considered replacements for and should be read in conjunction with the GAAP financial measures.
Management believes that Adjusted EBITDA, when viewed with our results under GAAP and the accompanying reconciliations, provides useful information about our period-over-period results. Adjusted EBITDA is presented because management believes it provides additional information with respect to the performance of our fundamental business activities and is also frequently used by securities analysts, investors, and other interested parties in the evaluation of comparable companies. We also rely on Adjusted EBITDA as a primary measure to review and assess the operating performance of our company and our management.
We define Adjusted EBITDA as GAAP net loss adjusted to exclude: (1) interest expense, (2) interest income, (3) provision for income taxes, (4) depreciation and amortization, (5) stock-based compensation expense (stock options) and (6) certain other items management believes affect the comparability of operating results. Other items included the following:
Please see Table 1 below for a reconciliation of Adjusted EBITDA – continuing operations to net loss – continuing operations, the most directly comparable financial measure calculated and presented in accordance with GAAP.
Table 1 | ||||||||
Reconciliation of Loss from continuing operations to Adjusted EBITDA continuing operations | ||||||||
For the Year EndedDecember 31, | ||||||||
2023 | 2022 | |||||||
Loss from continuing operations | $ | (19,617,969 | ) | $ | (23,675,310 | ) | ||
Addback: | ||||||||
Interest expense | 1,108,458 | 1,359,954 | ||||||
Other expense (income) | (98,230 | ) | 37,221 | |||||
Conversion expense | 7,476,000 | - | ||||||
Loss on debt extinguishment | 380,741 | - | ||||||
Severance cost | 855,279 | 150,000 | ||||||
Depreciation and amortization | 255,858 | 749,900 | ||||||
Non-cash recruiting fees | 438,000 | - | ||||||
Impairment losses | - | 1,101,867 | ||||||
- | ||||||||
Taxes | 2,864 | 7,670 | ||||||
Stock compensation | 487,398 | 8,870,168 | ||||||
Adjusted EBITDA continuing operations (Non-GAAP) | $ | (8,711,601 | ) | $ | (11,398,530 | ) | ||
Management believes that bARR and ARR, when viewed with our results under GAAP, provide useful information about the direction of future growth trends of the Company’s revenues. We also rely on bARR as one of a number of primary measures to review and assess the sales performance of our Company and our management team in connection with our executive compensation. The Company defines Booked Annual Recurring Revenue or bARR, as the amount of annual recurring revenue represented by the estimated amounts of annual recurring revenue we believe will be earned under such contracted orders, looking out eighteen months from the date of signing of each customer contract. The net amount of bARR reflects the deduction of the bARR of contracts previously included in reported bARR, which were subject to attrition during the quarter. The gross and net amount of bARR signed in 2023 was $2.9 million, compared to $0.23 million of bARR signed in 2022.
The company defines Annual Recurring Revenue or ARR, as the amount of recurring revenue derived from sales of our Verified products during the last three months of the relevant period as determined in accordance with GAAP, multiplied by four. The amount of ARR as of December 31, 2023 was $0.20 million, compared to $0.18 million as of December 31, 2022.
