authID (NASDAQ:AUID) Releases Earnings Results

authID (NASDAQ:AUID) released its earnings results on Thursday. The company reported ($0.28) earnings per share for the quarter, FiscalAI reports. The business had revenue of $0.48 million during the quarter. authID had a negative return on equity of 177.43% and a negative net margin of 616.91%.

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

authID stock traded down $0.14 during mid-day trading on Friday, reaching $1.17. The stock had a trading volume of 103,938 shares, compared to its average volume of 175,207. The company has a market capitalization of $18.87 million, a price-to-earnings ratio of -0.92 and a beta of 1.57. The company has a 50-day moving average price of $1.28 and a two-hundred day moving average price of $1.45. authID has a one year low of $0.84 and a one year high of $6.14.

Insider Transactions at authID

In other news, Director Stephen Jeffrey Garchik purchased 120,482 shares of the company’s stock in a transaction that occurred on Wednesday, April 29th. The shares were bought at an average price of $1.25 per share, for a total transaction of $150,602.50. Following the purchase, the director directly owned 291,316 shares in the company, valued at approximately $364,145. This trade represents a 70.53% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ken Jisser purchased 30,120 shares of the company’s stock in a transaction that occurred on Wednesday, April 29th. The stock was purchased at an average price of $1.25 per share, for a total transaction of $37,650.00. Following the purchase, the director owned 122,245 shares in the company, valued at $152,806.25. This represents a 32.69% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On authID

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Corient Private Wealth LLC lifted its stake in authID by 207.7% during the 4th quarter. Corient Private Wealth LLC now owns 160,000 shares of the company’s stock valued at $140,000 after acquiring an additional 108,000 shares during the period. HRT Financial LP bought a new position in authID during the 4th quarter valued at about $69,000. Geode Capital Management LLC lifted its stake in authID by 10.4% during the 4th quarter. Geode Capital Management LLC now owns 138,843 shares of the company’s stock valued at $121,000 after acquiring an additional 13,087 shares during the period. Connective Capital Management LLC lifted its stake in authID by 59.1% during the 3rd quarter. Connective Capital Management LLC now owns 120,949 shares of the company’s stock valued at $386,000 after acquiring an additional 44,922 shares during the period. Finally, Vanguard Group Inc. lifted its stake in authID by 6.1% during the 3rd quarter. Vanguard Group Inc. now owns 452,384 shares of the company’s stock valued at $1,443,000 after acquiring an additional 25,822 shares during the period. 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.