authID (NASDAQ:AUID) Announces Earnings Results

authID (NASDAQ:AUID) released its earnings results on Thursday. The company reported ($0.28) earnings per share for the quarter, FiscalAI reports. The business had revenue of $0.48 million for the quarter. authID had a negative net margin of 653.77% and a negative return on equity of 187.96%.

Here are the key takeaways from authID’s conference call:

• authID said Q1 revenue rose 62% year over year to about $480,000, driven by adoption from existing enterprise customers and new deployments.
• The company launched what it called the industry’s first quantum-resistant biometric authentication platform, which it believes could differentiate its offering and open up larger enterprise opportunities, including with a major bank.
• authID is actively engaged with more than 12 prospective customers across banking, retail, fintech, healthcare and other sectors, with management saying nearly half of top pipeline accounts came through channel partners.
• Management secured $4.2 million in bridge financing in early Q2 and is exploring broader strategic options, saying the funding extends runway while late-stage enterprise deals are pursued.
• The company reduced its annualized operating cost base by about $3.5 million and ended Q1 with roughly $1.2 million in cash; adjusted EBITDA loss improved to $3.4 million from $3.9 million a year ago.

authID Stock Performance

Shares of AUID opened at $1.31 on Friday. The company has a market capitalization of $21.13 million, a PE ratio of -0.94 and a beta of 1.57. The company’s 50 day moving average price is $1.29 and its 200 day moving average price is $1.45. authID has a 52 week low of $0.84 and a 52 week high of $6.14.

Insiders Place Their Bets

In related news, Director Stephen Jeffrey Garchik purchased 120,482 shares of the company’s stock in a transaction dated Wednesday, April 29th. The shares were acquired at an average cost of $1.25 per share, with a total value of $150,602.50. Following the completion of the purchase, the director owned 291,316 shares of the company’s stock, valued at $364,145. The trade was a 70.53% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ken Jisser acquired 30,120 shares of authID stock in a transaction that occurred on Wednesday, April 29th. The shares were purchased at an average cost of $1.25 per share, with a total value of $37,650.00. Following the transaction, the director owned 122,245 shares of the company’s stock, valued at approximately $152,806.25. The trade was a 32.69% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On authID

Hedge funds and other institutional investors have recently made changes to their positions in the company. Comerica Bank grew its stake in shares of authID by 11.7% in the 1st quarter. Comerica Bank now owns 19,127 shares of the company’s stock valued at $93,000 after buying an additional 2,000 shares in the last quarter. Corient Private Wealth LLC raised its position in authID by 207.7% during the fourth quarter. Corient Private Wealth LLC now owns 160,000 shares of the company’s stock valued at $140,000 after acquiring an additional 108,000 shares in the last quarter. Connective Capital Management LLC raised its position in authID by 59.1% during the third quarter. Connective Capital Management LLC now owns 120,949 shares of the company’s stock valued at $386,000 after acquiring an additional 44,922 shares in the last quarter. Scoggin Management LP lifted its stake in authID by 60.4% in the second quarter. Scoggin Management LP now owns 400,000 shares of the company’s stock valued at $2,116,000 after acquiring an additional 150,612 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in authID by 6.1% in the third quarter. Vanguard Group Inc. now owns 452,384 shares of the company’s stock valued at $1,443,000 after acquiring an additional 25,822 shares during the last quarter. 8.83% of the stock is owned by hedge funds and other institutional investors.

authID Company Profile

authID (NASDAQ: AUID) is a technology company specializing in digital identity verification and biometric authentication solutions. The company offers a cloud-based platform designed to help organizations securely verify user identities, prevent account takeover and reduce fraud. Leveraging artificial intelligence and machine learning, authID’s software supports biometric modalities including facial recognition, voice verification and liveness detection to ensure that customers are who they claim to be.

The company’s flagship product suite enables enterprises to integrate identity proofing and continuous authentication into their online and mobile applications.