The following is a summary of the AuthID Inc. (AUID) Q4 2023 Earnings Call Transcript:
Financial Performance:
AuthID reported total revenue of $0.2 million in 2023, decreasing from $0.5 million in 2022 due to the discontinuation of a legacy product.
The company managed to reduce operating expenses by 52% to $10.9 million through cost savings measures.
Loss from continuing operations improved by 17% to $19.6 million, attributed in part to noncash and one-time severance charges.
This resulted in an adjusted EBITDA loss reduction of 24% to $8.7 million due to the company's 2023 restructuring plan.
AuthID's Net ARR from 2023 contracts was $2.9 million, a significant increase from the $0.23 million in 2022.
Business Progress:
The company plans to continue increasing its recurring and overall revenue in 2024 through new contracts and customers.
AuthID has expanded its sales team which has led to a continued increase in pipeline opportunities.
In 2023, the company boosted its balance sheet by raising $9 million and achieved new contract bookings valued at $1.7 million in Q4.
The company is now setting a target of $9 million in bARR for 2024 due to an impressive sales pipeline for short term and long-term expansion.
AuthID continues to innovate, focusing on defeating deepfake threats, and providing a superior biometric authentication service with groundbreaking processing speeds.
AuthID's technology, recognised for its effectiveness in combating cyber threats, is sought after by companies in various sectors, leading to the expectation of closing significant deals in the coming year.
Alongside customer growth, the company prioritises product development and is committed to enhancing user experience and adding new functionalities to its platform.
More details: authID IR
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