Thu, May 16, 10:02 AM (71 days ago)
Trust Stamp Inc. reported a 25.08% increase in net revenue to $574K for Q1 2024, driven by the adoption of its Orchestration Layer platform, which contributed $297K. Operating expenses rose 12.66% to $3.42M, mainly due to increased SG&A costs from expanding sales resources and internalizing technical roles. R&D expenses decreased by 28.55% due to reduced outsourced software development. Despite higher revenue, the operating loss widened by 10.45% to $2.85M. The company reported a net loss of $2.68M and negative operating cash flow of $2.16M. Trust Stamp raised $1.72M through a securities purchase agreement in April 2024 to bolster liquidity. The company faces substantial doubt about its ability to continue as a going concern and plans to raise additional capital within six months.