T Stamp Inc., a Delaware-based company specializing in identity authentication software, reported a net loss of $12.54 million for the fiscal year ending December 31, 2024, compared to a net loss of $7.64 million in the previous year. The company's revenue decreased by 32.4% to $3.08 million from $4.56 million in 2023. This decline was primarily attributed to the termination of a significant Master Services Agreement with Interactive Global Solutions, which had previously contributed $2.51 million in non-refundable license revenue in 2023. The company did, however, recognize $1 million in revenue from a new licensing agreement with QID Technologies, which partially offset the overall revenue decline.
In terms of operational changes, T Stamp has undertaken several strategic initiatives over the past year. The company reduced its non-production-focused executive and consulting teams to lower overhead costs and released underperforming sales staff. Additionally, T Stamp has focused on joint ventures with established industry partners to enhance its market reach. The company also expanded its intellectual property portfolio, adding new technologies aimed at improving biometric verification and combating fraud. Notably, T Stamp opened a new office in Tokyo to pursue opportunities in the Asia-Pacific region, supported by funding from local government entities.
As of December 31, 2024, T Stamp reported onboarding a total of 79 enterprise customers, including 66 financial institutions, onto its Orchestration Layer platform, which facilitates low-code implementations of its identity authentication services. The company has seen a significant increase in revenue from this platform, generating $1.25 million in total revenue from customers using it, compared to $310,000 in the previous year. The flagship enterprise customer on this platform has transitioned to full production, contributing to a gross margin exceeding 80%.
Looking ahead, T Stamp's management has expressed a cautious outlook, anticipating continued operating losses as the company invests in research and development to enhance its technology offerings. The company is also exploring additional capital-raising opportunities to support its growth initiatives. T Stamp's financial statements indicate an accumulated deficit of $61.46 million as of December 31, 2024, raising concerns about its ability to sustain operations without additional funding. The company is actively seeking strategic partnerships and mergers to bolster its market position and financial stability.
About T Stamp Inc
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