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Trust Stamp (NASDAQ: IDAI) Reports Q3 Results: Net Revenues Up, Net Loss Narrowed To $35,000

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–News Direct–

By Faith Ashmore, Benzinga

As the digital landscape continues to evolve, there is an increased interest from consumers and agencies alike on how to maintain privacy and data protection so that users personal information is safeguarded at all times. AI has become a powerful tool that has the potential to increase security when used wisely and increase opportunities for hackers when used poorly.

Among companies leveraging AI, Trust Stamp (NASDAQ: IDAI) is one that seems to stand out in its field as the company looks to revolutionize digital security. Trust Stamp is a global provider of AI-powered, privacy-first trust and identity services used across multiple sectors such as banking and finance, real estate, communications, regulatory compliance and government. Trust Stamp offers a range of innovative services. The company reports that its biometric capture and analysis technology enables secure and convenient identity verification, allowing businesses to streamline onboarding processes. By integrating advanced document verification, Trust Stamp helps verify the authenticity of important documents, reducing the risk of fraud.

Trust Stamp recently released its Q3 financial performance overview. The company reported growth in its net revenue during the third quarter of 2023 net revenue increased to $3.07 million, marking growth of 127.35% compared to the net revenue of $1.35 million for the same period in 2022.

The $3.07 million in net revenue for Q3 2023 was derived from various sources. The majority of this increase was due to the termination of the Master Services Agreement with IGS ("IGS Contract") on September 15, 2022. This termination not only resulted in $2.51 million in net revenue for Q3 2023 but also relieved the company from future contractual obligations for maintenance and upgrades. In addition, Trust Stamp generated $243,000 in net revenue from Mastercard, $186,000 from an S&P 500 bank, and $127,000 from other customers during the same period.

Perhaps most notably, Trust Stamp's Orchestration Layer, a platform that enables seamless integration of Trust Stamp services, seems to have been successful in attracting new customers. During Q3 2023, the platform generated $139,000 in total revenue, including new revenue from seven new enterprise customers who were onboarded through FIS. The Orchestration Layer represents Trust Stamp's strategic shift from being solely a provider of custom solutions to offering a scalable SaaS model with low-code implementation.

The growth in net revenue during Q3 2023 was offset to an extent by the termination of the U.S. Immigration and Customs Enforcement contract ("ICE Contract") on September 23, 2021. This contract contributed $844,000 in net revenue during Q3 2022 but was subsequently terminated during the 2022 fiscal year.

Trust Stamp reported improvements in multiple metrics, particularly in its cost management and operating loss reduction. Trust Stamp effectively reduced its Cost of Services ("COS") by $290,000 or 54.76% in Q3 2023 compared to Q3 2022. Despite onboarding 29 new enterprise customers in 2023, Trust Stamp managed to lower its COS by $21 thousand, thanks to the inherent lower costs of Software-as-a-Service (SaaS) platforms like the Orchestration Layer.

Research and Development expenses decreased by $173,000 or 22.19% in Q3 2023 compared to Q3 2022. Selling, General, and Administrative Expenses decreased by $1.23 million or 37.42% in Q3 2023 compared to Q3 2022. Trust Stamp also narrowed its operating loss, which decreased by $3.42 million or 99.36% in Q3 2023 compared to Q3 2022. The increase in net revenue by $1.72 million or 127.35% was mainly attributed to the recognition of nonrefundable license revenue from IGS. This is largely due to Trust Stamp's implementation of cost-cutting measures resulting in a $1.70 million reduction in operating expenses. These cost reductions exceeded the decrease in net revenue, leading to improved margins and greater operational efficiency for the company.

Trust Stamp reported progress in improving its financial performance, including a reduction in net loss and an increase in liquidity. Trust Stamp's net loss decreased by $3.40 million to just $35 thousand in Q3 2023, compared to a net loss of $3.44 million in Q3 2022. This improvement reflects the company's efforts to streamline operations and cut costs. As of September 30, 2023, Trust Stamp had approximately $3.18 million in cash, a significant increase from $1.25 million as of December 31, 2022. This improvement was largely due to successful fundraising initiatives.

