authID® [Nasdaq: AUID], a leading provider of innovative
biometric identity verification and authentication solutions, today
announced that it signed new customer contracts with gross Booked
Annual Recurring Revenue or bARR (as defined below) preliminarily
valued at $1.7 million during the fourth quarter of 2023.
This achievement continues the momentum seen throughout the
entirety of 2023, with Q4 bookings representing a 64% increase over
the Company’s third quarter.
Friction-filled one-time passwords and antiquated processes that
blindly assume credentials are being submitted by the rightful
owner are frequent conduits for data breaches, phishing schemes,
and account takeovers. Recognizing a failing security strategy,
cyber-savvy organizations are turning to authID’s biometric
lifecycle identity platform to ensure they ‘know who’s behind the
device’TM for a range of use cases including digital onboarding,
authorizing online financial transactions, and securing workforce
passwordless logins on shared corporate devices.
To that end, the authID sales team secured various customers in
Q4, including an international digital wallet provider leveraging
authID to deliver frictionless biometric identity assurance for
their network of banks, merchants and customers while securing
international payments; and a leading entertainment business
software provider partnering with authID to stop fraud and
eliminate account takeover with strong identity assurance for
transferring money in the entertainment industry. The Company also
signed contracts with a mobile application provider committed to
advancing responsible firearm instruction, training, and ownership;
and with a service provider of verified identities to ensure safe
online interactions and prevent fake profiles, catfishing, and
potential cyber-predator risks.
“I am extremely pleased to continue our strong
sales momentum through the fourth quarter,” said
Rhon Daguro, CEO of authID. “It’s not enough to
have powerful products – you must also
be able to convey value to customers. authID is fortunate to
have great people developing our technology, and equally great
people selling it. Together, we provide best-in-class
solutions and cutting-edge thought leadership to the market.”
authID’s identity life-cycle platform pioneered the delivery of
world-class cloud biometrics with precision, speed, and accuracy.
In 700ms or less, authID delivers the fastest, most frictionless
identity authentication user experience in any browser, without the
need for expensive, specialized hardware.
authID’s document-based identity verification streamlines
digital onboarding and eliminates identity fraud with PAD Level 2
liveness confirmation, ID anti-spoofing checks, and facial
biometric matching of a selfie to the credential photo. authID
extends the value of the onboarded biometric root of trust
with FIDO2 passwordless login and a quick biometric
selfie, to deliver a user identity that is fast, accurate, and
friendly, while eliminating account takeover and protecting
consumer and workforce account login, account resets, and
transaction and payments authentication.
Stated Daguro, “By adding the industry’s deepest domain
expertise in identity, we built a best of breed team for sales and
execution who continually set and surpass high sales goals. Our
go-to-market efforts are resonating with our target verticals who
are looking for fast, convenient, and highly accurate identity
solutions to stop fraud and account takeover by identifying the
person behind the device every time. I am confident that authID is
well positioned to continue our strong momentum from the fourth
quarter and achieve our targets for 2024.”
authID’s patented identity authentication platform helps clients
secure a range of workforce and consumer use-cases For further
information about how authID can help your organization secure your
workforce or consumer applications against identity fraud,
cyberattacks, and account takeover, contact us.
Non-GAAP Financial Information
The Company provides certain non-GAAP financial measures in this
statement. These non-GAAP key business indicators, which include
bARR and ARR, should not be considered replacements for and should
be read in conjunction with the GAAP financial measures for the
period, which will be published in due course with our Annual
Report on Form 10-K for the period ended December 31, 2023.
Please note that the definitions of these non-GAAP financial
measures have changed as compared to the non-GAAP financial
measures reported in previous periods. Management believes that
bARR , when viewed with our results under GAAP, provides useful
information about our period-over-period activities. bARR is
presented because management believes it provides additional
information with respect to the trends in the performance of our
fundamental business activities. We also rely on bARR as one of a
number of primary measures to review and assess the sales
performance of our Company and our management team in connection
with our executive compensation. In particular bARR is a
forward-looking measure and does not give any indication of the
likely results of operations of the Company for the period just
ended, nor of the GAAP financial measures which will be reported in
Form 10-K for the quarter and year just ended.
