For the 2021 fiscal year, net sales came in at $3.7 million, a 38.9 percent increase compared to 2020. And in the fourth quarter alone, Trust Stamp saw net sales of $2.1 million, reflecting a 69.7 percent year-over-year increase.
The sales increases helped to improve Trust Stamp’s bottom line, with the company’s net loss shrinking by 15.22 percent from 2020 to 2021.
The positive trends emerged even as Trust Stamp was seeing additional costs related to its growth. Its staff roster, for example, grew from 57 to 94 team members as the company opened a new Rwanda-based R&D lab and built out its Europe-focused team at Trust Stamp Malta Limited, its largest R&D center.
While these various hiring efforts resulted in a $1.9 million year-over-year increase in the company’s Selling, General, and Administrative expenses, the cost increases were outpaced by growth in net sales.
Commenting on the company’s financial performance and its strong momentum in the fourth quarter, CEO Gareth Genner assigned much of the credit to the company’s investments in itself and its own technological capabilities.
“Our ongoing investment into building out our internal capabilities and developing our innovative IP portfolio to address evolving needs for privacy, security, and accessibility in digital operations resulted in key strategic achievements in 2021, including entry into the GovTech space with a contract from the United States federal government, growth in our client and prospect base, and expanded commercial relationships with both new and flagship customers,” he said.
Looking ahead, Genner asserted that Trust Stamp’s “go-to-market traction, successful financing activities, and investment in intellectual property and scalable infrastructure position us to drive consistent growth and meaningful value for shareholders throughout 2022 and beyond.”
On that note, the company is predicting “significant year-on-year revenue growth for the first two quarters of 2022,” thanks in large part to a commercial pipeline that comprised “55 potential revenue contracts and projects” as of the end of 2021.
The update arrives after Trust Stamp’s appointment of Josh Allen as CEO of both its Malta and Rwanda subsidiaries in February.
April 13, 2022 – by Alex Perala