authID.ai [Nasdaq: AUID] a leading provider of secure, mobile, biometric identity authentication, today reported financial and operating results for the year ended December 31, 2021.
Since the Company’s rebrand to authID.ai in June 2021, significant progress has been made on its strategic objectives, including completing an uplisting to Nasdaq and an $11.5M investment round in August. authID also strengthened and diversified its Board of Directors and management team which has focused on promoting the Company’s brand, and innovating its Verified Identity as a Service (IDaaS) platform to enhance the user experience and drive adoption. The issuance and notice of allowance of patents received in the last six months secures strong protection for its innovative technology, and continues to set authID.ai apart.
Financial Results for the Year Ended December 31, 2021
- Total revenue was $2.3 million, compared with $2.1 million for the year ended December 31, 2020.
- Net loss was $17.7 million, compared with a net loss of $11.3 million for the year ended December 31, 2020.
- Basic and fully diluted net loss per share for the year ended December 31,2021 was $0.83 compared with $0.63 for 2020.
- Adjusted EBITDA loss was $8.96 million, compared with $5.18 million for the year ended December 2020. The increased adjusted EBITDA loss reflects increased investment in product management, sales, marketing, and technology during the period.
- Cash and cash equivalents as of December 2021 was $6.0 million.
- Subsequent to year end, the Company secured additional financing of approximately $22.5 million before fees, commissions and expenses by a convertible debt offering, common stock sale and a standby credit facility. These resources when combined with cash on hand are estimated to provide sufficient cash for budgeted operations through 2023. Additional details of the financing round can be found in authID.ai’s Form 8-K filed today.
