authID (AUID) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue rose to $0.28 million from $0.04 million in Q2 2023, with six-month revenue at $0.44 million, up from $0.07 million, driven by new customer contracts and expanded channel partnerships.

• Net loss from continuing operations for Q2 2024 was $3.3 million ($0.34/share), improved from $10.9 million ($2.16/share) a year ago; 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.

• Biometric authentication technology advanced in speed, accuracy, and privacy, with new features and early customer interest.

Financial highlights

• Adjusted EBITDA loss for Q2 2024 was $2.5 million, compared to $1.7 million loss in Q2 2023; operating expenses increased due to reinvestment in personnel and absence of prior year one-time reversals.

• Net loss per share for Q2 2024 improved to $0.34 from $2.16 a year ago; six-month net loss per share improved to $0.67 from $3.09.

• Remaining performance obligation (RPO) was $4.24 million, up from $0.4 million a year ago; about 36% expected to be recognized in the next 12 months.

• Booked annual recurring revenue (BAR) for Q2 2024 was $0.6 million gross, $0.4 million net, triple the prior year.

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

Outlook and guidance

• Full-year 2024 revenue guidance reiterated at $1.4–$1.6 million, based on current contracts and customer implementations.

• BAR target for 2024 remains $9 million, with RPO expected to grow to $12–$13 million if achieved.

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