DENVER - authID (NASDAQ:AUID), a recognized provider of biometric identity verification solutions with a market capitalization of $65.42 million, today announced a new partnership with Berify, a company specializing in authentication and consumer engagement. Berify will implement authID's biometric technologies, ProofTM and VerifiedTM, to onboard and authenticate users globally, as well as integrate these solutions into its platform for enterprise use cases in the Asia Pacific region. According to InvestingPro data, authID has demonstrated strong revenue growth of 97.4% over the last twelve months, though the stock has experienced significant volatility.
Berify's platform, which leverages blockchain and cybersecurity, aims to enhance consumer engagement through intuitive dashboards, creating personalized experiences and gathering zero-party data for clients. The partnership with authID is expected to bolster Berify's commitment to preventing identity fraud by providing a secure and reusable identity that functions across multiple platforms.
Thomas Chen, Berify's CTO, emphasized the importance of authID's biometric platform in achieving a high level of identity assurance and its role in preventing identity fraud. Rhon Daguro, authID's CEO, expressed enthusiasm about the partnership, highlighting the company's ability to deliver market-leading speed, precision, and accuracy in identity verification.
The agreement between authID and Berify is seen as a significant stride in authID's efforts to expand its market presence and increase bookings in the upcoming year.
authID is known for its patented identity platform that verifies user identities to prevent cybercriminals from compromising accounts. The platform offers secure digital onboarding, biometric authentication, and account recovery, aiming to provide a seamless and accurate user experience.
Berify, on the other hand, connects physical products to the digital world, offering security and engagement in the consumer-brand relationship. It allows brands to protect their reputation, understand their consumers, and differentiate themselves in the market.
The information in this article is based on a press release statement. For more details on authID's offerings and educational materials on biometrics and deepfakes, visit their website at www.authid.ai. To learn more about Berify's services, visit www.berify.io. InvestingPro analysis shows that while authID maintains a strong liquidity position with a current ratio of 6.97 and more cash than debt, the stock has declined 36.68% year-to-date. For comprehensive analysis including 8 additional ProTips and detailed financial metrics, investors can access the full Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, authID reported a significant surge in its third-quarter revenue, reaching $249,000, a substantial increase from $43,000 in the same period last year. The company's nine-month revenue total also rose to $687,000, up from $118,000 the previous year. Despite these positive developments, authID adjusted its full-year revenue guidance to between $800,000 and $900,000 due to delays in customer Go-Live dates and adjustments in volume expectations.
The company has secured significant contracts, including a $10 million deal in India and a global retail technology firm contract. AuthID's Proof product usage grew 25x, processing nearly 800,000 Proofs in the third quarter, and Verified product user registrations saw a 42x increase to over 94,000 in the same period.
However, the company reported a $1.1 million de-booking of booked annual recurring revenue due to Go-Live delays. Despite new contracts, the company's bARR projection remains at $9 million due to the timing of revenue recognition associated with customer ramp-up. These are the recent developments in authID's financial journey.
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