Identity verification firm authID Q2 revenue falls, net loss widens

Overview

• US biometric identity verification provider's revenue falls, net loss widens

• Board is evaluating strategic and financing alternatives

• Company continues customer onboarding and invests in major financial institution proof-of-concept

Outlook

• authID says Board is evaluating strategic and financing alternatives, including sale or merger

Result Drivers

• CUSTOMER ONBOARDING AND POC INVESTMENT - Co continued to sign and onboard customers and partners, and invested significant resources in a proof-of-concept for a major financial institution

• CONTRACT NEGOTIATIONS - Co in final stage of contract negotiation with a major manufacturer for workforce verification

Company press release: ID:nGNX4pqP1Y

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)