Trust Stamp reveals pleasant product surprise. Now if it can convert the potential
Executives at digital identification provider Trust Stamp are expressing surprise at the level of market interest in its yearling orchestration platform.
Also referred to as an orchestration layer, the software is designed to ease integration with and access to Trust Stamp biometric products and services. The company charges for the platform by the user.
The biometric platform debuted in February and has enticed 24 buyers new to Trust Stamp to sign on the line, according to the company. Twenty-two of them reportedly are financial companies with $50 billion in assets.
An amended 10-Q report filed this month with the Securities and Exchange Commission, stated that two of those newcomers came through a partnership with the FIS Fintech Accelerator.
Good as it is to get any new account, even startups, Trust Stamp needs more big fish.
Sales were up for the third quarter and the nine months ended in September, but the company still reported losses.
Revenue for the nine months was $4.8 million, compared to $1.5 million for the same period a year earlier. Trust Stamp reported a loss, however, of $8 million, or 35 cents per share, compared to $7 million, or 37 cents, a year prior.
Operating losses widened for the quarter and nine months, too.
Net revenue for the quarter ended September was $1.3 million, up from $330,000 for the third quarter a year before.
About $844,000 of that period’s revenue – the lion’s share — came in the third quarter through work done with the U.S. Immigration and Customs Enforcement agency. And the company negotiated with ICE for substantial compensation for expenses exceeding the agreed contract price.
Ultimately, executives were able to convince ICE officials to increase the total contract value from $3.9 million to $7 million.
Another $200,000 was from a contract with Mastercard, about the same with an unnamed bank and the rest from small accounts.
Trust Stamp set itself up for biometrics contracts with the UK government through a G-Cloud 13 listing achieved in October.
biometrics | digital identity | identity orchestration | stocks | Trust Stamp