Trust Stamp Inc (NASDAQ:IDAI, ISE:AIID), a provider of digital identity authentication and privacy-enhancing technologies, reported a modest rise in revenue for 2025, highlighting progress in key commercial markets and laying the groundwork for expanded growth in 2026.
The company posted net recognized revenue of $3.14 million for the year ended December 31, up 2% from $3.08 million in 2024. The increase was largely driven by an amended contract with an S&P 500 bank that extends through 2031 and guarantees minimum gross revenue of $12.7 million over the term, contributing $666,000 in revenue last year.
Operating expenses fell 13% to $10.8 million, and comprehensive loss narrowed 32% to $8.33 million, reflecting cost optimization efforts and resource reallocation to product development and new customer onboarding. Shareholder equity more than doubled to $8.73 million, while total liabilities declined to $2.35 million.
CEO Gareth Genner said the company’s strategic focus on high-potential projects has begun to deliver results in 2026. “In 2025 we reduced and optimized expenditure, focusing our resources on projects that we believed to be best positioned to generate meaningful revenue in 2026 and 2027,” he said in a statement.
Early signs of growth include the first purchase order for the company’s Irreversibly Transformed Identity Token (IT2) from a telecommunications operator serving multiple African and Middle Eastern markets, projected to generate seven-figure annual recurring revenue (ARR). In Japan, Trust Stamp secured its first revenue-generating contract with Digital Platformer and completed a proof-of-concept with INTEC, marking initial entry into a key Asian market.
In the United States, the company’s workforce management partner is set to deploy its security guard authentication technology across 50 locations in the second quarter, while IDirect, a longstanding US security services provider, is expected to scale into millions of monthly transactions.
Trust Stamp continues to expand in healthcare and government sectors. The company has revenue-generating implementations with EU/MENA healthcare clients and is targeting its first government engagement in Nigeria in 2026 following exploratory visits. It is also participating as a Direct Participant in the European Union’s IPCEI program on advanced semiconductor technologies.
The company has strengthened its technology portfolio with acquisitions, including lexverify.com for AI-compliance solutions and a 50% stake in Cyberfish, enhancing cyber resilience simulations. It has also extended its intellectual property portfolio with new patents and trademarks for multifactor authentication and stablecoin-related technologies.
“While the IT2 and our other privacy-enhancing technologies remain core to our commercial engagements, our capabilities now encompass every aspect of digital trust related to people, assets and systems,” Genner said. “We are well-positioned across multiple geographies and sectors, and we believe growing digital-economy transactions and heightened security and privacy awareness will drive demand for our solutions throughout 2026 and beyond.”
Trust Stamp also reported onboarding 100 financial institutions through FIS, representing over $350 billion in assets. Transaction starts for these institutions grew 247% over the year, and customer completion rates increased more than 30%.
