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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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Press Release

100,000 Patients Place Their Trust in PlacidWay Medical Tourism in 2024

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In a remarkable achievement reflecting the growing trend of medical tourism, PlacidWay, the leading platform in the industry, proudly announces a significant milestone: 100,000 patient referrals in 2024. This surge in demand not only highlights the increasing confidence in seeking medical solutions beyond national borders but also underscores the pivotal role PlacidWay plays in facilitating global healthcare access. 

Central to our success is the robust network of PlacidWay, comprising over 1,500 medical providers across more than 50 countries worldwide. From prestigious JCI-certified hospitals to specialized clinics with international accreditations and staffed by highly skilled medical professionals, our network is unparalleled in its breadth and depth. 

The synergy between PlacidWay and our network of medical providers is instrumental in meeting the diverse needs and expectations of patients. Through the PlacidWay platform, providers can showcase their services, engage directly with prospective patients, and offer virtual consultations, ensuring a seamless and transparent medical journey. 

Pramod Goel, CEO and Founder of PlacidWay Medical Tourism, reflects on this achievement with profound gratitude, stating, “As we celebrate this milestone, we are deeply moved by the trust and confidence patients worldwide have bestowed upon us. Our mission has always been to dismantle barriers to healthcare access and to instill hope and healing across borders. Each patient inquiry symbolizes a narrative, a journey, and a life influenced by our collective endeavors. In partnership with our dedicated network of medical providers, we reaffirm our unwavering commitment to delivering excellence in global healthcare and empowering patients to make informed decisions about their well-being.” 

This patient-centric approach, fortified by a global network of trusted medical partners, has been pivotal in driving PlacidWay’s success in garnering 100,000 patient referrals in 2024. Patients place their trust in us, recognizing the quality and diversity of medical options available through our platform and the assurance of being cared for by proficient medical professionals worldwide. 

Notably, these inquiries encompass a wide spectrum of medical procedures, ranging from dental and aesthetic treatments to complex surgeries, oncological interventions, and intricate neurological procedures. This expansive array of medical services underscores our commitment to catering to diverse healthcare needs with unwavering standards of excellence. 

As medical tourism continues to emerge as a viable solution for individuals seeking international medical care, the collaborative efforts between PlacidWay and our global network of medical providers stand as a beacon of hope, promising enhanced access to premium healthcare services worldwide. This milestone achievement is a testament to the transformative potential of medical tourism in reshaping the global healthcare landscape for the better. 

Media contact

Company name: PlacidWay Medical Tourism

Contact name: PlacidWay Team

Email: [email protected]

Website:https://www.placidway.com/

Country: US

Phone: +1.888.296.6664

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Press Release

RunesFi Announces Successful Completion of Phase 1 Testnet and Upcoming Phase 2 Launch

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RunesFi, a Premier Infra hub for Runes Protocol on the Bitcoin network, is excited to announce the successful completion of Phase 1 of its incentivized test net, which achieved over $3 million in trading volume. Following this milestone, RunesFi is preparing for the highly anticipated launch of Phase 2 of its testnet.

Phase 1 Testnet Success

RunesFi’s Phase 1 testnet has demonstrated robust engagement and significant trading activity, surpassing $3 million in volume. This initial phase has been crucial in refining the platform’s capabilities and ensuring a secure and seamless user experience.

Upcoming Phase 2 Testnet

Building on the success of Phase 1, RunesFi is gearing up for the launch of Phase 2 of its testnet. This phase will introduce new features and enhancements designed to further improve the platform’s performance and user experience. Participants can look forward to additional incentives and rewards as they contribute to the ongoing development of RunesFi.

jAk5E_9FTqHRZpLkIxURQ9npghYVP6CI2h-9AAEp8iDJLFwP1w61LZ7l_PD9PibpX4Pqw5AN-yO5wKe9gbvbh7bH9GA49hbJLlI6RkgrgcSxt1G8n3xiy0DF9kwshwpTWW9zUBHSfEg3vIg-0mPDvyo.jpgBacking from Prominent Venture Capital Firms

RunesFi is proud to announce that it has secured funding from renowned venture capital firms. These investments will support the continued development and expansion of the RunesFi platform, enabling the team to bring innovative DeFi solutions to the Bitcoin ecosystem.

