authID (AUID) - 2024 Q2 - Quarterly Results

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]