Trust Stamp reported that its outlook for growth in the government sector seems positive, and the company is actively exploring potential partnerships and opportunities in this area. For example, the company has launched its new identity technology called Privtech, with a strong focus on government applications. The Privtech solution recently received registered trademark status from the U.S. Patent and Trademark Office. Privtech offers government agencies a privacy-first approach to identity verification and fraud prevention. It provides four levels of customizable privacy protection through the existing Privtech Certified framework. This technology allows government entities to verify individuals' identities and safeguard against fraud while minimizing the amount of data collected. Trust Stamp's Privtech also ensures transparency in how the collected data is utilized.

Trust Stamp is seemingly positioning itself as a crucial ally in the ongoing battle against fraud and identity-related issues, supporting a safer and more secure digital environment for all stakeholders.

This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.

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View source version on newsdirect.com: https://newsdirect.com/news/trust-stamp-nasdaq-idai-reports-q3-results-net-revenues-up-net-loss-narrowed-to-35-000-855354686

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Heaven Roofing Contractors Boston Enhances Services and Extends Service Areas

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Heaven Leading roofing company expands offerings and reach across Greater Boston

Boston, Massachusetts, United States, 26th Jul 2024 – Heaven Roofing Contractors Boston is proud to announce the enhancement of its service offerings and the expansion of its service areas to better meet the needs of both residential and commercial clients throughout the Greater Boston area.

Heaven Roofing Contractors Boston Enhances Services and Extends Service Areas

Expanded Service Offerings

Heaven Roofing Contractor Boston has broadened its range of services to include a comprehensive suite of roofing solutions, ensuring top-quality workmanship and customer satisfaction. Our enhanced services include:

  • Commercial Roofing : Providing durable and reliable roofing solutions for businesses, ensuring minimal disruption to operations and maximum longevity.
  • Residential Roofing: Offering a variety of roofing materials and styles to suit any home, with a focus on quality, aesthetics, and durability.
  • Roof Repair: Prompt and efficient repair services to address any roofing issues, ensuring the integrity and safety of the structure.
  • Roof Cleaning: Professional cleaning services to maintain the appearance and functionality of roofs, removing debris, moss, and algae.
  • Metal Roofing: Installation and maintenance of metal roofing systems, known for their durability, energy efficiency, and aesthetic appeal.
  • Roof Replacement: Comprehensive roof replacement services, offering expert advice on materials and styles to fit any budget.
  • Roof Inspection: Thorough inspection services to identify potential issues early and recommend preventive measures.
  • Siding Contractor: Professional siding installation and repair services to enhance the exterior appearance and energy efficiency of homes and buildings.

Extended Service Areas

In response to growing demand, Heaven Roofer Boston has extended its service coverage to include several new areas. We are now proudly serving the following locations:

  • Cambridge, Massachusetts
  • Chelsea, Massachusetts
  • Somerville, Massachusetts
  • Everett, Massachusetts
  • Brookline, Massachusetts
  • Winthrop, Massachusetts
  • Revere, Massachusetts
  • Lynn, Massachusetts
  • Jamaica Plain, Massachusetts
  • Malden, Massachusetts
  • Medford, Massachusetts
  • Arlington, Massachusetts

Commitment to Excellence

Heaven Roofing Contractors Boston remains committed to delivering superior roofing solutions and exceptional customer service. Our team of experienced professionals is dedicated to meeting the unique needs of each client, ensuring timely project completion and the highest standards of quality.

For more information about our expanded services and new service areas, please visit our website at https://roofingcontractorsboston.org/ or contact our customer service team at (857) 675-9210

About Heaven Roofing Contractors Boston

Heaven  Boston Roofing is a leading provider of roofing services in the Greater Boston area. With a focus on quality, reliability, and customer satisfaction, we offer a wide range of roofing solutions for both residential and commercial clients. Our experienced team is dedicated to ensuring the longevity and safety of your roof through expert installation, maintenance, and repair services.

