About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

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): August 14, 2025 (Commission File Number) Delaware 001-41252 81-3777260 (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: (404) 806-9 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 o 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: 001-41252 T Stamp Inc. (D/B/A Trust Stamp) (Exact name of registrant as specified in its charter) | ...

Trust Stamp announced that it filed its 2025 Q2 10-Q after the Nasdaq market closed on August 14th, 2025, together with announcing strong growth in customer enrollment and user completions on its SaaS Orchestration LayerAtlanta, GA, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI) announced that: It filed its Q2 10-Q report for the six months ended 30 June 2025 after the Nasdaq market closed on August 14th, 2025. Net recognised revenue for the three months ended 30 June 2025 was $0.81 million, ...

Core Insights - Trust Stamp has announced a partnership with Neural Payments to combat rising fraud in the peer-to-peer (P2P) payments sector [1][3] - The global P2P payment market is projected to grow from approximately $3.63 trillion in 2023 to about $16.21 trillion by 2034, with a compound annual growth rate of 18.1% from 2025 to 2034 [3] - Approximately 8% of banking customers have reported being victims of P2P scams in the last year, highlighting the urgent need for enhanced security measures [4] Company Overview - Trust Stamp operates a low-code orchestration platform that facilitates robust know-your-customer (KYC) processes for banks [8] - The partnership with Neural Payments aims to provide community banks with the tools necessary to offer secure P2P payment services [7][8] Industry Context - Community banks, which represent about 90% of all banks in the U.S. with nearly 4,500 institutions, are increasingly looking to offer P2P payment services to compete with larger financial institutions and fintech companies [6] - The Independent Community Bankers of America (ICBA) supports community banks through advocacy, education, and innovation, and both Trust Stamp and Neural Payments are graduates of the ICBA ThinkTECH accelerator [6][7] Technology and Security - The KYC process involves customers enrolling using their face and a government-issued photo ID, which is transformed into an irreversibly transformed identity token (IT2) for future comparisons [8] - Customers can approve payments by taking a selfie, which generates a new IT2 that is compared to the original, providing a more secure and user-friendly experience than traditional methods like one-time passcodes [9]

Core Insights - Trust Stamp has partnered with Neural Payments to enhance security in person-to-person (P2P) payments, addressing the rising concern of fraud in the banking sector [1][3] - The global P2P payment market is projected to grow from USD 3.63 trillion in 2025 to USD 16.21 trillion by 2034, with a compound annual growth rate (CAGR) of 18.10% [2] Company Overview - Trust Stamp is a global provider of AI-powered identity services, focusing on reducing fraud and enhancing data privacy across various sectors, including banking and finance [5][6] - Neural Payments offers real-time P2P payment solutions and advanced fraud prevention, serving nearly 80 financial institutions [3] Partnership Details - The integration of Trust Stamp's low-code Orchestration Platform with Neural Payments aims to streamline identity verification processes, utilizing selfie-based reauthentication for payments [1][3] - The partnership is designed to provide financial institutions with tools to mitigate fraud and improve customer experience, aligning with community bank priorities [4] Industry Context - The rise of popular P2P apps has led to increased fraud attempts, with 8% of banking customers reporting being victims of P2P scams in the past year [1][2] - The collaboration between Trust Stamp and Neural Payments is seen as a proactive approach to address the pressing challenges of fraud in the financial sector [4]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced news journalists who produce independent content across various financial markets [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content includes insights across sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

[Form 8-K Current Report](index=1&type=section&id=Form%208-K%20Current%20Report) [Item 2.02. Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition.) T Stamp, Inc. announced its Q1 2025 financial results via a press release furnished as Exhibit 99.1, not filed with the SEC - The company issued a press release on **May 15, 2025**, announcing Q1 2025 results[5](index=5&type=chunk) - Exhibit 99.1, containing the financial information, is furnished to, not filed with, the SEC[6](index=6&type=chunk) [Item 9.01. Financial Statements and Exhibits](index=2&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits) This section details the exhibits accompanying the Form 8-K, including the financial results press release and interactive data file Exhibits List | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release of the registrant issued May 15, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signature](index=3&type=section&id=SIGNATURE) The report is formally signed by T Stamp Inc.'s Chief Executive Officer, Gareth Genner - The report was signed by **Gareth Genner**, Chief Executive Officer, on **May 15, 2025**[10](index=10&type=chunk)

