The following is a summary of the AuthID Inc. (AUID) Q1 2024 Earnings Call Transcript:

Financial Performance:

• AuthID reported Q1 2024 revenue of $0.16 million, a significant increase from $0.04 million in Q1 2023 due to new customers.

• Operating expenses rose to $3.31 million, mainly due to a one-time non-cash expense reversal in Q1 2023.

• Losses from continuing operations for the quarter were $3.06 million, higher than the $1.78 million loss in Q1 of 2023.

• Net loss per share was $0.32 compared with $0.56 in Q1 2023.

• Total revenue for 2024 is expected to be between $1.4 million and $1.6 million.

• Annual Recurring Revenue (ARR) as of March 31, 2024, increased to 0.63 million, up from 0.15 million the previous year.

Business Progress:

• Secured almost $9.5 million in pipeline in Q1 2024, slightly ahead of their targeted $9 million per quarter.

• Three new customers went live, contributing to the Q1 record revenue.

• AuthID launched a partnership with Equifax to enhance its service offerings.

• Several channel reselling partners were signed, with progress made with larger enterprise clients.

• AuthID is committed to achieving a sales target of $9 million for 2024 and expects to grow its remaining performance obligation to $12-13 million by end of 2024.

• AuthID remains focused on improving biometric identification and has use cases for account opening, strong authentication, and account recovery.

• The company plans to convert their existing pipeline of $21 million into deals from Q2 to Q4 2024.

• AuthID is expanding into new industries like gaming, the cannabis space for age verification, and hotels.

More details: authID IR

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