The following is a summary of the AuthID Inc. (AUID) Q4 2023 Earnings Call Transcript:

Financial Performance:

• AuthID reported total revenue of $0.2 million in 2023, decreasing from $0.5 million in 2022 due to the discontinuation of a legacy product.

• The company managed to reduce operating expenses by 52% to $10.9 million through cost savings measures.

• Loss from continuing operations improved by 17% to $19.6 million, attributed in part to noncash and one-time severance charges.

• This resulted in an adjusted EBITDA loss reduction of 24% to $8.7 million due to the company's 2023 restructuring plan.

• AuthID's Net ARR from 2023 contracts was $2.9 million, a significant increase from the $0.23 million in 2022.

Business Progress:

• The company plans to continue increasing its recurring and overall revenue in 2024 through new contracts and customers.

• AuthID has expanded its sales team which has led to a continued increase in pipeline opportunities.

• In 2023, the company boosted its balance sheet by raising $9 million and achieved new contract bookings valued at $1.7 million in Q4.

• The company is now setting a target of $9 million in bARR for 2024 due to an impressive sales pipeline for short term and long-term expansion.

• AuthID continues to innovate, focusing on defeating deepfake threats, and providing a superior biometric authentication service with groundbreaking processing speeds.

• AuthID's technology, recognised for its effectiveness in combating cyber threats, is sought after by companies in various sectors, leading to the expectation of closing significant deals in the coming year.

• Alongside customer growth, the company prioritises product development and is committed to enhancing user experience and adding new functionalities to its platform.

More details: authID IR

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