authID Q3 revenue falls 50%, loss per share narrows
AUID•authID's third-quarter revenue fell 50% year over year to $263,155, while its loss per share narrowed to $0.24 from $0.38.
1. Quarterly results
authID reported third-quarter revenue of $263,155, down 50% year over year. Its loss per share narrowed to $0.24 from $0.38 a year earlier, and adjusted EBITDA was a loss of $2.05 million.
2. Costs and outlook
Operating expenses fell more than 30% year over year to $3.4 million, which the company attributed to headcount and vendor-related cuts. authID expects about 74% of its $3.0 million in remaining performance obligations to be recognized as revenue over the next 12 months and said it has visibility into additional cash collections this quarter.
3. New services
The company said customer delays in production go-live and volume ramping, along with challenges meeting contractual obligations, affected recurring revenue metrics. It launched new usage-based, monthly-billed services and signed a $2 million technology licensing agreement, aiming to accelerate revenue and cash collections.