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents T Stamp Inc.'s unaudited condensed consolidated financial statements for Q1 2025, detailing financial position, performance, and cash flows, with a net loss of **$2.16 million** and significant going concern doubt Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$6,626,032** | **$8,599,824** | | Total Current Assets | $2,540,170 | $4,667,300 | | **Total Liabilities** | **$2,381,414** | **$5,410,980** | | Total Current Liabilities | $1,096,823 | $4,165,845 | | **Total Stockholders' Equity** | **$4,244,618** | **$3,188,844** | Condensed Consolidated Statements of Operations Highlights (Unaudited) | Metric | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Net Revenue | $545,471 | $573,676 | | Total Operating Expenses | $2,708,457 | $3,422,934 | | Operating Loss | $(2,162,986) | $(2,849,258) | | **Net Loss** | **$(2,157,387)** | **$(2,678,569)** | | Basic and Diluted Net Loss Per Share | $(0.89) | $(3.97) | Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Net cash flows used in operating activities | $(1,540,477) | $(2,157,635) | | Net cash flows used in investing activities | $(230,298) | $(155,962) | | Net cash flows from financing activities | $125,833 | $(22,498) | | **Net change in cash and cash equivalents** | **$(1,645,669)** | **$(2,324,055)** | | Cash and cash equivalents, end of period | $1,137,652 | $816,692 | - The company's financial statements have been prepared on a going concern basis, but its history of net losses (**$2.16 million** for Q1 2025), net operating cash outflows (**$1.54 million** for Q1 2025), and a significant accumulated deficit (**$63.62 million**) raise substantial doubt about its ability to continue as a going concern for the next twelve months[30](index=30&type=chunk)[31](index=31&type=chunk) - Customer concentration risk is high, with two customers accounting for **79.69%** of total net revenue for the three months ended March 31, 2025[41](index=41&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strategic shifts, including a new equity distribution agreement and a **$3.5 million** capital raise, alongside a **4.9%** revenue decrease and a **28.3%** SG&A reduction, while highlighting critical liquidity and going concern risks - The company has undertaken a strategic shift to reduce overhead, refocus go-to-market strategies on joint ventures, and expand its IP portfolio, including technologies for cryptographic asset verification and deepfake countermeasures[137](index=137&type=chunk) - In January 2025, the company raised gross proceeds of approximately **$3.5 million** through a securities purchase agreement involving shares and warrants[138](index=138&type=chunk)[152](index=152&type=chunk)[157](index=157&type=chunk) - In February 2025, it entered an Equity Distribution Agreement with Maxim Group LLC to potentially sell up to **$6.2 million** of its common stock[157](index=157&type=chunk) Results of Operations Comparison (Q1 2025 vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net Revenue | $545,471 | $573,676 | $(28,205) | (4.92)% | | SG&A Expense | $1,787,590 | $2,491,693 | $(704,103) | (28.26)% | | Operating Loss | $(2,162,986) | $(2,849,258) | $686,272 | (24.09)% | - The decrease in SG&A was primarily driven by a **$664 thousand** reduction in salaries, stock-based compensation, and payroll costs, resulting from reductions in the sales team and executive departures[193](index=193&type=chunk) - The company's liquidity is critical, with **$1.14 million** in cash as of March 31, 2025[203](index=203&type=chunk)[205](index=205&type=chunk) - Management anticipates needing to raise additional capital within the next six months to fund operations, highlighting a significant going concern risk[206](index=206&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (Non-GAAP) | | For the three months ended March 31, | | :--- | :--- | :--- | | | 2025 | 2024 | | Net loss | $(2,157,387) | $(2,678,569) | | Add: Other expense | 1,726 | 6,336 | | Less: Other income | (26,361) | (193,114) | | Add: Interest expense, net | 23,595 | 18,549 | | Add: Stock-based compensation | 60,556 | 297,886 | | Add: Change in fair value of warrant liability | (4,559) | (2,460) | | Add: Depreciation and amortization | 182,922 | 184,801 | | **Adjusted EBITDA loss (non-GAAP)** | **$(1,919,508)** | **$(2,366,571)** | [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Price) As a smaller reporting company, T Stamp Inc. is exempt from providing quantitative and qualitative disclosures about market risk - T Stamp Inc. is a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and is therefore not required to provide quantitative and qualitative disclosures about market risk[216](index=216&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls were ineffective as of March 31, 2025, due to a material weakness in accounting for complex equity transactions, despite ongoing remediation efforts - The CEO and CFO concluded that the company's disclosure controls and procedures were not effective as of March 31, 2025[218](index=218&type=chunk) - The ineffectiveness is due to a previously identified material weakness in internal controls over the accounting and recording of complex equity transactions[220](index=220&type=chunk) - Management has implemented changes to remediate the material weakness, but these controls have not operated for a sufficient period to conclude that the weakness has been fully remediated[221](index=221&type=chunk)[224](index=224&type=chunk) - Despite the material weakness, management has concluded that the unaudited condensed consolidated financial statements are fairly presented in all material respects[219](index=219&type=chunk) [PART II OTHER INFORMATION](index=44&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any litigation and is unaware of any pending or threatened legal actions - The Company is not currently involved in any litigation and is not aware of any pending or threatened legal actions[226](index=226&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) This item is not applicable for the current quarterly report - Not applicable[227](index=227&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sale%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section discloses the unregistered sale of equity securities, detailing a January 6, 2025 securities purchase agreement and private placement of warrants, exempt from registration - On January 6, 2025, the company entered into a securities purchase agreement that included a private placement of common stock purchase warrants (Series A and Series B) to an institutional investor[228](index=228&type=chunk) - These warrants were offered pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D, raising gross proceeds of approximately **$3.50 million**[228](index=228&type=chunk) [Defaults Upon Senior Securities](index=44&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon its senior securities during the reporting period - None[229](index=229&type=chunk) [Mine Safety Disclosures](index=44&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[230](index=230&type=chunk) [Other Information](index=44&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025 - No directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended March 31, 2025[231](index=231&type=chunk) [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, financing agreements, and Sarbanes-Oxley Act certifications - The filing includes certifications from the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[238](index=238&type=chunk) - Numerous agreements related to recent financing activities are included as exhibits, such as the January 2025 Securities Purchase Agreement and related warrant forms[233](index=233&type=chunk)[238](index=238&type=chunk)

