Thomas Szoke, Chief Technology Officer at authID Inc. (NASDAQ:AUID), has disclosed the sale of 1,500 shares of common stock. The shares were sold on November 12, 2024, at a weighted average price of $6.91, totaling $10,365. Following this transaction, Szoke holds a direct ownership of 21,119 shares.
In addition to his direct holdings, Szoke's indirect holdings, attributed to shares held by his wife, Ginta Ozola-Szoke, amount to 12,500 shares. Beyond these, the filing also reports Szoke's ownership of several stock options with varying exercise prices and expiration dates, which remain unchanged following this transaction.
In other recent news, authID reported a substantial rise in its third-quarter revenue, reaching $249,000, a significant leap from the $43,000 reported in the same period last year. This surge is part of a broader trend, with the company's nine-month revenue totaling $687,000, up from $118,000 the previous year. However, due to delays in customer Go-Live dates and adjustments in volume expectations, authID has adjusted its full-year revenue guidance to between $800,000 and $900,000. Despite these challenges, the company has secured major contracts, including a $10 million deal in India and a contract with a global retail technology firm.
Usage of the company's Proof product has grown 25-fold, processing nearly 800,000 Proofs in Q3. Verified product user registrations saw a 42-fold increase to over 94,000 in Q3. Notably, the company's net loss for Q3 improved to $3.4 million from $3.7 million year-over-year.
In terms of future expectations, authID projects its Remaining Performance Obligation (RPO) to grow to $13 million - $14 million by year-end, up from the previous target of $12 million to $13 million. The company is also focusing on the financial services sector for future growth, with new strategic hires aimed at enhancing partnership development. These are the recent developments concerning authID.
InvestingPro Insights
As Thomas Szoke, CTO of authID Inc. (NASDAQ:AUID), sells a portion of his shares, investors might be curious about the company's financial health and market performance. According to InvestingPro data, authID's market capitalization stands at $74.37 million, reflecting its current position in the market.
InvestingPro Tips reveal that authID holds more cash than debt on its balance sheet, which could be seen as a positive sign of financial stability. This aligns with another tip indicating that the company's liquid assets exceed short-term obligations, potentially providing a cushion for operational needs.
However, it's worth noting that authID is not profitable over the last twelve months, with a negative P/E ratio of -5.77. This lack of profitability is further emphasized by the operating income margin of -1,748.75% for the last twelve months as of Q3 2024, suggesting significant challenges in converting revenue to profit.
On a more positive note, authID has shown impressive revenue growth, with a 473.69% increase in quarterly revenue as of Q3 2024. This substantial growth might explain why the stock is trading at a high revenue valuation multiple, as indicated by another InvestingPro Tip.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. There are 7 more InvestingPro Tips available for authID, which could provide a deeper understanding of the company's financial position and market dynamics.
Thomas Szoke, Chief Technology Officer at authID Inc. (NASDAQ:AUID), has disclosed the sale of 1,500 shares of common stock. The shares were sold on November 12, 2024, at a weighted average price of $6.91, totaling $10,365. Following this transaction, Szoke holds a direct ownership of 21,119 shares.
In addition to his direct holdings, Szoke's indirect holdings, attributed to shares held by his wife, Ginta Ozola-Szoke, amount to 12,500 shares. Beyond these, the filing also reports Szoke's ownership of several stock options with varying exercise prices and expiration dates, which remain unchanged following this transaction.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.