Trust Stamp Reports Revenue Growth and Selection for EU Semiconductor Project

Trust Stamp reported net recognised revenue of $1.66 million for the six months to June 30, up 22 percent from $1.36 million a year earlier, and said its Maltese subsidiary has been selected as a direct participant in a European Union advanced semiconductor project.

The revenue increase came primarily from higher billings to an S&P 500 bank customer and $192,000 billed in the second quarter for work with a multinational telecommunications operator in Africa. Since the end of June the company has delivered a further $800,000 of work to that operator, bringing total billed and billable work to $992,000. Trust Stamp said it is negotiating with a second African telecoms company and that three government-related contracts in Ghana are expected to produce one or more definitive agreements during the current financial year.

Losses widened. Net loss for the half was $4.93 million against $3.87 million a year earlier, an increase of 27.29 percent, with $1.42 million of that non-cash, leaving cash burn from operations of $3.51 million. Operating expenses rose to $6.32 million from $5.20 million, reflecting up-front costs on the telecom engagement, one-time acquisition expenses for Lexverify, development spending on its Wallet of Wallets product and $250,000 of costs tied to a second-quarter financing. Basic and diluted loss per share narrowed to 90 cents from $1.57. Cash and equivalents stood at $6.31 million, within total current assets of $8.14 million.

Trust Stamp Malta Limited has been selected, with support from Malta Enterprise, for the Important Project of Common European Interest on Advanced Semiconductor Technologies, a coordinated programme aimed at strengthening Europe’s position across the advanced semiconductor value chain. The predecessor microelectronics project mobilised up to 8.1 billion euros in public funding across fourteen member states; the funding envelope for the semiconductor wave is still being set.

Participation is anchored by two cooperation agreements planned to run from 2027 to 2032 and subject to formal approval. One would design a platform binding device identity to a verified human identity, pairing hardware-rooted security including memristor-based physically unclonable functions with the company’s biometric tokenisation. The other would explore AI-assisted processing of neural-signal data from an emerging biosignal chip platform.

The company has been assembling partnerships around that tokenisation approach, including a facial recognition service with Seiko Solutions in Japan and multi-party computation biometric identity work with Partisia and Digital Platformer.

Sources: GlobeNewswire

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By the ID Tech Editorial Team