authID (AUID) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue rose to $0.28 million from $0.04 million year-over-year, with six-month revenue at $0.44 million, driven by new customer contracts and expanded channel partnerships.

• Net loss from continuing operations improved to $3.3 million ($0.34/share) from $10.9 million ($2.16/share) year-over-year; six-month net loss was $6.3 million.

• Cash balance as of June 30, 2024, was $14.4 million, following a $10 million equity raise in June 2024.

• The company continues to operate at a loss and faces substantial doubt about its ability to continue as a going concern.

• Signed new contracts and partnerships in gaming, cannabis, and financial compliance sectors, expanding reach and sales pipeline.

Financial highlights

• Q2 2024 revenue was $0.28 million, up 75% sequentially and up from $0.04 million a year ago; six-month revenue was $0.44 million, up from $0.07 million.

• Net loss per share from continuing operations improved to $0.34 for Q2 2024 from $2.16 in Q2 2023; six-month loss per share improved to $0.67 from $3.09.

• Adjusted EBITDA loss for Q2 2024 was $2.5 million, compared to $1.7 million loss last year; six-month Adjusted EBITDA loss was $4.9 million vs. $3.9 million.

• ARR as of June 30, 2024, increased to $1.12 million from $0.14 million a year ago.

• Booked annual recurring revenue (BAR) for Q2 was $0.6 million, triple the prior year.

Outlook and guidance

• Full-year 2024 revenue guidance reiterated at $1.4 million–$1.6 million.

• Targeting $9 million in BAR for 2024, representing 3x year-over-year growth.

• Expecting RPO to grow to $12–$13 million if BAR targets are met; about one-third of current RPO expected to be recognized as revenue in the next 12 months.

• Additional capital will be required in 2025 to support operations and growth initiatives; no guarantee of successful fundraising.