DENVER - authID Inc. (NASDAQ:AUID), a provider of biometric identity verification solutions, announced today the appointment of Erick Soto as its new Chief Product Officer. Soto, who has over 15 years of experience in the industry, will be responsible for leading the development of authID's product lines, Proof and Verified, focusing on enhancing performance, functionality, and user experience.
Erick Soto's appointment comes after his tenure at Oxygen Health as Chief Product Officer, where he contributed to the neobank's growth. Soto's previous roles include Chief Product Officer – New Digital Initiatives at BBVA (BME:BBVA) and VP of Product at Socure. At Socure, he worked alongside authID's current CEO, Rhon Daguro, to grow the company into a unicorn with a valuation of $4.5 billion.
Rhon Daguro, CEO of authID, expressed enthusiasm for Soto's addition to the team, citing their successful history of collaboration and Soto's deep industry knowledge. Daguro anticipates that Soto's expertise will drive increased value for authID's customers by delivering solutions that ensure absolute knowledge of user identity behind devices while enhancing privacy protections.
Soto also shared his excitement about joining authID, highlighting the company's robust fraud-fighting technology and the opportunity to further advance the platform. He emphasized the importance of staying ahead of known and emerging threats in identity verification and authentication, ensuring customer trust and privacy protection.
authID is known for its biometric identity platform that provides enterprises with the ability to verify user identity quickly and accurately, eliminating the risk of cybercriminals compromising accounts. The company's technology boasts industry-leading processing time, liveness detection, and precision in differentiating legitimate users from fraudulent activities. authID also emphasizes the importance of safeguarding user biometric data privacy.
This press release statement indicates authID's commitment to advancing its identity verification and authentication solutions and its focus on maintaining a secure digital environment for its customers.
In other recent news, authID Inc. has reported a surge in Q1 2024 revenue, up to $0.16 million from $0.04 million last year, despite a net loss of $3.06 million due to increased operating expenses and non-cash charges. The company is aiming for a booked Annual Recurring Revenue (bARR) of $9 million in 2024 and anticipates total revenue for the year to be between $1.4 million to $1.6 million. In terms of corporate restructuring, authID has reduced its authorized shares from 250 million to 150 million and secured additional funding through a registered stock offering, selling 1,464,965 shares of common stock.
In partnership news, authID has entered into agreements with DataVisor and Kaiasoft.com to enhance their platforms with authID's biometric identity verification solutions. These collaborations aim to provide advanced tools to prevent account takeovers and protect assets from cybercriminals. The integration of authID's services into these platforms is expected to streamline customer enrollment, reduce abandonment rates, and boost revenue.
These are the recent developments for authID Inc. as it continues to strategically position itself in the growing authentication market.
InvestingPro Insights
As authID Inc. (NASDAQ:AUID) welcomes Erick Soto as its new Chief Product Officer, investors and stakeholders may be interested in the company's financial health and market performance. According to InvestingPro data, authID holds a market capitalization of $73.88 million, illustrating its standing in the biometric identity verification market.
InvestingPro Tips suggest that authID is trading at a high revenue valuation multiple, a signal that the market has high expectations for the company's future revenue growth. This aligns with the company's recent appointment aimed at enhancing product offerings and user experience, potentially driving future revenue increases.
Additionally, authID's stock price movements are noted to be quite volatile, which may reflect investor sensitivity to industry developments and company-specific news, such as executive team changes. Investors may need to consider this volatility when making investment decisions.
The company's revenue growth over the last twelve months as of Q2 2024 stands at an impressive 49.1%, with an even more remarkable quarterly revenue growth of 655.04%. However, it's important to note that authID has not been profitable over the last twelve months, with an operating income margin of -2438.12%. This indicates that while the company is growing its top line, it is still working towards achieving profitability.
For those interested in diving deeper into authID's financials and performance, InvestingPro has additional tips available, providing a comprehensive view of the company's financial health and future prospects.
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