Embark on the RunesFi ‘Road to TGE’ Adventure

This captivating 4-6 week Galxe campaign marks its exciting token launch celebration. Get ready for the Defi Bull run this season in the BTC ecosystem through Runes Protocol. RunesFi aims to build a one stop shop infrastructure hub in Runes. The journey unfolds in weekly main events, clubbed with engaging side quests to propel individuals to the top of the leaderboard!

As a generous token of our appreciation, the platform allocates 2% of total supply to reward its participants along with random weekly surprise USDT rewards.

About RunesFi:

RunesFi is dedicated to revolutionizing Runes on the Bitcoin network. The platform offers a suite of products including a decentralized exchange (DEX), Runes Bridge, an engraver for creating and managing Runes assets, and various tools to support the Runes DeFi ecosystem. RunesFi aims to provide a secure, transparent, and user-friendly environment for financial transactions and asset management.

RunesFi Ecosystem:

  • Runes DEX
  • Runes Bridge
  • Runes Block Explorer
  • LaunchGround
  • Engraver

Join the RunesFi Community and Follow Their Official resources at:

Website: https://runesfi.io

Telegram: https://t.me/Runes_Fi

Twitter: https://twitter.com/Runes_Fi

RunesFi invites crypto enthusiasts, developers, and investors to join its growing community. Stay updated on the latest developments and participate in community discussions by following RunesFi on social media and joining the official Telegram group.

For media inquiries, please contact:

Name: Manoj Kumar

Director of Public Relations, RunesFi

Email: [email protected]

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Press Release

Academic Labs Launches Second Airdrop, AMA Explores AI’s Role in the New Era of Education

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Free Crypto Education + Free Airdrop. Academic Labs is offering a giveaway of 5 million AAX tokens and 8000 USDT prizes in the #Homecoming event. And that’s not all.

Singapore – 25/05/2024 – (SeaPRwire) – Recently, Academic Labs has announced the launch of its second airdrop event, HomeComing, starting on May 23 at their official website acad.live. This event promises substantial token rewards and high-quality learning resources, all free for community members. Academic Labs aims to enhance users’ understanding of the industry and maximize their profits during the bullish market.

Academic Labs prudently postponed the token generation event (TGE) for their $AAX token in April due to market conditions. With the crypto market reviving and Bitcoin returning to the $70,000 mark, the Web3 community is excitedly buzzing. Amidst this resurgence, Academic Labs, a project integrating AI into online education, is capturing significant attention. With the market recovering, the $AAX token is expected to launch in the next 2-3 months, rewarding early supporters. The community highly anticipates this announcement.

During a recent AMA co-hosted with Metaera, the Academic Labs team revealed exciting details about the second airdrop and elaborated on their ambitious vision, sparking lively discussions among participants.

The Vision Behind Academic Labs

In the AMA, the Academic Labs team detailed their vision for the project. Academic Labs is a platform blending Web3 and AI technologies to revolutionize adult education through a DAO system, ensuring transparent pricing and sharing of educational resources. Learners can access high-quality content at reasonable prices, and professionals such as traders, marketers, and analysts can gain recognition and funding to profit from publishing educational resources. The platform also features gamified elements to create immersive learning experiences.

CMO Ryan emphasised the goal of reshaping online education with cutting-edge technology to address current pain points and provide users with an efficient learning experience. He highlighted the benefits of gamified learning, especially for adult education. COO Kennick introduced the “learn-to-earn” GameFi model, combining NFTs and tokenomics to build a learner economy, incentivizing users to improve while earning rewards.

The team explained the dual empowerment model of AI and blockchain. Blockchain ensures data integrity, while AI optimizes the system based on user characteristics. PublicAI CEO Steven stated that their expertise in AI data services would help Academic Labs create a high-quality Web3 education ecosystem.

