T Stamp (IDAI) Q2 2025 earnings summary

Executive summary

• Net revenue for Q2 2025 increased 62% year-over-year to $813K, driven by new agreements and expanded services, notably with QID Technologies LLC and an S&P 500 bank.

• Operating loss for Q2 2025 decreased 36% year-over-year to $1.68M, reflecting cost reductions in SG&A and R&D.

• Adjusted EBITDA loss for Q2 2025 improved 42% year-over-year to $1.23M, mainly due to lower compensation and overhead.

• The company remains unprofitable, with a net loss of $3.87M for the first half of 2025 and an accumulated deficit of $65.33M.

• Onboarded 92 financial institutions with over $348 billion in assets via FIS, totaling 105 customers implemented or in process.

Financial highlights

• Q2 2025 net revenue: $813K (up 62% YoY); H1 2025 net revenue: $1.36M (up 26% YoY).

• Q2 2025 operating loss: $1.68M (improved from $2.63M YoY); H1 2025 operating loss: $3.85M (improved from $5.47M YoY).

• Q2 2025 net loss: $1.71M (improved from $2.60M YoY); H1 2025 net loss: $3.87M (improved from $5.28M YoY).

• Cash and cash equivalents at June 30, 2025: $292K, down from $2.78M at year-end 2024.

• Additional $0.29M revenue received but deferred under ASC 606; total deferred revenue at $0.40M as of June 30, 2025.

Outlook and guidance

• Management expects continued revenue growth from expanded agreements, especially with QID and the S&P 500 bank.

• The company anticipates the need to raise additional capital within six months to fund operations for the next year.

• Revenue for Q2 2025, while significantly increased, was below projections due to customer implementation delays for QID services.

• Ongoing cost control measures and restructuring are expected to further reduce operating losses.

• Resources were redirected to product improvements and new customer onboarding during the delay.