Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was approximately $0.2 million, compared to $0.07 million a year ago, while total revenue for the full year was $0.89 million, up from $0.19 million in 2023 [40] - Operating expenses for Q4 were $4.9 million, compared to $3.3 million last year, and for the full year, operating expenses were $15.6 million, up from $10.9 million in 2023 [41] - Net loss from continuing operations for Q4 was $4.6 million, compared to a net loss of $3.2 million a year ago, while the full year net loss was $14.3 million, an improvement from $19.6 million in the previous year [42][43] - Remaining performance obligation (RPO) increased to $14.26 million, up from approximately $4 million a year ago [44] Business Line Data and Key Metrics Changes - Booked annual recurring revenue (BAR) for Q4 was $7.13 million, up from $1.67 million a year ago, and for the full year, gross BAR was $9.01 million, compared to $2.94 million in 2023 [48][49] - The company achieved a 3x growth in booked ARR, reaching $9 million for 2024 [14] Market Data and Key Metrics Changes - The company is positioned to close multiple Fortune 500 and multinational customers in 2025, with an open pipeline of over 3x the $18 million in bookings targeted [16] - The largest deal in the company's history was closed in Q4, a $10 million contract over three years with a next-generation AI partner in India [17] Company Strategy and Development Direction - The company aims to achieve a five-year T2D3 growth target, aiming for $100 million in ARR by tripling growth in the first two years and doubling in the subsequent years [13] - The strategy includes focusing on three core account categories: fast high-growth companies, large enterprise companies, and channel partners [11] - The company is actively working on partnerships to enhance its market reach, including a partnership with Zendesk to integrate its services into their customer support software [19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by advances in artificial intelligence, particularly in identity verification, and emphasized the importance of biometric solutions in combating sophisticated fraud attacks [24] - The management expressed confidence in closing large enterprise deals, citing improvements in speed, accuracy, and compliance as key factors for adoption [78][81] Other Important Information - The company introduced Privacy Key, a technology that allows biometric authentication without storing any biometric data, addressing compliance concerns [28] - The company is a member of the Accountable Digital Identity Association (ADIA), which aims to advance the adoption of reusable digital identities [19] Q&A Session Summary Question: What are customers looking for in sales conversations? - Customers prioritize speed, accuracy, and compliance when evaluating biometric solutions, with authID Inc. meeting these criteria effectively [57][65] Question: How do customers view the integration of Privacy Key and ADIA? - Customers see potential in using ADIA standards for trust between different financial institutions, enhancing identity verification processes [66][70] Question: What gives confidence in closing large enterprise deals? - The company has addressed key blockers such as speed, accuracy, and compliance, and is in late stages of sales cycles with major enterprises [78][82] Question: What is the typical contract length and signing process for large enterprises? - Contracts typically last two to three years, with a signing process that can take six to nine months due to the need for multiple approvals [85][92] Question: What progress is being made with channel partners? - The company is actively engaging with OEM partners and resellers, which is expected to lead to larger deals [98][103]