Wed, May 15, 8:13 PM (275 days ago)
authID Inc. reported a net loss of $3.1 million for Q1 2024, a significant increase from the $1.8 million loss in Q1 2023. Revenues rose to $157,000 from $38,000 due to new customer contracts. Operating expenses increased to $3.3 million from $1 million, primarily due to higher general and administrative costs and research and development expenses. The company’s cash position decreased to $7.2 million from $10.2 million, and working capital stood at $6.7 million. authID plans to raise additional funds in 2024 and 2025 to support operations and investments. The company faces uncertainties related to market acceptance, competition, and geopolitical risks, impacting its ability to achieve profitability and sustain operations.