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T Stamp Inc. (IDAI-4.26%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a net loss of $12.54 million, compared to a net loss of $7.64 million in the previous year.
Revenue for the year decreased to $3.08 million from $4.56 million in 2023, primarily due to the termination of a significant contract with Interactive Global Solutions.
The company reported operating expenses of $12.45 million, consistent with the prior year's expenses.
T Stamp Inc. continues to focus on developing AI-powered identity authentication solutions and has expanded its intellectual property portfolio with six new patents during the year.
The company entered into several financing arrangements, raising a total of $8.57 million through securities purchase agreements.
T Stamp Inc. has also entered into a business arrangement with Qenta, resulting in a $1.00 million license fee and a 10% equity stake in QID Technologies LLC.
The company has identified a material weakness in its internal controls over financial reporting related to complex equity transactions.
T Stamp Inc. plans to address this material weakness by enhancing its internal control processes.
The company acknowledges its dependence on raising additional capital to fund future operations and meet its financial obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the T Stamp Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.