Trust Stamp Reports 2022 Financial Results and Provides Business Update

Revenue increased 46.4% to $5.38 million for the year ended December 31, 2022, as the Company implemented a SaaS delivery model for its AI-powered technology

ATLANTA, March 30, 2023 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company^TM providing AI-powered trust and identity services used globally across multiple sectors, announced financial results and provided a business update for the full year ended December 31, 2022.

Trust Stamp CEO Gareth N. Genner comments: “2022 was a transformative year for Trust Stamp, as we transitioned to our new Orchestration Layer to deliver Software-as-a-Service (SaaS) products built on our innovative IP portfolio through no-code/ low-code implementations. The Orchestration Layer is a one-stop solution for Trust Stamp services, provides for easy integration with our technology, and is typically billed on a per-use or per-user basis. This implementation accelerates Trust Stamp’s evolution from a custom solutions provider to a modular and highly scalable SaaS model. Since the platform’s launch in February 2022, 29 users have contracted to implement Trust Stamp services through the Orchestration Layer, including 25 new financial institutions with over $50 billion in assets that have enrolled through Fidelity Information Services’ (FIS) Global KYC program.

“The easy-to-integrate delivery model offered by the Orchestration Layer enables customers to progress through the customer lifecycle at a much more rapid pace, from introduction to demonstration and, finally, integration of the platform via API. This can be accomplished in a matter of weeks versus many months for fully customized solutions, which often require several development cycles and additional resources from both Trust Stamp and the customer to integrate the final product with the client’s systems.

“During 2023, we intend to add to our commercial team, increase our direct-sales focus on the Orchestration Layer, and expand the market sectors that we offer it to. We expect this platform approach to speed up the traditionally lengthy customer acquisition and implementation cycle and accelerate customer adoption in the marketplace.

“Our recognized revenue increased 46.4% to $5.4 million for the year ended December 31, 2022, which included contract wins from existing and new customers, including revenue from our ICE contract, which terminated in August 2022. It is important to note that our recognized revenue excluded the $1.5 million that we received from our partner in the criminal justice sector, which will be periodically recognized over our long-term go-to-market alliance.