Financial Data and Key Metrics Changes - Total revenue for Q2 2024 was $0.28 million, a 75% increase from $0.16 million in Q1 2024 and compared to $0.04 million a year ago [23][20] - For the six months ended June 30, 2024, total revenue was $0.44 million, up from $0.07 million in the same period last year [23] - Net loss for Q2 2024 was $3.3 million, significantly improved from a net loss of $10.9 million a year ago [24] - Adjusted EBITDA loss was $2.5 million for Q2 2024, compared to a loss of $1.7 million for the same period last year [28] Business Line Data and Key Metrics Changes - The company signed six new committed partners in Q2 2024, expanding its sales reach significantly [8] - The sales pipeline grew to over $25 million, a 20% increase from $21 million in Q1 2024 [20][21] - Booked Annual Recurring Revenue (BARR) in Q2 was over $630,000, approximately triple the amount from Q2 2023 [21] Market Data and Key Metrics Changes - The Remaining Performance Obligation (RPO) as of June 30, 2024, was $4.24 million, an increase from approximately $0.4 million a year ago [25][26] - The current pipeline includes 71 opportunities valued at over $100,000 and 12 deals valued at over $500,000 [21] Company Strategy and Development Direction - The company focuses on enhancing its biometric authentication technology, emphasizing speed, accuracy, and privacy [10][13] - A new biometric privacy option was introduced, allowing facial images to be converted into a public-private key pair, eliminating the need to store biometric data [15][16] - The company aims to achieve $9 million in BARR for 2024, representing a 3x year-over-year growth [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on its mission to eliminate authentication fraud and achieve growth targets [22][34] - The urgency for biometric solutions is driven by the increasing threat of AI-generated attacks, which is a key focus for the company [19] Other Important Information - The company raised approximately $10 million in a fund raise in June 2024, which will be used to expand sales and partnerships [27] - The company has improved its balance sheet and continues to post strong metrics reflecting growth [34] Q&A Session Summary Question: How does the company plan to convert the $25 million pipeline into $9 million in bookings? - The company categorizes deals into three buckets: Fast 100, strategic large enterprise accounts (FAT 100), and channel partner deals, with expectations for bookings to materialize in the second half of the year [36][39] Question: What is the activity level for existing customers? - Existing customers are ramping up significantly, with new onboardings converting into monthly active users [44] Question: What are the biggest challenges currently faced by the company? - The challenge lies in balancing the development of additional capabilities requested by FAT 100 accounts while ensuring customer retention [48] Question: Will the recent accuracy improvements lead to increased activity? - The company has received interest from key customers regarding the new accuracy capabilities, and plans to market these advancements soon [50] Question: What is the strategy for channel partners moving forward? - The company emphasizes a mutual business plan with channel partners to ensure profitability and commitment, differentiating its approach from past experiences [56]

Financial Performance - Total revenue for Q2 2024 increased to $0.28 million, up from $0.04 million in Q2 2023, representing a 600% year-over-year growth[1] - Net loss from continuing operations improved to $3.3 million, or $0.34 per share, compared to a net loss of $10.9 million, or $2.16 per share in Q2 2023[1] - Revenues for June 2024 reached $280,438, compared to $37,142 in June 2023, representing a significant increase[24] - Loss from continuing operations for June 2024 was $(3,261,241), compared to $(10,900,320) in June 2023, showing an improvement of about 70%[24] - The company reported a net loss per share from continuing operations of $(0.34) for June 2024, compared to $(2.16) for June 2023[24] Operating Expenses - Operating expenses for Q2 2024 were $3.6 million, compared to $2.8 million in Q2 2023, reflecting an increase of approximately 29%[1] - Total operating expenses for June 2024 were $3,605,267, up from $2,796,517 in June 2023, indicating a rise of approximately 29%[24] - Research and development expenses increased to $1,392,103 in June 2024, up from $703,590 in June 2023, reflecting a growth of approximately 98%[24] Revenue Guidance and Projections - The company confirmed its revenue guidance for the full fiscal year 2024 in the range of $1.4 million to $1.6 million[11] - Remaining Performance Obligation (RPO) as of June 30, 2024, was $4.24 million, significantly up from $0.40 million a year ago[1] - The company expects to recognize approximately one-third of the RPO as revenue over the next twelve months ending June 30, 2025[8] Customer Acquisition and Market Expansion - The company signed new enterprise customers across various sectors, including gaming, cannabis, and financial compliance[5] - Booked Annual Recurring Revenue (bARR) for Q2 2024 increased to $0.6 million, with a net amount of $0.4 million, compared to $0.2 million in Q2 2023[10] - Annual Recurring Revenue (ARR) as of June 30, 2024, rose to $1.12 million, compared to $0.14 million as of June 30, 2023[20] Financial Position - Current assets as of June 30, 2024, totaled $15,730,160, an increase from $10,901,680 as of December 31, 2023[25] - Total assets increased to $20,168,563 as of June 30, 2024, compared to $15,411,913 at the end of 2023[26] - Total liabilities decreased to $1,846,078 as of June 30, 2024, from $2,214,167 at the end of 2023[27] - Stockholders' equity rose to $18,322,485 as of June 30, 2024, compared to $13,197,746 at the end of 2023[28] Capital Raising - The company completed an $11 million registered direct offering, with net proceeds of approximately $10 million after expenses[4]

