authID Inc. Reports Increased Revenue Amid Financial Challenges

Ipsidy Inc. ( (AUID) ) has released its Q3 earnings. Here is a breakdown of the information Ipsidy Inc. presented to its investors.

authID Inc., formerly known as Ipsidy Inc., is a Delaware-based company that provides biometric identity verification and authentication solutions aimed at preventing cybercriminal activities and ensuring secure transactions. The company’s latest earnings report highlights a challenging financial period, with revenues for the nine months ended September 30, 2024, reaching $686,736, up from $118,387 in the previous year, yet still facing a net loss of $9.7 million, primarily due to increased research and development expenses and administrative costs. authID’s balance sheet shows total assets amounting to $17.5 million, with cash reserves of $11.7 million, reflecting a recent capital raise of approximately $10 million through a registered direct offering. Looking ahead, authID plans to continue its growth strategy by expanding its customer base and developing innovative solutions, while also tackling financial challenges to achieve sustainable operations.