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Soft revenue for authID belies strong future earnings

Soft revenue for authID belies strong future earnings
 

AuthID is projecting confidence after a difficult fiscal 2024, with major increases in revenue on the way.

Revenue for the year ending December 31, 2023 was $0.02 million, down from $0.5 million in full-year 2022. Operating expenses decreased by just over 50 percent during the same period, for a net loss of $19.4 million, or $3.19 per share. Net loss for authID was $7.72 per share in the previous year.

The company had over $4 million in remaining performance obligations on contracts as of the end of its fiscal 2023, dramatically more than the year prior.

authID set out to reach book annual recurring revenue (bARR) of $3 million over a 12-month period, but reached its target in only 6 months, according to the announcement. The company hopes to reach $9 million bARR by the end of 2024.

“Our efforts in 2023 — the strengthening of our financial foundation, addition of new identity domain sales and engineering talent, and application of a proven sales discipline to our engagements that generated a robust sales pipeline — have positioned authID for growth in biometric identity verification and authentication,” says authID CEO Rhon Daguro.

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