authID Momentum Drives 300% Increase in Quarter over Quarter Sales
New sales team secures over $1 Million in aggregate BARR
DENVER, Oct. 04, 2023 (GLOBE NEWSWIRE) -- 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.
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).
This 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