authID Inc. (AUID) Bundle
An Overview of authID Inc. (AUID)
General Summary of authID Inc. (AUID)
authID Inc. (AUID) is a technology company specializing in biometric identity verification solutions. Founded to enhance security in digital transactions, authID provides a patented platform that allows enterprises to ensure that they "Know Who’s Behind the Device"™ during customer or employee logins and transactions. As of 2024, the company focuses on integrating digital onboarding, biometric passwordless authentication, and account recovery solutions to prevent unauthorized access and identity theft.
In 2024, authID reported a total revenue of approximately $687,000 for the nine months ended September 30, a significant increase from $118,000 for the same period in 2023. The increase in sales is attributed to new customer contracts signed in the latter half of 2023, with three customers representing 84% of total revenue in the third quarter of 2024.
Company's Financial Performance in the Latest Financial Reports
In the latest financial reports for the nine months ending September 30, 2024, authID recorded a net loss of approximately $9.7 million, compared to a net loss of $16.2 million in the same period of 2023. The company's revenues for the three months ended September 30, 2024, were approximately $249,000, up from $43,000 in 2023.
The following table summarizes the financial performance of authID Inc.:
| Period | Revenue | Net Loss | Adjusted EBITDA |
|---|---|---|---|
| Q3 2024 | $249,000 | ($3,364,801) | ($2,874,063) |
| Q3 2023 | $43,000 | ($3,715,703) | ($2,102,318) |
| 9M 2024 | $687,000 | ($9,683,619) | ($7,801,914) |
| 9M 2023 | $118,000 | ($16,180,056) | ($5,967,155) |
Operating expenses for the nine months ended September 30, 2024, amounted to approximately $10.7 million, an increase from $7.6 million in the prior year. The company reported cash on hand of approximately $11.7 million and working capital of $11.2 million as of September 30, 2024.
Introduction to Company as a Leader in the Industry
authID Inc. stands out as a leader in the biometric identity verification industry, leveraging its innovative technology to provide secure authentication solutions tailored for enterprises. The company's focus on integrating advanced biometric authentication methods positions it favorably in a rapidly evolving market where security is paramount. As of 2024, authID's continued growth and strategic partnerships highlight its commitment to enhancing digital security for its clients.
For further insights into authID's business model and its competitive advantages in the industry, readers are encouraged to explore additional details below.
Mission Statement of authID Inc. (AUID)
Company's Mission Statement
authID Inc. (AUID) emphasizes its dedication to providing advanced identity verification solutions that enhance security and facilitate seamless user experiences. The mission statement encapsulates the company's commitment to innovation, ensuring that customers can trust their identities are protected in an increasingly digital world. This guiding principle informs the long-term goals and operational strategies of the company.
Core Component 1: Commitment to Security
authID Inc. prioritizes security as a cornerstone of its mission. The company aims to mitigate risks associated with identity theft and fraud, which are prevalent in today's digital landscape. As of September 30, 2024, the company had an accumulated deficit of approximately $169.2 million, highlighting the challenges faced in establishing a secure and profitable operation while investing heavily in security technologies.
Core Component 2: Innovation in Identity Verification
Innovation is central to authID's mission, as it continuously develops cutting-edge technologies to enhance its identity verification services. For the nine months ended September 30, 2024, authID reported revenues of approximately $687,000, a significant increase from approximately $118,000 in the same period of the previous year, attributed to new customer contracts that leverage innovative technology.
Core Component 3: Customer-Centric Approach
authID Inc. is dedicated to providing exceptional customer experiences. This is evident in their strategic focus on understanding customer needs and delivering tailored solutions. As of September 30, 2024, the company's Remaining Performance Obligation (RPO) stood at $3.83 million, indicating a strong pipeline of contracted revenue that reflects customer trust and satisfaction.
| Key Financial Metrics | 2024 | 2023 |
|---|---|---|
| Revenue (Nine Months Ended September 30) | $687,000 | $118,000 |
| Accumulated Deficit | $169.2 million | $159.5 million |
| Remaining Performance Obligation | $3.83 million | Not Available |
Vision Statement of authID Inc. (AUID)
Vision Statement Overview
The vision of authID Inc. (AUID) as of 2024 is centered around establishing a secure digital identity verification environment that enhances user trust and simplifies access. The company aims to be a leader in the identity verification and authentication market, ensuring that businesses can confidently know their customers and employees.
Core Component 1: Security and Trust
authID’s vision emphasizes the importance of security and trust in digital transactions. The company aims to create a biometric identity platform that ensures users are who they claim to be, thus preventing fraud and identity theft. In 2024, the global identity verification market is projected to reach approximately $12 billion, highlighting the increasing demand for secure identity solutions.
