AUID authID Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

  

Date of Report (Date of earliest event reported): January 14, 2025

  

 

authID Inc.

(Exact name of registrant as specified in its charter)

 

Delaware		001-40747		46-2069547
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification Number)

 

1580 N. Logan St, Suite 660, Unit 51767, Denver, Colorado 80203

(Address of principal executive offices) (zip code)

 

516-274-8700

(Registrant's telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:  

 

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock par value $0.0001 per share		AUID		The Nasdaq Stock Market, LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth Company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 7.01 Regulation FD Disclosure.

 

On January 14, 2025, representatives of authID Inc. (the “Company”) began making presentations using slides containing the information attached to this Current Report on Form 8-K as Exhibit 99.1 (the “Presentation”) and incorporated herein by reference. The Company expects to use the Presentation, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts and others.

 

By filing this Current Report on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.

 

The information contained in the Presentation is summary information that is intended to be considered in the context of the Company's Securities and Exchange Commission (“SEC”) filings and other public announcements that the Company may make, by press release or otherwise, from time to time.  The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted.  Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

 

The information presented in Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or specifically incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.

 

Item 9.01 Financial Statements and Exhibits

 

Exhibit Number		Description
99.1		Presentation Slideshow in use beginning January 14, 2025 (furnished only)
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	authID Inc.
Date: January 14, 2025	By:	/s/ Edward Sellitto
	Name:	Edward Sellitto
	Title:	Chief Financial Officer

 

 

2 

 

Exhibit 99.1

 

© 2025 authID Inc. All Rights Reserved. Investor Presentation January 2025 NASDAQ: AUID

© 2025 authID Inc. All Rights Reserved. - 2 - Disclainers s Forward - Looking Statenents This Presentation and information provided at a webcast or meeting at which it is presented (the “Presentation") has been prepared on the basis of information furnished by the management of authID Inc. (“authID” or the “Company”) and has not been independently verified by any third party. This Presentation is provided for information purposes only. This Presentation is not an offer to sell nor a solicitation of an offer to buy any securities. While the Company is not aware of any inaccuracies, no warranty or representation is made by the Company or its employees and representatives as to the completeness or accuracy of the information contained herein . Any estimates in this Presentation regarding future results are shown for illustrative purposes only based on certain assumptions and are not intended to be a forecast or guarantee of any particular results . This Presentation also contains estimates and other statistical data made by independent parties and us relating to market size and other data about our industry . This data involves a number of assumptions and limitations, and you should not give undue weight to such data and estimates . Information contained in this Presentation or presented during this meeting includes “forward - looking statements . ” All statements other than statements of historical facts included herein, including, without limitation, those regarding the future results of operations, growth and sales, revenue guidance for 2024 , booked Annual Recurring Revenue (bARR) (and its components cARR and UAC), Annual Recurring Revenue (ARR), cash flow, cash position and financial position, business strategy, plans and objectives of management for future operations of both authID Inc . and its business partners, are forward - looking statements . Such forward - looking statements are based on a number of assumptions regarding 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 ; successful implementation of the services to be provided under new customer contracts and their adoption by customers' users ; the Company’s ability to compete effectively ; changes in laws, regulations and practices ; changes in domestic and international economic and political conditions, the as yet uncertain impact of the wars in Ukraine and the Middle East, 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 , 2023 , 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 presentation 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 presentation to reflect any changes in its expectations with regard thereto or any change in events, conditions, or circumstances on which any statement is based . This Presentation contains references to the Company’s and other entities’ trademarks . Such trademarks are the property of their respective owner . The Company does not intend its use or the display of other companies’ trade names or trademarks to imply a relationship with or endorsement of the Company by any other entity . By reading this Presentation or attending a webcast or meeting at which it is presented you accept and agree to these terms, disclaimers and limitations.

© 2025 authID Inc. All Rights Reserved. WHAT WE DO Artificial Intelligence is producing the nost realistic, inauthentic content the world has ever seen. The only way to allow conpanies to ensure authenticity is to give then the capability to trust the physical presence of an individual hunan being. This is what authID delivers.

