Form 8-K - Current report

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 11, 2024

T STAMP INC.

(Exact name of registrant as specified in its charter)

Delaware

001-41252

81-3777260

(State or other jurisdiction  of incorporation)

(Commission  File Number)

(I.R.S. Employer  Identification Number)

3017 Bolling Way NE, Floors 1 and 2, Atlanta, Georgia 30305

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: [phone]

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.01 par value per share

IDAI

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

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Item 8.01. Other Events.

On July 11, 2024, T Stamp, Inc. (the “Company”) issued a press release announcing certain updates about its business and operations. A copy of that press release is being furnished herewith as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.						Description
99.1						Press Release of the registrant issued July 11, 2024
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			T STAMP INC.
			By:			/s/ Gareth Genner
			Name: Gareth Genner
			Title: Chief Executive Officer

Dated: July 12, 2024

Exhibit 99.1

Trust Stamp President announces substantial H1-2024 growth including the 69th customer on its low-code Orchestration Layer platform

Trust Stamp’s President provides a holistic overview of business growth in H1 of 2024 including the growth of Trust Stamp’s financial services client base in the United States and internationally, and entry into new industries

July 11, 2024: Atlanta, GA, July 11, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), announced that in H1 of 2024 it has onboarded 21 new customers to its low-code Orchestration Layer platform, bringing the total number to 69, while growing its overall financial services customer base in the United States and internationally and increasing the industries served.

Trust Stamp President Andrew Gowasack commented “We have made tremendous progress building our business in 2024 and I know that it can be frustrating for shareholders who typically see company performance through the short term prism of reported revenue, or the snapshot of individual press releases, therefore I am pleased to provide our shareholders, and the market, with a holistic report on our business achievements for H1 of 2024.”

Andrew Gowasack continued: “I will start by observing that there is an unprecedented need for our AI-powered identity and fraud mitigation products because of the rapid emergence of ever more sophisticated AI-powered attacks including AI-generated “Super Synthetic” identities. I believe that the current and projected growth in our business is and will be fuelled by our investments in research and development that have resulted in a substantial portfolio of patented Quantum-Proof AI-powered technologies, a number of which are tailor made to combat AI-powered presentation attacks. Our thesis is that every company that is using legacy technology to defend against AI-enabled fraud will soon be forced to invest in AI-powered technologies, and consequently, in parallel to our own sales initiatives, we are in discussions with other providers of identity authentication solutions with a view to collaborations that can leverage our market-leading technology”.

Gowasack further commented: “I am delighted to announce that in H1 of 2024 we added an additional 14 banks to the Orchestration Layer through our main channel partnership. This partnership has allowed us to quickly expand our contracted customer base in the U.S. financial services sector although the key to meaningful revenue growth will be accelerating and extending the usage of our technology by the contracted financial institutions. The revenue from the initial integration contract is nominal with significant revenue potential resulting from usage fees, and we are at the mercy of the financial institutions in terms of prioritization of their resources and timing of their roll-out. To date a little over half of the financial institutions contracted through the channel partnership have progressed integration to the point that we are seeing initial transactional usage. This is a slower ramp-up than we anticipated, but we are confident that the lifetime value of bank and other large financial institution customers will provide an excellent long-term return on our acquisition and associated costs.”

Gowasack went on to say: “Unlike typical identity verification (IDV) solutions, our Identity Tokenization (“IT2”) allows biometric based data to be safely used for more than just new customer enrollment without saving the underlying biometric data. Once a customer creates an IT2, reauthentication for processes like PIN/password resetting and change of address is as easy as taking a selfie. This means that the potential usage of Trust Stamp technology can be much higher than traditional IDV solutions and the wide range of potential use cases is reflected by our new authentication tool for wire transfers and other large and/or high risk transactions. One of the most commonly asked investor questions is how much recurring revenue we anticipate from each Orchestration Layer user once in full production. This is a challenging question to answer as we do not have a large enough sample size to produce a data driven estimation, and the range is likely to be significant. What I can say is that our first Orchestration Layer customer in full production is consistently generating in excess of $14k of MRR whereas our S&P500 bank customer consistently generates well in excess of $1m of ARR and we anticipate the long-term average being closer to the former than the latter.”

In addition, Trust Stamp has established new distribution channels for its financial services products with NayaOne Marketplace, and AWS Marketplace. Andrew Gowasack commented: “These channels provide accessibility and simplified integration for prospects without requiring us to expand our headcount. In the case of AWS, their existing customers are able to discover, test, contract and pay for Trust Stamp technology through their AWS account and receive AWS usage credit for the services that we provide.”

Outside of the United States, Trust Stamp has contracted with Africa’s largest mobile network provider for a proof of concept deploying Trust Stamp technology for mobile identity verification for financial transactions, and through its Master

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Services Agreement with a branded card network, is seeing planned usage expanding to banks in at least two African countries in H2 of 2024.

Trust Stamp has also expanded outside financial services adding its first social media customer implementing AI-powered Age Estimation technology. Andrew Gowasack commented: “This is a critical first step in the market as we pursue opportunities arising from new and/or more aggressively enforced legislation in the U.S. and E.U. requiring age verification for access to mature content, and also ensuring that users under 13 do not sign up for online services without adult approval. This first customer is allowing us to prove our technology and further refine our algorithms with a view to creating a market-leading product. Our experience with the customer has led to our developing a novel approach to increasing accuracy in AI age predictions and we have already filed a provisional patent related to that innovation.”

In addition, Trust Stamp has begun implementation with a strategic partner in the U.S. serving automotive dealerships, which are experiencing a 98% growth in synthetic identity fraud attacks, entered into two partnerships for implementation in the IOT market with partners in the UK and Denmark, entered into a go-to-market collaboration for healthcare focused on the UK, US, and Scandinavian markets, and been awarded a multi-year public safety contract by an E.U. government.

Andrew Gowasack finally commented: “For several years we have invested in developing specialized products focused on the identified needs of the United States federal government. In January of 2024 we entered into a teaming agreement with ManTech for the implementation of our Quantum-Safe technology services, and in H1 of 2024 we extended that strategic relationship to potential uses in the defense sector. While there is a considerable degree of political uncertainty impacting the potential timing of all new federal government projects, we have reason to anticipate that these initiatives will result in significant revenue in 2025”.

Inquiries
[e-mail]
Andrew Gowasack President, [e-mail]

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 North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI). The Company was founded in 2016 by Gareth Genner and Andrew Gowasack.

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.

Cover Page	Jul. 11, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 11, 2024
Entity Registrant Name	T STAMP INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-41252
Entity Tax Identification Number	81-3777260
Entity Address, Address Line One	3017 Bolling Way NE
Entity Address, Address Line Two	Floors 1 and 2
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30305
City Area Code	404
Local Phone Number	806-9906
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	IDAI
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Amendment Flag	false
Entity Central Index Key	0001718939

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