 

Media Contact

Organization: Heaven Roofing Contractors

Contact Person: Heaven Roofing Contractors

Website: https://roofingcontractorsboston.org/

Email: Send Email

Contact Number: +18576759210

Address: 10 Post Office Square, Boston, MA 02109, United States

City: Boston

State: Massachusetts

Country: United States

Release Id: 26072414811

The post Heaven Roofing Contractors Boston Enhances Services and Extends Service Areas appeared first on King NewsWire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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PC Professional, Inc.: Empowering San Francisco Bay Area Businesses with Expert IT Solutions for Over 40 Years

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PC Professional, Inc.: Empowering San Francisco Bay Area Businesses with Expert IT Solutions for Over 40 Years

Oakland, CA, United States, 26th Jul 2024 – Celebrating more than four decades of exceptional service, PC Professional, Inc. continues to stand as a pillar of IT support in the San Francisco Bay Area. Renowned for its comprehensive IT services, PC Professional is dedicated to enhancing the operational efficiency and security of businesses and non-profits with tailor-made technology solutions. 

Comprehensive IT Services Customized for Business Success 

With a commitment to excellence and innovation, PC Professional offers a range of IT services tailored to meet the diverse needs of its clientele: 

  • Managed IT Services: Ensuring smooth and efficient IT operations with proactive monitoring and management. 
  • Co-Managed IT: Augmenting the capabilities of existing IT teams with additional resources and expertise. 
  • Cybersecurity Solutions: Providing cutting-edge security measures to protect against cyber threats and safeguard data. 
  • Cloud Computing: Enabling flexible, scalable access to IT resources to enhance productivity and support remote work. 
  • Data Backup and Disaster Recovery: Offering robust strategies to protect critical data and ensure business continuity in emergency situations. 
  • IT Consulting Services: Aligning IT strategies with business goals to drive growth and competitive advantage. 
  •  

“Our tailored solutions are designed to propel businesses forward, ensuring they can navigate the complexities of today’s digital landscape with ease and confidence,” 

said Dan Sanguinetti, Founder of PC Professional. 

Unmatched Responsiveness and Client-Focused Service 

PC Professional sets itself apart with a remarkable commitment to client service, featuring a rapid 30-minute response time to IT concerns. This responsiveness, combined with flexible service agreements that eschew long-term contracts, allows businesses to adapt quickly to changing technological needs. 

“By providing swift and adaptable IT solutions, we enable our clients to remain agile and responsive in a fast-paced market. Our focus is on building long-term relationships where we act not just as a service provider, but as a trusted IT partner.” commented Dan Sanguinetti. 

A Legacy of Innovation and Community Engagement 

Since its inception in 1981, PC Professional has been at the forefront of IT innovation. The company prides itself on its deep roots in the Bay Area and its continuous involvement in community initiatives, helping to strengthen local businesses and non-profits through technology. 

“Our rich history in the Bay Area fuels our commitment to community and innovation. We continue to evolve our services to meet the future needs of our clients, ensuring they benefit from the latest technological advancements,” added Dan Sanguinetti. 

About PC Professional, Inc. 

PC Professional, Inc. has been a leading provider of IT solutions in the San Francisco Bay Area since 1981. The company specializes in a full spectrum of IT services designed to optimize business operations and enhance technological capacities. With a commitment to reliability and customer satisfaction, PC Professional is the preferred IT partner for numerous businesses and non-profits in the region. 

Contact:  

Media Contact

Organization: PC Professional

Contact Person: Dan Sanguinetti

Website: https://pcprofessional.com/

Email: Send Email

Contact Number: +15108745828

Address: 1615 Webster St

Address 2: Oakland, CA 94612

City: Oakland

State: CA 94612

Country: United States

Release Id: 26072414823

The post PC Professional, Inc.: Empowering San Francisco Bay Area Businesses with Expert IT Solutions for Over 40 Years appeared first on King NewsWire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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Tapbit Sponsorship for Malaysia Blockchain Night 2024

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New York, United States, 26th Jul 2024 – As we enter the halfway mark of 2024, it is evident that this year holds great significance for our industry. Bitcoin has reached a new all-time high of nearly $74,000, in times of the fourth-ever Bitcoin halving, political and financial turbulence in the world. We must focus on innovation, evolution, and support for the ongoing changes in our sector.