New Leadership w/ $100M+ ARR Expertise in ID Verification Rhon Daguro CHIEF EXECUTIVE OFFICER s DIRECTOR © 2024 authID Inc. All Rights Reserved. - 4 - © 2025 authID Inc. All Rights Reserved. Rhon brings proven success in building multiple profitable software and professional services firms, and over 20 years of sales, marketing, technology, and venture capital experience. With extensive identity domain knowledge from Oracle and Persistent, Rhon served most recently as the Chief Revenue Officer of Socure Inc. where he helped the company attain ‘unicorn’ status, growing annual recurring revenue to over $100 million at a $4.5B valuation. Ed Sellitto CHIEF FINANCIAL OFFICER Mr. Sellitto is a seasoned financial executive, with over 15 years of experience in revenue optimization roles supporting high - growth B2B, and SaaS organizations that needed to build and optimize their go - to - market operations. Ed has worked at Zero Hash, NYSE - listed Sprinklr, Socure, American Express and NewsCorp/Dow Jones. Ed earned his MBA in corporate finance and strategy from the Stern School of Business at New York University. Erick Soto CHIEF PRODUCT OFFICER Mr. Soto has over fifteen years in product management, with heavy focus on SaaS, financial services, and identity management and fraud prevention. He has overseen identity and payments solution development at companies such as Socure, BBVA, Oxygen, and Capital One, and serves as a cybersecurity adviser. Thomas Szoke CHIEF TECHNOLOGY OFFICER s DIRECTOR Mr. Szoke has over 25 years of engineering, global sales, and operations management experience. He previously served as Chief Solutions Architect of authID. Prior to that he served as President and CEO of the Company, and Chief Operating Officer of Innovation In Motion Inc. Mr. Szoke is also the inventor of IIM Global Corps HDR Intelligent Accessory product lines, and held various sales and management positions with Motorola, Inc. for over 20 years. Our team has deep domain expertise and experience building a $100M+ ARR ID Verification business within 3.5 years

• Passwords • Multi - Factor • One Time Password • Device - specific Passkeys (e.g. Apple Face ID, Google Face Unlock) The Current Identity Authentication Flow Companies believe the user is legitimate Login Wire Transfers Employees Benefits Contractors Account Recovery Call Center/Help Desk © 2024 authID Inc. All Rights Reserved. - 5 - © 2025 authID Inc. All Rights Reserved.

Fraudsters compromise devices Companies incorrectly assume the user is legitimate Fraud Exists Because Current Security is Not Enough AI “Deepfakes” fool existing biometric solutions Login © 2024 authID Inc. All Rights Reserved. - 6 - © 2025 authID Inc. All Rights Reserved. Wire Transfers Employees Benefits Contractors Account Recovery Call Center/Help Desk

authID will match on the "live" person to the biometric record in 700 milliseconds authID Ains to Elininate Fraud Conpletely authID looks beyond the device and can detect and stop Deep Fakes Login © 2024 authID Inc. All Rights Reserved. - 7 - © 2025 authID Inc. All Rights Reserved. Wire Transfers Employees Benefits Contractors Account Recovery Call Center/Help Desk

authID Bionetric Proof and Authentication Identity Verification (IDV) Use authID’s Proof for identity verification to ensure the applicant’s identity exists, and the person asserting the identity is the person named in the ID. Protect the User Account Biometric captured during identity proofing binds a user to their account, creating a completely private and portable authenticator that can be utilized on any device without ever storing biometrics. Easily & Securely Authenticate Biometric protects the user account eliminating the need for passwords. Offer the highest assurance of the identity combined with the simplest and most efficient user experience. Account Recovery Issue new FIDO2 passkey Protect high risk transactions Call Center Remote Authentication Enroll Encrypted Biometric Signature for existing users without government credential Government Issued ID + Create Encrypted Biometric Signature verified against authentic government credential. Identity Verification x Biometric Match x Liveness x Deepfakes x Injection x Manipulation x Device Integrity x Authenticity OR 700ms Self Portrait Full Audit Trail © 2024 authID Inc. All Rights Reserved. - 8 - © 2025 authID Inc. All Rights Reserved.

Why Custoners Choose authID authID delivers what enterprises want through a combination of Speed, Accuracy, and Data Privacy Others Vs. Enterprise Requirenents 7 - 10s 700ns Delivers UX consistent with Apple Face ID and Google Face Unlock Low friction Ease of use 1 Speed 1 to 100,000 1 to 1 Billion Biometric accuracy that guarantees knowing who is behind the device Eliminate fraud attacks Enterprise Adoption 2 Accuracy Key Barrier to Large Stored Bionetric Data Images C encrypted Biometric templates stored in Cloud Servers No Bionetrics Stored Compliance to global biometric data privacy standards Regulatory compliance Mitigate liability from data breaches 3 Privacy s Data Protection © 2024 authID Inc. All Rights Reserved. - 9 - © 2025 authID Inc. All Rights Reserved.

