authID Achieves 12x Year Over Year Growth 2x Faster Than Planned

Secures ~$3 Million in Sales Bookings, Strengthens Financial Position, and Expands Innovation

DENVER, Jan. 17, 2024 (GLOBE NEWSWIRE) --  authID [Nasdaq: AUID], a leading provider of innovative biometric identity verification and authentication solutions, today announced the Company experienced record year over year growth in sales of 1,200% for its biometric identity authentication platform.

The company also bolstered its financial position by completing financing rounds in May and November 2023, securing a combined $17.6 million in gross proceeds and a debt-to-equity conversion of almost $9 million. These measures, combined with cost-cutting efforts and a July reverse stock-split, helped authID regain compliance with Nasdaq listing rules and provided the capital needed to secure critical identity-domain experts and deliver on product innovation.

Record sales momentum followed the mid-year appointment of Rhon Daguro as CEO, the reconstitution of its Corporate Board of Directors, and the August appointment of Ed Sellitto as CFO. Together they transformed the company into a high-performance technology and sales organization that solves for major identity authentication challenges.

Daguro and his newly appointed sales leaders quickly built a robust sales pipeline for both short-term and long-term expansion and realized successive quarter-over-quarter sales growth, achieving their 12-month sales goal originally targeted for June 2024 in just six months.  The Company secured sales of $0.2 million, $1.0 million and $1.7 million in gross Booked Annual Recurring Revenue (bARR as defined below) in the second, third, and fourth quarters of 2023, respectively. The cumulative value of approximately $3 million in sales represents more than 12 times the highest total gross bARR that authID had previously reported for an annual period.

“This level of sales growth in such a short period attests to the market’s concerns around the security and authentication breaches attributed to compromised passwords and devices that dominated 2023 headlines, and which are predicted to continue in 2024. In an all-digital world centered around identity, generative AI is expected to increase the effectiveness and frequency of fraud attacks while lowering the bar for launching those attacks,” said authID CEO Rhon Daguro. “authID is dedicated to ensuring enterprises ‘Know Who Is Behind the Device’ to prevent cybercriminals from performing account takeovers and seizing assets, while delivering the fastest and easiest user experience.”