Proactive Investors: authID reports slimmer 1Q loss, recaps busy quarter in financial update

authID.ai (OTCQB:IDTY), the company delivering a suite of biometric identity verification solutions, has announced its first-quarter results, revealing a net loss that narrowed 34% year-over-year.

Revenue for the three months ended March 31 was $600,000, compared to $800,000 in the same period of 2020. Net loss was $2.5 million, breakeven on a per-share basis, down from a loss of $3.8 million or, $0.01 loss per share, a year earlier.

“We continue to make progress in 2021, building on the major repositioning the company undertook in the second half of 2020 and into this year,” CEO Phillip Kumnick said in a statement. “We rolled out our solutions to customers across various market segments, secured new partners in the financial services and technology sectors and are in production with a global financial institution. Based on our significant product differentiation, we remain confident that our robust new business pipeline will yield increased traction for authID‘s solutions and services.”

READ: authID tapped by On The Fly POS for passwordless login and biometric verification services
During the quarter, authID’s IDaaS platform was selected by On The Fly POS, a US provider of cloud-based payment solutions, to deploy passwordless login and transaction authorization across the company’s card-present and payment gateway merchant portfolios.

The company also expanded its partner network in the Americas, signing an extension to its agreement with Inetum, covering the North and Central American regions. It added customers in the financial services segment, including international financial institutions, fintech companies, and payment processors, who will leverage authID’s trusted identity verification and seamless passwordless login services to mitigate identity fraud, account takeover, and phishing.

Additionally, authID completed integration to Temenos’ core banking platform, making the full complement of authID’s identity verification and authentication solutions easily available to the Temenos global portfolio.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel
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