Trust Stamp Provides a Business Report and Financial Results for the Three Months Ended March 31, 2024

ATLANTA, May 14, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company providing AI-powered trust and identity services used globally across multiple sectors, announced financial results and provided a business update for the three months ended March 31, 2024.

Trust Stamp Chief Executive Officer, Gareth N. Genner, commented: “I am pleased to report our progress for the three months ended March 31, 2024.

“The relationship with our long-term customers remains very strong and we anticipate continued long-term growth in the revenue derived from those relationships.

“In respect of new customers, a significant number of additional financial institutions integrated with our Orchestration Layer both via our channel partnership and directly, bringing the total number of integrated institutions as of the date of this press release to 51 financial institutions representing a fivefold increase in our financial institution customer base since the start of 2023. We had reported nominal revenue from those new customers in 2023 as the financial institutions integrate and eventually roll-out with their end-users, and we currently anticipate recurring revenue from new integrations starting in Q3 2024. We believe that the lengthy lead period from first engagement to significant revenue for integrating financial institutions will be rewarded by the consistency and longevity of the resulting revenue streams.

“Our 2023 focus on US-based banks via our channel partnership with FIS has now been augmented by our participation in the acclaimed ThinkTech program operated by The Independent Community Bankers of America. This engagement has resulted in tailoring some of our product offerings for the community banking sector, including the launch of a new wire/transfer authentication product which is expected to go live in Q3 of 2024 with new bank customers already identified for the initial pilot.

“The market for age estimation products is growing exponentially, fuelled by national and state legislation in the United States and overseas. For many potential customers, this is a new and time-sensitive requirement, and there is often no legacy vendor to be displaced. As a result of research and development that started in 2023 and extended into 2024, we have recently launched our AI-powered age-estimation product and have contracted for our first engagement. We believe that this sector will be an important complement to our mainstream identity products.