Bright Prospects for Academic Labs

AMA guests praised Academic Labs’ potential. Artist Zhou noted that combining AI with Web3 is a prevailing trend, and Academic Labs’ solid user base and technical prowess position it for great success. WIS of Founder Mini_MiSue analyzed the target demographic, highlighting the alignment between Web3 participants, who are eager learners, and the platform’s audience.

The Academic Labs team has thought deeply about integrating Web3 with AI, understanding user psychology, and Web3’s core values. The dual empowerment of AI and Web3 fits well with current entrepreneurial narratives in the Web3 space. The airdrop is just the beginning; with the introduction of NFT governance and AI systems, Academic Labs is poised for rapid growth, offering long-term investment value for the $AAX token. With the bullish market’s support, Academic Labs is set to become a leader in the Web3 education sector.

HomeComing Airdrop: Double Benefits for Participants

The HomeComing airdrop promises extensive rewards. Users can earn tokens by participating in learning activities, quizzes, or creating courses. The event has been adjusted for a better user experience.

The primary goal of the MVP phase is to test the platform’s operational model, with continuous user interaction to refine the tokenomics before the official token launch. While frequent adjustments may create uncertainty, they reflect Academic Labs’ user-centric approach, aiming to provide top-notch services through constant iteration.

Pre-Airdrop Activities and Multiple Benefits

Ahead of the HomeComing airdrop, Academic Labs has issued the first batch of $AAX NFTs on platforms like Galxe. Users completing learning tasks by May 23 can claim these NFTs, enhancing their token rewards during HomeComing. This initiative not only incentivizes participation but also broadens Academic Labs’ reach.

The HomeComing airdrop will distribute a total of 5,000,000 $AAX tokens and 8,000 USDT. Participation is free, and users can access high-quality courses on blockchain, DeFi, and NFTs, taught by industry experts. This presents a valuable opportunity for those keen to learn about blockchain.

Notably, Academic Labs has partnered with renowned educational institutions, including Blockchain Sensei, which collaborated with Ray Dalio to share financial knowledge. These collaborations ensure the quality of the platform’s courses, enhancing its industry influence. However, Academic Labs must continue to prove its capabilities in creating educational content and AI-assisted teaching to earn long-term user trust.

Transparent Communication in TGE Delay

In a recent AMA with Metaera and Chat3, the Academic Labs team addressed the postponement of the April TGE. They acknowledged that delaying the token launch was necessary to protect user interests in an unfavorable market environment despite some community concerns. This decision underscores their commitment to user welfare.

Academic Labs maintained transparency throughout this period, communicating progress through various channels, embodying the Web3 ethos of openness and user engagement. This approach redefines the relationship between project teams and users as a collaborative partnership.

During the delay, the team proactively sought new opportunities, engaging with additional exchanges to enhance token liquidity and making strides in AI technology development, ensuring robust support for the project’s long-term growth.

Conclusion: Forging Ahead with Educational Empowerment

The AMA highlighted Academic Labs’ dedication to addressing user needs and collaborating with industry partners to build a new Web3 education ecosystem. Their vision of leveraging advanced technologies to transform educational services resonates widely, promising better learning experiences and aiding the digital transformation of traditional education institutions.

Looking ahead, Academic Labs aims to be a crucial link between technological innovation and educational reform, leading the sector into a new era. Achieving this goal depends on continued product development, marketing, and community-building efforts. Strengthening these foundations will enable Academic Labs to secure a lasting position in the competitive Web3 landscape.

As users and industry observers, we eagerly anticipate Academic Labs’ progress, maintaining a cautious but hopeful outlook. Regardless of the challenges ahead, staying true to their mission and persevering will ensure Academic Labs can significantly impact the Web3 education field, empowering countless learners worldwide.

For more information and to participate in the HomeComing airdrop, visit acad.live.

Social Links

X: https://x.com/Acad_Labs

Telegram: https://web.telegram.org/k/#@academic_labs

Medium: https://medium.com/@academic-labs

LinkedIn: https://www.linkedin.com/company/academic-labs/

Media Contact

Brand: Academic Labs

Contact: Media team

Email: [email protected]

Website: https://acad.live/

SOURCE: Academic Labs

 

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