authID saw a 300 percent increase in quarter-over-quarter sales, the company has announced. The biometric identity technology specialist says it had over $1 million in “Booked Annual Recurring Revenue” (a non-GAAP measure), offering an upbeat preview of its broader results for the third quarter, which will be filed in due course.
The company’s BARR, which came in at $1,018,000 and netted $997,416 after attrition, represents a considerable leap over the $40,000 in BARR from Q3 of 2022. authID says it’s four times higher than the highest quarterly gross BARR that the company has ever booked.
In addition to signing several renewals, which aren’t counted toward BARR, authID established contracts with new clients including a “major money services company” that opted to use its biometric technology for identity verification, a digital bank using its tech for onboarding, and a healthcare services provider that will use the technology for patient identification.
“With these customer wins, we continue to see strong market demand and fit for our biometric identity verification and authentication services,” said CEO Rhon Daguro. “The authID team is committed to building upon this success by delivering fast, accurate, and seamless identity experiences that connect verified individuals with their sensitive resources, while eliminating fraud for the enterprise.”
The momentum offers a positive indicator of Daguro’s leadership after he joined the company in the wake of a corporate overhaul that began in March of this year. Thanks to a financing agreement with major shareholder Stephen J. Garchik, several members of authID’s board were replaced, and previous CEO Tom Thimot agreed to step down in April. Since taking the helm, Daguro has brought in multiple new executives to help steer the company through a new phase of growth, including his former Socure colleagues Ed Sellitto and Dale Daguro.
Further signals concerning authID’s progress may be discernible in its full Q3 report, when it becomes available. In the second quarter of this year, the company had reported a dip in year-over-year sales, with revenues down from about $70k in Q2 of 2022 to roughly $40k in Q2 of 2023. But that result came alongside a huge drop in operating expenses, from $6 million to $2.8 million over the same period; as well as a much improved Adjusted EBITDA, which climbed from a loss of $3 million in Q2 of 2022 to a loss of $1.7 million in Q2 of 2023.
October 4, 2023 – by Alex Perala