authID (US:AUID) Newsfilterยท2024-03-20 20:00Core Insights - authID Inc. reported a significant increase in signed contract Booked Annual Recurring Revenue (bARR) value, reaching $4 million, which represents a 4,800% increase compared to 2022 [1][5] - The company has accelerated its original bARR target of $3 million for June 2024 by six months, now aiming for a target of $9 million for 2024, indicating strong market demand for its biometric solutions [1][4] Financial Performance - Total revenue for the year ended December 31, 2023, was $0.2 million, down from $0.5 million in 2022, primarily due to the discontinuation of a legacy authentication product [5] - Operating expenses decreased by 52% to $10.9 million in 2023 from $22.8 million in 2022, reflecting cost-saving measures [5] - Loss from continuing operations improved to $19.6 million in 2023 from $23.7 million in 2022, with net loss per share improving to $3.19 from $7.72 [5][19] - Cash and cash equivalents as of December 31, 2023, were $10.2 million [5] Operational Highlights - The company has strengthened its sales pipeline and added new talent in identity domain sales and engineering, positioning itself for growth in biometric identity verification [3][7] - authID's multi-layered authentication platform is designed to combat increasing threats from phishing schemes and fraud attacks, showcasing its competitive edge in deepfake detection and biometric authentication [4][7] Future Outlook - The company anticipates continued market momentum and aims to grow its sales pipeline significantly, with a target of $9 million in bARR for 2024 [4][5] - Management expressed confidence in delivering product innovation that addresses evolving fraud trends, reinforcing its leadership in the biometric identity verification market [4][7]