Go - to - Market Strategy s Monentun © 2025 authID Inc. All Rights Reserved.

Explosive Growth Effect of AI On ID Security Market Social Engineering Deepfake Conference Call SMS Scam Body Double / Shared Credentials All PII Data is Already Compromised Every Dimension of Fraud Has Increased on existing applications and new applications are being created at a faster rate than ever before More New Fraudsters Born Higher Quality of Fraud with AI Higher Frequency of Fraud Increased Deepfake Fraud Increase in Applications Developed More Identity Database Breaches © 2024 authID Inc. All Rights Reserved. - 11 - © 2025 authID Inc. All Rights Reserved.

Tining is Right for Bionetric ID Verification s Authentication • Market adoption of biometrics has arrived , driven by Apple FaceID, CLEAR, TSA, Global Entry, & Aadhaar. • The emergence of generative AI is contributing to explosive growth in fraud. • Digital transformation is driving massive growth in applications that require authentication security. • Regulation is driving increased shift to privacy - compliant biometric technologies. • No clear leader in a fast - growing biometric id verification and authentication market. We believe that every digital organization will ultimately add biometrics to their stack 34.3 © 2024 authID Inc. All Rights Reserved. - 12 - © 2025 authID Inc. All Rights Reserved. 151.3 2022 2023 2024 2025 2026 2027 2028 2029 2030 * Grand View Research, Biometric Technology Market Size, Share & Trends Analysis Report, 2023 - 2030 Global Bionetric Technology Market * USD Billion

Our Go - To - Market (GTM) Approach Our Go - To - Market approach leverages a mix of customer profiles that position us to achieve early wins and accelerate growth through the first 2 - 3 years FAST 100 Mid - Size / High Growth • Smaller, fast - moving organizations that require minimal product customization • Average 3 - month sales cycle • Smaller deal size, typically $50 - 250k/yr FAT 100 Enterprise • Large enterprise organizations that often require significant product customization and sales effort • Average 9 - 12 month+ sales cycle • Larger deal size, typically $500k - $3M/yr FASTER 100 Channel • Leverage channel partners as resellers to large numbers of their customers • Minimal sales effort, leverage channel partners sales team • Opportunity to quickly add a large number of new logos Q1 2024 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 - 13 - © 2025 authID Inc. All Rights Reserved.

$0.2M $3M $9M $18M $36M A bookings growth pattern of T2D3 (3x/3x/2x/2x/2x) from 2023 - 2027 would put us a path to $100M+ in cumulative bookings $72M 2022 2024 2025 2026 Achieved in 2023 On track in 2024 2x 2x 3x >3x 2023 Our Path to Achieving $100M+ in Bookings 2x 2027 $138M $66M $30M $12M $3M $<1M Cumulative Bookings - 14 - © 2025 authID Inc. All Rights Reserved.

• Contract bookings are expected to convert to Revenue over a 3 - year period as customers go - live with the service and ramp usage to their full volume expectations. • For example, $100 in Year 0 bookings translate into approximately $20 - 50 in revenue in Year 1 from recognition of contractual commitments, ramping to $100/yr by year 3 as the customer achieves full volume ramp. Year 0 Bookings Year 1 Bookings Year 2 Bookings Year 3 Bookings Year 1 Year 3 Year 4 Year 2 How our Bookings Convert to Revenue Revenue - 15 - © 2025 authID Inc. All Rights Reserved.

How We Measure Success - 16 - © 2025 authID Inc. All Rights Reserved. Sales Pipeline • Total annual value of deals in an active sales stage • Rate of addition of new deals to the pipeline 1 Booked Annual Recurring Revenue (bARR) • Annual value of signed deals • Comprised of annual customer commitments (cARR) + estimated annual usage fees above commitment measured 18 months after the month of signature (UAC) 2 Renaining Perfornance Obligation (RPO) • Total value of customer commitments over the term of each contract • Future revenue to be recognized under customer contracts 3 Revenue s Annual Recurring Revenue (ARR) • Recognized in accordance with GAAP • ARR represents annualized run rate of recognized revenue 4

Capital Allocation Priorities Investnent in Organic Business Growth • Investing to scale our Sales C Go - to - Market engine • Investing in our technology C engineering to support our product roadmap, unlock enterprise use cases and scale usage Strategic MsA to Accelerate Growth • Accelerated Revenue Growth through acquisition of revenue generating businesses • Technology Alignnent with product roadmap vision and business objectives • Expanded Custoner Base for future cross - sell / upsell growth - 17 - © 2025 authID Inc. All Rights Reserved.

