authID Inc. reported its financial results for the first quarter of 2025, revealing a revenue increase to approximately $296,000, up from $157,000 in the same period last year. This growth is attributed to the recognition of revenue from new customer contracts. However, the company continues to face significant challenges, posting a net loss of approximately $4.3 million, compared to a loss of $3.1 million in the first quarter of 2024. The loss per share for the quarter was $(0.40), compared to $(0.32) in the prior year.
Operating expenses for the quarter rose to $4.7 million, an increase from $3.3 million in the previous year, driven primarily by higher general and administrative costs, which increased by approximately $0.6 million due to investments in client-facing sales resources. Research and development expenses also saw a notable rise of about $0.8 million as the company continued to invest in product capabilities and performance enhancements for existing customers.
In terms of operational metrics, authID's cash position decreased significantly, ending the quarter with approximately $2.9 million in cash, down from $8.5 million at the end of 2024. The company reported a total of 10,920,909 shares outstanding as of March 31, 2025. Additionally, the company has a remaining performance obligation of $13.85 million, with approximately 34% expected to be recognized as revenue over the next twelve months. The company’s reliance on a small number of customers is evident, as three customers accounted for 68% of revenue during the quarter.
Strategically, authID has been focused on expanding its product offerings and customer base. The company has recently engaged in direct stock offerings, raising approximately $8.6 million in April and May 2025 to support its operations and investments. Despite these efforts, the company acknowledges the ongoing economic uncertainties, including inflation and geopolitical tensions, which may impact its future performance. Looking ahead, authID plans to continue seeking additional funding and expanding its market presence, although it remains cautious about the potential for achieving profitability in the near term.
About authID Inc.
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