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-40747 authID Inc. (Exact name of registrant as specified in its charter) Delaware orother | --- | |-----------------------| | | | | | 46-2069547 | | ...

authID to stop malicious, generative AI-driven cyberattacks and deepfakes for Kaiasoft.com SaaS clients across America and Europe DENVER, July 31, 2024 (GLOBE NEWSWIRE) -- authID.ai (NASDAQ:AUID), a leading provider of innovative biometric identity verification and authentication solutions, and Kaiasoft.com, a best-in-class provider of scalable and reliable SaaS applications, today announced they have signed a reseller agreement to expand the availability of authID's biometric capabilities to Kaiasoft.com c ...

Partnership sets new standards in compliance and security, while delivering the fastest, most seamless, and accurate user identity experience available  DENVER, July 18, 2024 (GLOBE NEWSWIRE) --  authID Inc. [Nasdaq: AUID], a leading provider of innovative biometric identity verification and authentication solutions, and FinClusive Capital, Inc. (FinClusive), a global provider of comprehensive financial crimes compliance (FCC) and digital identity tools, today announced a new partnership. Under this agreeme ...

DENVER, June 27, 2024 (GLOBE NEWSWIRE) --  authID Inc. (NASDAQ: AUID) (“authID” or the “Company”), a leading provider of innovative biometric identity verification and authentication solutions, today announced it has closed its previously announced registered direct offering (the “Registered Direct Offering”) with investors to sell 1,464,965 shares of its common stock (the “Shares”). The purchase price for one Share was $7.50 (however, the purchase price for one share if the investor was a director of the C ...

DENVER, June 27, 2024 (GLOBE NEWSWIRE) --  authID Inc. (NASDAQ:AUID) ("authID" or the "Company"), a leading provider of innovative biometric identity verification and authentication solutions, today announced it has closed its previously announced registered direct offering (the "Registered Direct Offering") with investors to sell 1,464,965 shares of its common stock (the "Shares"). The purchase price for one Share was $7.50 (however, the purchase price for one share if the investor was a director of the Co ...

DENVER, June 26, 2024 (GLOBE NEWSWIRE) --  authID.ai (NASDAQ:AUID), a leading provider of innovative biometric identity verification and authentication solutions, today reported that its Annual Meeting of Shareholders was duly held via webcast today, June 26, 2024 at 10:00 am Eastern Time. At the meeting, all the directors nominated were duly re-elected, and all resolutions proposed were duly adopted. Following the adjournment of the meeting, CEO Rhon Daguro provided shareholders with an update on the Compa ...

DENVER, June 26, 2024 (GLOBE NEWSWIRE) --  authID.ai [Nasdaq: AUID], a leading provider of innovative biometric identity verification and authentication solutions, today reported that its Annual Meeting of Shareholders was duly held via webcast today, June 26, 2024 at 10:00 am Eastern Time. At the meeting, all the directors nominated were duly re-elected, and all resolutions proposed were duly adopted. Following the adjournment of the meeting, CEO Rhon Daguro provided shareholders with an update on the Comp ...

DENVER, June 25, 2024 (GLOBE NEWSWIRE) -- authID Inc. (NASDAQ:AUID) ("authID" or the "Company"), a leading provider of innovative biometric identity verification and authentication solutions, today announced it has entered into a definitive agreement with investors to sell 1,464,965 shares of its common stock (the "Shares"), pursuant to a registered direct offering (the "Registered Direct Offering"). The purchase price for one Share will be $7.50 (however, if the Purchaser is a director of the Company, the ...