bARR may be distinguished from ARR, as bARR does not take specifically into account the time to implement any contract for Verified, nor for any ramp in adoption, or seasonality of usage of the Verified products but is based on the assumption that 18 months after signing these matters will have been generally resolved. Furthermore, bARR is based on estimates of future revenues under particular contracts, whereas ARR, whilst also forward looking, is based on historical revenues recognized in accordance with GAAP during the relevant period. bARR and ARR have limitations as analytical tools, and you should not consider them in isolation from, or as a substitute for, analysis of our results as reported under GAAP. Some of these limitations are:
AUTHID INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
For the Year EndedDecember 31, | ||||||||
2023 | 2022 | |||||||
Revenues: | ||||||||
Verified software license | $ | 186,171 | $ | 156,646 | ||||
Legacy authentication services | 4,118 | 370,769 | ||||||
Total revenues, net | 190,289 | 527,415 | ||||||
Operating Expenses: | ||||||||
General and administrative | 7,882,194 | 14,676,938 | ||||||
Research and development | 2,800,373 | 6,269,175 | ||||||
Depreciation and amortization | 255,858 | 749,900 | ||||||
Impairment losses | - | 1,101,867 | ||||||
Total operating expenses | 10,938,425 | 22,797,880 | ||||||
Loss from continuing operations | (10,748,136 | ) | (22,270,465 | ) | ||||
Other (Expense) Income | ||||||||
Interest expense, net | (1,108,458 | ) | (1,359,954 | ) | ||||
Other income (expense), net | 98,230 | (37,221 | ) | |||||
Conversion expense | (7,476,000 | ) | - | |||||
Loss on extinguishment of debt | (380,741 | ) | - | |||||
Other (expense) income, net | (8,866,969 | ) | (1,397,175 | ) | ||||
Loss from continuing operations before income taxes | (19,615,105 | ) | (23,667,640 | ) | ||||
Income tax expense | (2,864 | ) | (7,670 | ) | ||||
Loss from continuing operations | (19,617,969 | ) | (23,675,310 | ) | ||||
Gain (loss) from discontinued operations | 1,524 | (366,663 | ) | |||||
Gain (loss) on sale of discontinued operations | 216,069 | (188,247 | ) | |||||
Total gain (loss) from discontinued operations | 217,593 | (554,910 | ) | |||||
Net loss | $ | (19,400,376 | ) | $ | (24,230,220 | ) | ||
Net Loss Per Share - Basic and Diluted | ||||||||
Continuing operations | $ | (3.19 | ) | $ | (7.72 | ) | ||
Discontinued operations | $ | 0.04 | $ | (0.18 | ) | |||
Weighted Average Shares Outstanding - Basic and Diluted | 6,153,881 | 3,065,365 | ||||||
AUTHID INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
December 31, | December 31, | |||||||
2023 | 2022 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash | $ | 10,177,099 | $ | 3,237,106 | ||||
Accounts receivable, net | 91,277 | 261,809 | ||||||
Deferred contract costs | 157,300 | - | ||||||
Other current assets | 476,004 | 729,342 | ||||||
Current assets held for sale | - | 118,459 | ||||||
Total current assets | 10,901,680 | 4,346,716 | ||||||
Other Assets | - | 250,383 | ||||||
Intangible Assets, net | 327,001 | 566,259 | ||||||
Goodwill | 4,183,232 | 4,183,232 | ||||||
Non-current assets held for sale | - | 27,595 | ||||||
Total assets | $ | 15,411,913 | $ | 9,374,185 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 1,408,965 | $ | 1,154,072 | ||||
Deferred revenue | 131,628 | 81,318 | ||||||
Deferred contract liability | 124,150 | - | ||||||
Current liabilities held for sale | - | 13,759 | ||||||
Total current liabilities | 1,664,743 | 1,249,149 | ||||||
Non-current Liabilities: | ||||||||
Convertible debt, net | 224,424 | 7,841,500 | ||||||
Deferred Severance | 325,000 | - | ||||||
Total liabilities | 2,214,167 | 9,090,649 | ||||||
Commitments and Contingencies (Note 12) | ||||||||
Stockholders’ Equity: | ||||||||
Common stock, $0.0001 par value, 250,000,000 shares authorized; 9,450,220 and 3,179,789 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 945 | 318 | ||||||
Additional paid in capital | 172,714,712 | 140,257,448 | ||||||
Accumulated deficit | (159,530,535 | ) | (140,130,159 | ) | ||||
Accumulated comprehensive income | 12,624 | 155,929 | ||||||
Total stockholders’ equity | 13,197,746 | 283,536 | ||||||
Total liabilities and stockholders’ equity | $ | 15,411,913 | $ | 9,374,185 |
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