Sponsored by Tapbit Exchange, the Malaysia Blockchain Night 2024 drew attendees from various sectors,  including blockchain enthusiasts, investors, developers, and media members from across the globe. Participation in this conference allowed Tapbit to showcase its technological advancements and new products, garnering interest from potential users and investors. This positive exposure will assist Tapbit in sustaining its competitive edge in the dynamic market landscape.

The Conference in The Era of Innovation

Malaysia Blockchain Night 2024 will attract blockchain enthusiasts, investors, developers, and media from all over the world, and is an excellent platform to showcase their own brands and technical strength. By exhibiting at Blockchain Night 2024, Tapbit enhances its brand awareness and market influence.

Founded in 2021, Tapbit is a rapidly growing cryptocurrency exchange with a global reach, serving over 200,000 users in more than 100 countries. The platform prioritizes security and offers a comprehensive trading solution to help users make informed decisions. Tapbit collaborates with reputable partners to promote crypto adoption among individuals.

The mission on the Tapbit website states: “A Borderless Crypto Platform.”

Tapbit is user-friendly and offers spot, derivatives, bot trading, and copy trading. It has more than 200,000 registered users scattered all across the world in its large customer database. In 2024, Tapbit was ranked in the Top 30 in CoinMarketCap. Furthermore, Tapbit has an average daily spot trading volume of $750 million and is a trusted and reliable platform for new and experienced traders.

Born in a bear market, Tapbit insists on putting users first, focusing on product innovation, and advocating long-term prospects with the spirit of “Borderless” The company aims to inspire people to embrace crypto and improve the way they trade, one at a time.

Tapbit will showcase its technological innovations and new products at Malaysia Blockchain Night 2024. As an international centralized exchange catering to a vast user base of over 200,000 across over 100 countries, over the past 3 years, Tapbit has been trying to be a beacon of innovation, shaping and pioneering the future of finance. 

Tapbit’s leadership in the digital evolution is prominent, it adapted to the burgeoning applications and possibilities of blockchain technology. As the financial markets undergo a seismic shift, Tapbit is not just keeping pace but propelling the entire industry forward.

The Tapbit exchange interface is user-friendly and easy to navigate through. It has the pertinent details arranged and placed in the right places so that it does not overwhelm a new trader. Furthermore, it has the right amount of data for expert traders to browse through and get what they need in seconds. Users can easily find the top gainers and newly listed coins on Tapbit’s interface, making it easy and convenient.

Built to satisfy the end user, Tapbit has a simple design with widgets and icons placed appropriately for effortlessly navigating between functions. The white font on a dark background makes it easy for users to find the information or the category they are looking for.

The market interface on Tapbit gives the users spot trading, futures trading, earn events, and copy trading options. Furthermore, the interface has what is called Trading System 3.0, where all the trending coins, top gainers, and newly listed are displayed, which enhances the user experience.

Malaysia Blockchain Night 2024 will bring together many industry experts and cutting-edge technology discussions. Members can obtain the latest industry information and technical trends by participating in various seminars, forums, and speeches to better respond to market changes and optimize their operating strategies.

Conclusion

Tapbit is proud to announce its sponsorship of Malaysia Blockchain Night 2024, a crypto conference to celebrate our rising position in this centralized exchange ranking and further enhance our position in the industry. This event will bring together key industry figures and companies to engage in discussions, share insights, and generate ideas that will shape the future of technology and finance.

In a nutshell, joining Blockchain Night 2024 is not only a platform for cryptocurrency exchanges to promote their brands and showcase their technologies, but also an important opportunity to obtain industry information, expand partnerships, and attract investment. These will help exchanges maintain their leading position in the fierce market competition.

Malaysia Blockchain Night 2024 X Tapbit Announcement: 

Media Contact

Organization: Tapbit

Contact Person: Zed Garry

Website: https://www.tapbit.com/

Email: Send Email

City: New York

Country: United States

Release Id: 26072414805

The post Tapbit Sponsorship for Malaysia Blockchain Night 2024 appeared first on King NewsWire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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