The Company defines Booked Annual Recurring Revenue or bARR , as
the amount of annual recurring revenue represented by the estimated
amounts of annual recurring revenue we believe will be earned under
such contracted orders, looking out eighteen months from the date
of signing of each customer contract. The net amount of bARR
reflects the deduction of the bARR of contracts previously
included in reported bARR , which were subject to attrition during
the quarter. The gross and net amount of bARR signed in the fourth
quarter of 2023 was $1.7 million, compared to $0.03 million of bARR
signed in the fourth quarter of 2022.
The company defines Annual Recurring Revenue or ARR, as the
amount of recurring revenue derived from sales of our Verified
products during the last three months of the relevant period as
determined in accordance with GAAP, multiplied by four.
bARR may be distinguished from ARR, as bARR does not
take specifically into account the time to implement any contract
for our SaaS services, nor for any ramp in adoption, or seasonality
of usage of the authID products, but is based on the assumption
that 18 months after signing these matters will have been generally
resolved. bARR and ARR have limitations as analytical tools,
and you should not consider them in isolation from, or as a
substitute for, analysis of our results as reported under GAAP.
Some of these limitations are:
- bARR & ARR
should not be considered as predictors of future revenues but only
as indicators of the direction in which revenues may be trending.
Actual revenue results in the future as determined in accordance
with GAAP may be significantly different to the amounts indicated
as bARR or ARR at any time.
- bARR and ARR
are to be considered “forward looking statements” and subject to
the same risks, as other such statements (see note on “Forward
Looking Statements” below).
- bARR & ARR
only include revenues from sale of our Verified products and not
other revenues.
- bARR & ARR
do not include amounts we consider as non-recurring revenues (for
example one-off implementation fees).
Forward-Looking Statements This Press Release
includes “forward-looking statements.” All statements other than
statements of historical facts included herein, including, without
limitation, those regarding the future results of operations,
booked Annual Recurring Revenue (bARR), Annual Recurring Revenue
(ARR), the plans and objectives of management for future operations
of both authID Inc. and its customers or business partners, are
forward-looking statements. Such forward-looking statements are
based on a number of assumptions regarding the successful
implementation of the services which are the subject of the
referenced agreements, authID’s present and future business
strategies, and the environment in which authID expects to operate
in the future, which assumptions may or may not be fulfilled in
practice. Actual results may vary materially from the results
anticipated by these forward-looking statements as a result of a
variety of risk factors, including the Company’s ability to attract
and retain customers; changes in laws, regulations and practices;
changes in domestic and international economic and political
conditions, the as yet uncertain impact of the war in Ukraine,
inflationary pressures, increases in interest rates, and others.
See the Company’s Annual Report on Form 10-K for the Fiscal Year
ended December 31, 2022 filed at www.sec.gov and other
documents filed with the SEC for other risk factors which investors
should consider. These forward-looking statements speak only as to
the date of this release and cannot be relied upon as a guide to
future performance. authID expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statements contained in this release to reflect any
changes in its expectations with regard thereto or any change in
events, conditions, or circumstances on which any statement is
based.
About authID Inc.
authID (Nasdaq: AUID) ensures cyber-savvy
enterprises “Know Who’s Behind the Device”TM for
every customer or employee login and transaction. Through
its easy-to-integrate, patented, biometric identity platform,
authID quickly and accurately verifies a user’s identity,
eliminating any assumption of ‘who’ is behind a device and
preventing cybercriminals from taking over accounts. authID
combines digital onboarding, FIDO2 login, and biometric
authentication and account recovery, with a fast, accurate,
user-friendly experience – delivering identity verification in
700ms. Establishing a biometric root of trust for each user
that is bound to their accounts and provisioned
devices, authID stops fraud at onboarding, eliminates password
risks and costs, and provides the faster, frictionless, and
more accurate user identity experience demanded by
operators of today’s digital ecosystems. For more information, go
to www.authID.ai.
authID Media Contact
Rhon Daguro, CEO InvestorRelations@authid.ai
authID (NASDAQ:AUID)
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