authID is reporting positive trends in its latest quarterly report. The company had already disclosed a 300 percent increase in sales, quarter-over-quarter. It is now reporting operating expenses of $3.8 million, a considerable drop from operating expenses of $5.7 million in 2022. And its net result has improved from a loss of $6.2 million a year ago, to a loss of $3.7 million in the latest quarter.
Commenting on the results, CEO Rhon Daguro emphasized the progress that has resulted from the corporate overhaul that installed him at the helm earlier this year.
“Since our May leadership refresh, we have strengthened our financial foundation, applied proven sales discipline to our engagements, validated strong market demand and fit for our biometric identity products, and delivered significant customer wins for both workforce and consumer use-cases, across financial services, healthcare, and the digital economy,” he said.
authID reported significant business achievements during quarter, notably signing new customer contracts with an aggregate value of $1 million in Booked Annual Recurring Revenue (bARR). This figure represents a fourfold increase over the company’s highest previously reported gross bARR in a single quarter.
These new contracts span various industries, including a multinational money remittance and lending services company, a digital bank, and a healthcare services provider, all utilizing authID’s biometric platform for robust identity verification processes.
Additionally, authID strengthened its executive team with key appointments: Ed Sellitto as CFO, bringing extensive experience in financial operations and revenue optimization for high-growth B2B and SaaS organizations; and three Vice Presidents of Sales—Greg Manship, Dale Daguro, and Jeff Scheidel—who possess a deep understanding of the identity market and proven success in building high-performing sales teams.
Complementing these strategic moves, authID reaffirmed its commitment to security by renewing its ISO 27001:2013 Certification, ensuring that its biometric authentication platform adheres to strict information security management standards.
November 9, 2023 – by the FindBiometrics Editorial Team