authID® [Nasdaq: AUID], a leading provider of
innovative biometric identity verification and authentication
solutions, today announced that it signed new customer contracts
preliminarily valued at over $1 million in aggregate Booked Annual
Recurring Revenue or BARR (as defined below) during the quarter
ended September 30, 2023. These bookings represent more than
four times the highest total gross BARR that authID had previously
reported in a single quarter.
Highlights of the Company’s secured contracts include a major
money services company that will use authID’s biometric platform
for identity verification, a digital bank that will leverage authID
to secure online account opening, and a healthcare services
provider that needs to validate the identity of incoming patients.
authID was also successful in signing several renewals with
existing customers, which are not counted towards BARR.
authID’s document-based identity verification streamlines online
onboarding and eliminates fraud with quick 700ms identity
verification processing that includes automated authentication of
over 12,000 US and international government-issued ID documents,
PAD Level 2 liveness confirmation, anti-spoofing checks, and facial
biometric matching of a selfie to the credential photo. authID can
also orchestrate additional identity verification services to
ensure it’s really the intended user, and not an imposter.
authID’s patented identity platform then extends the value of
that biometric root of trust to subsequently authenticate users
with FIDO2 passwordless login and a quick selfie, making their
entire journey fast, accurate, and friendly, while stopping fraud
and account takeover. Today, friction-filled one-time passwords,
PINs, and other difficult processes result in troublesome
authentication experiences that increase enterprise risk, waste
support staff resources, and cause user abandonment. Instead,
authID rapidly and securely connects trusted users with their
digital resources, keeping the enterprise safe from phishing and
fraud.
“I am extremely pleased with the strong market momentum we
achieved in the third quarter by securing contracts estimated at
over $1 million in aggregate BARR,” said Rhon Daguro, CEO of
authID. “With these customer wins, we continue to see strong market
demand and fit for our biometric identity verification and
authentication services. The authID team is committed to building
upon this success by delivering fast, accurate, and seamless
identity experiences that connect verified individuals with their
sensitive resources, while eliminating fraud for the
enterprise.”
authID’s patented identity authentication platform helps clients
secure a range of workforce and consumer use-cases including:
-
Account Opening and Onboarding – Establish
trusted digital identity and stop fraud during
onboarding, with quick and highly accurate, document-based
identity verification and facial biometric matching of a new
customer or employee.
- Securing the
Consumer Journey – Whether in financial services or
healthcare reduce fraud across the customer journey. Ease customer
login with FIDO2 cryptographic passwordless authentication. Know
it’s really your customer requesting a valued financial transaction
or accessing medical services.
- Workforce
Authentication – Deploy
portable MFA across shared workstations and mobile
devices with a simple facial biometric capture bound to a trusted
identity. Employees can quickly authenticate to vital corporate
applications without the hassles of passwords, hardware tokens, or
helpdesk interaction. Trusted users can quickly and efficiently
access workforce applications, and safely perform privileged
actions, enhancing productivity and security.
- Password
and Account Recovery Complexities – Eliminate passwords,
the most common attack vector exploited by bad actors. Delight
users with no more password hassles. Protect and enable account
recovery with biometrics. authID’s biometric chain of trust bound
to a user’s account replaces phishable one-time PIN codes and
protects password or FIDO2-enabled accounts.
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. 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. These non-GAAP
key business indicators, which include BARR, 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 Quarterly Report on Form 10-Q for the period
ended September 30, 2023. 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-Q
for the quarter 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 amount of BARR signed in the third quarter of
2023 was $1,018,000 and the net amount of BARR was $997,416 (after
attrition), compared to $40,000 of BARR signed in the third 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
Verified, nor for any ramp in adoption, or seasonality of usage of
the Verified 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 StatementsThis Press Release
includes “forward-looking statements.” All statements other than
statements of historical facts included herein, including, without
limitation, those regarding 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.
At authID (Nasdaq: AUID), We Are Digital Identity®.
authID provides secure identity verification
and authentication through its
easy-to-integrate, patented identity platform. The platform is
designed to satisfy those who need to protect enterprise assets and
assure the identity of their employees and customers. authID
combines digital onboarding, biometric authentication, and account
recovery, with the fastest, accurate, user-friendly experience –
delivering identity verification in 700ms. authID establishes
trusted digital identities, binds a verified trusted identity to
provisioned devices, and eliminates the risks of passwords to
deliver the faster, frictionless, and accurate user identity
solutions demanded by operators of today’s digital ecosystem. For
more information, go to www.authID.ai.
authID Media Contact
Rhon Daguro, CEO InvestorRelations@authid.ai
authID (NASDAQ:AUID)
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