Company Overview - Trust Stamp is a global provider of AI-powered services across various sectors including banking, finance, regulatory compliance, government, healthcare, real estate, communications, and humanitarian services [2] - The company operates with a diverse team comprising members from twenty-two nationalities across eight countries [3] Financial Performance - Trust Stamp filed its Q1 10-Q report for the three months ended March 31, 2025, after the Nasdaq market closed on May 15, 2025 [5] - Recognized revenue for Q1 2025 was $545 thousand, a decrease from $574 thousand in Q1 2024, with an additional $197 thousand of revenue fully earned but subject to deferred recognition under ASC 606 [5] - Anticipated revenue from existing contracted customers for FY 2025 is expected to exceed $5.0 million, excluding projected revenue from contracted customers that are not yet revenue-generating [5] Operational Developments - The number of institutional customers registered on the Orchestration Layer platform increased to ninety-four from eighty at the end of Q4 2024, including twelve community banks and two credit unions [1] - Continuing expense reductions for the remainder of 2025 are estimated to yield new savings of $0.18 million per month compared to expenses in 2024 [5] - Estimated cash burn for the remaining nine months of 2025 is projected at an average of $0.24 million per month, which the company believes is covered by cash on hand and an unused $6.1 million "At The Market" equity distribution agreement [5]