Financial Highlights © 2025 authID Inc. All Rights Reserved.

Q3 2024 GAAP Financial Results 3 and 9 months Ended September 30, 2024 * 2023 Operating Expenses reflect a $3.4M one - time, non - cash reversal of stock - based compensation from Q1’23 terminations Net Loss from Non - Cash C One - Time Revenue Operating Expenses* Continuing Operations Severance Charges Net Loss Per Share ($M) ($M) ($M) ($M) Continuing Operations $3.05 $0.97 $0.47 $0.31 ‘23 ’24 ‘23 '24 3 nonths G nonths 10.4M 1.6M 2.2M 0.6M ‘23 ’24 ‘23 '24 3 nonths G nonths 16.4M 9.7M 3.7M 3.4M ‘23 ’24 ‘23 '24 3 nonths G nonths 10.7M 7.6M 3.8M 3.8M ‘23 ’24 ‘23 '24 3 nonths G nonths 0.69M 0.25M 0.12M 0.04M ‘23 ’24 ‘23 '24 3 nonths G nonths - 19 - © 2025 authID Inc. All Rights Reserved.

Q3 2024 Non - GAAP* Financial Results Q3 2023 Q3 2024 * See Q3 2024 Earnings Press Release for important information about Non - GAAP Measures **cARR = Committed Annual Recurring Revenue, Est. UAC = Estimated Usage Above Commitment Q2 2023 Q2 2024 3m o 9m o bARR Booked Annual Recurring Revenue** ARR Annual Recurring Revenue Adjusted EBITDA Loss 9 months ended Sept. 30 3 months ended Sept. 30 2024 cARR $1.88M $0.88M $1.00M 2024 2024 Est. UAC $1.27M $0.62M $0.65M 2023 2023 cARR $1.15M $0.54M $0.61M 2024 2023 Est. UAC $1.02M $0.50M $0.52M 2023 1.0M 7.8M 6.0M 2.9M 0.2M 2.1M Q3 Q3 ‘23 '24 ‘23 ’24 2024 2023 Gno ended Sept. 30 3no ended Sept. 30 - 20 - © 2025 authID Inc. All Rights Reserved.

Revenue Growth Stages Progressing through our growth stages to build a sustainable, recurring revenue stream - 21 - © 2025 authID Inc. All Rights Reserved. Q3 ‘24 YTD Progress 2023 FY Results Measurement Stage $1.88M (+$0.61M vs. Q3 ’23 YTD) $2.94M Booked Annual Recurring Revenue (bARR) Secure new customer contracts with booked Annual Recurring Revenue Bookings 1 $3.83M (+$1.90M vs. Q3 ‘23 YTD) $4.03M Remaining Performance Obligation (RPO) Establish contractual commitments from customers Financial Connitnents 2 $0.6GM (+$0.57M vs. Q3 ‘23 YTD) $0.19M GAAP Revenue • Implement new customers and recognize revenue • Ramp usage and exceed minimum commitments Revenue 3 2025 Focus Retention Rate Net Revenue Retention Retain customer contracts and expand relationships with upsells and cross - sells Retention and Expansion 4

© 2025 authID Inc. All Rights Reserved. Contacts Investor Relations Gateway Group, Inc. Cody Slach and Alex Thompson 1 - 949 - 574 - 3860 AUID@gateway - grp.com Investor - Relations@authid.ai

v3.24.4

Cover	Jan. 14, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 14, 2025
Entity File Number	001-40747
Entity Registrant Name	authID Inc.
Entity Central Index Key	0001534154
Entity Tax Identification Number	46-2069547
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1580 N. Logan St
Entity Address, Address Line Two	Suite 660
Entity Address, Address Line Three	Unit 51767
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80203
City Area Code	516
Local Phone Number	274-8700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock par value $0.0001 per share
Trading Symbol	AUID
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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