As of September 30, 2024, authID Inc. reported significant financial developments, including a notable increase in cash and total assets. The company held cash of $11.7 million, up from $10.2 million at the end of 2023. Total current assets rose to $13.1 million from $10.9 million, while total assets increased to $17.5 million from $15.4 million. Stockholders’ equity also saw an increase, reaching $15.6 million compared to $13.2 million at the end of the previous fiscal year.
In terms of revenue, authID experienced substantial growth. For the three months ended September 30, 2024, revenues were approximately $249,000, a significant rise from $43,000 in the same period of 2023. For the nine months ended September 30, 2024, revenues totaled approximately $687,000, compared to $118,000 in the prior year. Despite this revenue growth, the company reported a net loss of approximately $3.4 million for the three months and $9.7 million for the nine months, although these losses were lower than the $3.7 million and $16.2 million reported for the same periods in 2023, respectively.
The loss from continuing operations for the three months ended September 30, 2024, was approximately $3.4 million, slightly improved from $3.7 million in the prior year. For the nine-month period, the loss from continuing operations was approximately $9.7 million, down from $16.4 million in 2023. The earnings per share for the three months improved to $(0.31) from $(0.47), and for the nine months, it improved to $(0.97) from $(3.05).
The company raised approximately $10.0 million in June 2024 through the sale of common stock, which contributed to a net cash flow from financing activities of $10.0 million for the nine months ended September 30, 2024, compared to $6.9 million in the same period of 2023. Cash used for operations during the nine months was approximately $8.5 million, an increase from $6.2 million in the previous year.
Strategically, authID has focused on enhancing its biometric identity verification and authentication platform, VerifiedTM, which aims to address growing concerns over identity theft and fraud. The company has also undergone management changes, with the resignation of Chairman Joe Trelin in February 2024 and the appointment of Kunal Mehta as a director in March 2024.
As of September 30, 2024, authID reported an accumulated deficit of approximately $169.2 million and expressed the need for additional funding to support ongoing operations and growth initiatives. The company remains cautious about its ability to continue as a going concern, given its reliance on financial support and the challenges in generating sustainable cash flows.
About authID Inc.
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