authID (NASDAQ:AUID) Announces Quarterly Earnings Results

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

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 Price Performance

AUID traded up $0.12 on Thursday, hitting $1.31. 173,751 shares of the stock were exchanged, compared to its average volume of 3,918,372. authID has a 12 month low of $0.84 and a 12 month high of $6.14. The business has a 50-day moving average of $1.29 and a two-hundred day moving average of $1.45. The firm has a market capitalization of $21.13 million, a price-to-earnings ratio of -0.94 and a beta of 1.57.

Insider Activity

In other news, Director Ken Jisser acquired 30,120 shares of the business’s stock in a transaction that occurred on Wednesday, April 29th. The stock was acquired at an average price of $1.25 per share, with a total value of $37,650.00. Following the completion of the transaction, the director directly owned 122,245 shares of the company’s stock, valued at $152,806.25. This trade represents a 32.69% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen Jeffrey Garchik acquired 120,482 shares of the business’s 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 $150,602.50. Following the transaction, the director directly owned 291,316 shares of the company’s stock, valued at $364,145. This trade represents a 70.53% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On authID

Several institutional investors and hedge funds have recently bought and sold shares of the company. Corient Private Wealth LLC lifted 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 worth $140,000 after purchasing an additional 108,000 shares during the period. HRT Financial LP bought a new position in shares of authID in the fourth quarter worth about $69,000. Geode Capital Management LLC lifted its holdings in shares of authID by 10.4% in the fourth quarter. Geode Capital Management LLC now owns 138,843 shares of the company’s stock worth $121,000 after acquiring an additional 13,087 shares during the last quarter. Connective Capital Management LLC lifted its holdings in shares of authID by 59.1% in the third quarter. Connective Capital Management LLC now owns 120,949 shares of the company’s stock worth $386,000 after acquiring an additional 44,922 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of authID by 6.1% in the third quarter. Vanguard Group Inc. now owns 452,384 shares of the company’s stock worth $1,443,000 after acquiring an additional 25,822 shares during the last quarter. Institutional investors own 8.83% of the company’s stock.

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.