Core Component 2: Innovation and Technology
Innovation is a critical aspect of authID’s vision. The company leverages advanced biometric technologies to deliver fast and accurate identity verification services. As of September 30, 2024, authID's revenues from biometric identity verification services have significantly increased, rising to approximately $687,000 for the nine months ended September 30, 2024, compared to $118,000 for the same period in 2023, showcasing the effectiveness of its technological advancements.
Core Component 3: User Experience
Another vital component of authID’s vision focuses on enhancing user experience. The company aims to provide a seamless, passwordless authentication process that minimizes friction for users. The average time for identity verification through authID's platform is approximately 700 milliseconds, which aligns with the growing consumer demand for quick and efficient digital interactions.
Core Component 4: Market Leadership
authID aspires to be a market leader in the identity verification sector. The company has strategically positioned itself to capture a larger share of the market by expanding its customer base and enhancing its service offerings. As of September 30, 2024, authID has approximately $11.7 million in cash and $11.2 million in working capital, allowing it to invest in growth initiatives and market expansion.
Core Component 5: Commitment to Sustainability
In 2024, authID is also focusing on sustainability within its operations. The company is committed to creating a sustainable organization that meets its financial obligations while investing in technologies that reduce environmental impact. This commitment is reflected in their strategic plans for future funding rounds aimed at supporting sustainable growth.
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Revenues | $687,000 | $118,000 | +481.36% |
| Net Loss | $(9,683,619) | $(16,180,056) | +40.78% |
| Cash on Hand | $11,718,392 | $3,811,014 | +208.52% |
Conclusion of Vision Statement Analysis
authID Inc. is committed to redefining the landscape of identity verification through its vision that encompasses security, innovation, user experience, market leadership, and sustainability. The company's strategic focus on these core components positions it well for future growth and success in an evolving digital environment.
Core Values of authID Inc. (AUID)
Core Values of authID Inc. (AUID)
Integrity
Integrity represents the foundation of authID Inc.'s operations, ensuring transparency and ethical behavior in all interactions.
In 2024, authID reaffirmed its commitment to integrity by implementing strict compliance protocols and enhancing its internal reporting mechanisms. For instance, the company established a whistleblower policy that encourages employees to report unethical behavior without fear of retaliation.
Innovation
Innovation is at the heart of authID's strategy, driving the development of cutting-edge biometric solutions.
As of September 30, 2024, the company's research and development expenses amounted to approximately $4.2 million, reflecting a significant investment in new technologies. This investment has led to the launch of its Verified™ platform, which integrates advanced biometric identity verification features, enhancing user experience and security.
Customer Focus
Customer focus is essential for authID, ensuring that its products meet the evolving needs of its clients.
In 2024, authID expanded its customer support team and introduced new training programs for clients to maximize the use of its services. The company reported revenues of approximately $687,000 for the nine months ended September 30, 2024, a significant increase from $118,000 in the same period of 2023, demonstrating its commitment to customer satisfaction and service quality.
Collaboration
Collaboration fosters a culture of teamwork and shared goals at authID, enhancing its ability to innovate and serve customers effectively.
The company has partnered with various technology firms to enhance its product offerings. In June 2024, authID renewed its service agreement with The Pipeline Group, Inc., at a reduced fee rate of $70,000 per month, reflecting its strategy to leverage external expertise while managing costs.
Accountability
Accountability ensures that all employees at authID take ownership of their actions and decisions.
authID's leadership regularly reviews performance metrics and holds teams accountable for achieving set objectives. For the nine months ended September 30, 2024, the company reported a net loss of approximately $9.7 million, prompting a review of operational efficiencies and strategic priorities to improve financial performance.
Commitment to Excellence
authID's commitment to excellence drives continuous improvement in its products and services.
The company has set ambitious goals for 2025, including the need to raise additional funds to support operations and product development. In June 2024, authID successfully raised about $10 million through the sale of common stock, demonstrating its proactive approach to financial stability and growth.
| Core Value | 2024 Initiatives | Financial Impact |
|---|---|---|
| Integrity | Implemented compliance protocols and whistleblower policy | Enhanced trust with stakeholders |
| Innovation | Invested $4.2 million in R&D for new technologies | Launched Verified™ platform |
| Customer Focus | Expanded support team and training programs | Increased revenues to $687,000 |
| Collaboration | Renewed partnership with The Pipeline Group, Inc. | Managed costs while leveraging external expertise |
| Accountability | Regular performance reviews and strategic adjustments | Addressed $9.7 million net loss |
| Commitment to Excellence | Set goals for raising additional funds | Raised $10 million through stock sale |
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Resources:
- authID Inc. (AUID) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of authID Inc. (AUID)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View authID Inc. (AUID)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.