authID® [Nasdaq: AUID], a leading provider of innovative
biometric identity verification and authentication solutions, today
announced that it has secured new customer contracts with an
estimated aggregate Booked Annual Recurring Revenue or BARR (as
defined below) of approximately $239,000 during the quarter ended
June 30, 2023.
authID’s new customers include a Fortune 500 company with over
100,000 employees, working with authID to secure workforce access
to shared corporate devices and applications; a U.S. financial
institution using our services to streamline customer onboarding
and weed out imposters; and an international recruitment platform
who need our services to verify identity of new hires and automate
document collection, in order to deliver trusted candidates to
their corporate customers.
authID was selected by these new customers because of our
ability to deliver fully orchestrated identity journeys that are
fast, accurate, and user-friendly. While other solutions in the
market focus only on a single point within the identity journey,
authID’s VerifiedTM platform focuses on customer delight throughout
the entire user journey. Verified establishes a trusted identity
during onboarding, then binds the user’s identity to a cloud
biometric, creating a biometric chain of trust that strengthens an
organization’s ability to eliminate identity fraud at onboarding,
defend against phishing and account takeover attacks, and eliminate
helpdesk calls due to forgotten passwords, all within a
lightning-fast user experience.
“These customer wins validate the demand for our strong identity
verification and authentication products and represent the highest
total BARR in sales that authID has achieved in a single quarter to
date” said Rhon Daguro, CEO of authID. “We are dedicated to our
mission – to deliver the best identity solution in the market that
eliminates authentication fraud, offers zero trust protection, and
provides the fastest and most accurate user experience.”
authID’s patented identity authentication platform helps our
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.
- Frontline and
Shift
Worker
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 or hardware tokens. Organizations gain high assurance
that a user really is who they claim to be for vital use cases such
as timekeeping, access to workforce applications, and
authentication of privileged actions.
- Password and
Account
Recovery
Complexities - Eliminate
passwords - one of the largest attack vectors exploited by bad
actors. Delight users with no more password hassles. Reduce help
desk related costs by protecting account recovery with biometrics.
Verified’s biometric chain of trust bound to a user's account
replaces phishable one-time PIN codes and protects password or
FIDO2-enabled accounts.
Offering a seamless user experience, authID’s identity services
are delivered in a browser on any smartphone, tablet, MAC, or PC,
and do not require the development complexities of a mobile app or
SDK. authID delivers automatic authentication of North American
licenses and over 12,000 government IDs and passports from 200
countries or territories. Our technology protects against attacks
such as deep fakes with iBeta Level 2 certified presentation attack
detection “liveness” all in a 700ms response time, the fastest the
market has ever seen, as compared to other providers who claim 4 to
5 second response times.
For further information about how authID can help your
organization secure your workforce or consumer application 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 June 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 net amount of BARR signed in the second quarter of
2023 was $221,000 (after attrition), compared to $32,000 signed in
the second 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 Statements 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
Verified™, an easy-to-integrate strong authentication
platform. Verified combines document-based identity
verification with strong FIDO2 passwordless device
authentication and cloud biometrics to deliver identity-first
cybersecurity for both workforce and consumer applications.
Powered by sophisticated biometric and artificial intelligence
technologies, authID establishes trusted digital identities,
binds an identity to provisioned devices, and eliminates the risks
of passwords to deliver the faster, frictionless, and accurate
user identity solutions demanded by today’s digital ecosystem. For
more information, go to www.authID.ai.
authID Media Contact
Rhon A. Daguro, CEOInvestorRelations@authid.ai
authID (NASDAQ:AUID)
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