Trust Stamp posts 22% revenue growth in H1, expands African telecom work

Trust Stamp posts 22% revenue growth in H1, expands African telecom work

Thu, August 13, 2026 at 6:20 PM GMT+3 2 min read

• IDAI -1.32%

Trust Stamp Inc (NASDAQ:IDAI, ISE:AIID) said its revenue for the six-month period ended June 30 increased 22% year-over-year, driven largely by higher revenue from its S&P 500 bank customer and $192,000 billed in the second quarter for work with a multinational telecommunications company operating in Africa.

The identity verification reported net recognized revenue of $1.66 million for the six months ended June 30, 2026, up from $1.36 million a year earlier.

"The increase in recognized revenue reflects a high level of continued performance on historic engagements in parallel to our work with new clients that we anticipate will result in significant billable revenue," CEO Gareth Genner told shareholders.

The company said its engagement with the telecom customer has continued to expand since the end of the period, with an additional $800,000 of work product delivered, bringing total billed and billable work for that client to $992,000.

Trust Stamp said it is in negotiations with a second African telecoms company and continues to progress talks on three government-related contracts in Ghana, which it expects to result in one or more definitive agreements during fiscal 2026.

The company identified a sales pipeline of potential governmental and private sector customers worth $42.4 million for 2026 and 2027 combined, which it estimates could generate $9.48 million in revenue after adjusting for the likelihood of contracting.

Total operating expenses rose to $6.32 million from $5.20 million a year earlier, an increase of $1.12 million that included $1.42 million in non-cash expenses. The company attributed the rise to upfront costs tied to the telecom engagement, one-time acquisition expenses related to Lexverify, development costs for its Wallet of Wallets platform, and $250,000 in one-time expenses tied to a financing round completed in the second quarter.

Net loss for the period was $4.93 million, compared with $3.87 million in the prior-year period, a 27.29% increase.

Cash and cash equivalents stood at $6.31 million as of June 30, 2026, with total current assets of $8.14 million when including receivables and prepaid expenses.