Trust Stamp Quarterly and Annual Reports and SEC Actions: Biometric Update
There’s a bit of concern brewing over at Trust Stamp lately. The company is facing some financial hurdles and might need an injection of cash to keep the lights on.
In the first three quarters of 2024, Trust Stamp reported a loss of $4.59 million, even though it brought in $0.5 million in revenue in the last quarter and $1.6 million in the previous three quarters. To make matters worse, it’s Malta subsidiary hasn’t signed any money-making contracts four years after starting up.
The company is hustling to secure more funds and has a track record of successful fundraising in the past, according to an SEC filing. But there’s no solid promise on the table just yet.
As of September 30, 2024, Trust Stamp found itself with a deficit of $55.45 million and a negative working capital of $1.45 million.
To keep pushing forward, Trust Stamp has been expanding its intellectual property portfolio in 2024, bagging six new patents related to biometrics and cryptography.
The company recently launched its Identity Hub software on the AWS marketplace, making it easier for AWS’s 310,000 global users to access Trust Stamp’s identity verification system.
On top of that, Trust Stamp has inked new deals in the automotive and fintech industries for digital identity verification and tokenization. These moves are backed by a growing arsenal of intellectual property, broadening the company’s offerings and target markets.
Looking ahead, Trust Stamp is even working on an AI tool to combat deepfake injection attacks, aiming to keep biometric authentication processes safe from malicious intruders.
With new solutions hitting the market and a keen eye on financial stability, Trust Stamp is navigating the world of finance and security with innovation and resilience.
