Trust Stamp CEO Highlights ‘Alternatives to Detention’ in Q2 Update

Trust Stamp, known for its selfie-based biometric identity verification technology, reported revenues of $0.71 million for the second quarter, compared to revenues of $0.72 million in Q2 of 2021. Revenues for the first half of the year, however, were up 182 percent, with a net revenue of $3.53 million in H1.

In his commentary for the company’s latest corporate update, CEO Gareth Genner highlighted the opportunities that the company is pursuing in the “Alternatives to Detention” space, noting that the House Appropriations Subcommittee on Homeland Security had recommended a substantial increase in funding for such programs.

“Although our initial pilot with Immigration and Customs Enforcement has concluded, we are pursuing multiple opportunities in the ATD and broader Criminal Justice Space, including a partnership to offer additional value-added services that will further distinguish our offerings, as well as increasing the revenue potential from each engagement,” he said.

The chief executive also highlighted Trust Stamp’s ongoing work with “a premier S&P 500 bank” and Fidelity Information Services, and additional market opportunities in areas like travel, healthcare, and the ‘Metaverse.’

Trust Stamp’s net result for Q2 was a loss of $2.92 million, compared to a net loss of $1.97 million a year ago. For the first half of the year, Trust Stamp saw a net loss of $4.61 million, compared to a net loss of $4.00 million in H1 of 2021.

Trust Stamp noted that its operating loss had grown from $3.98 million in the first half of 2021 to $4.58 million in the first half of this year, attributing the change to Selling, General & Administrative expenses – driven largely by personnel costs – and increased R&D investment.

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August 23, 2022 – by Alex Perala