T Stamp (IDAI) Q3 2025 earnings summary

Executive summary

• Net revenue for the nine months ended September 30, 2025 increased 40.7% year-over-year to $2.23 million, driven by expanded contracts with an S&P 500 bank and new services to QID Technologies LLC.

• Net recognized revenue rose 71% year-over-year for Q3 2025, mainly due to a major contract amendment and extension with an S&P 500 bank customer.

• Operating loss narrowed by 31.1% to $5.62 million for the nine months, reflecting higher revenue and significant reductions in selling, general, and administrative expenses.

• Operating expenses for the nine months were $7.85 million, down 19% year-over-year.

• Customer enrollments and user completions showed strong growth, with FIS-related transaction starts up 247% and completion rates up over 30% for the nine months.

Financial highlights

• Q3 2025 net recognized revenue was $872,491, up 70.7% from Q3 2024.

• Net loss for the nine months was $5.78 million, compared to $6.53 million in the prior year.

• Cash and cash equivalents stood at $5.37 million as of September 30, 2025, with total current assets of $7.07 million.

• Cash flows from operating activities improved to $(4.01) million from $(6.18) million year-over-year.

• No material impact from recent tax law changes or new accounting pronouncements.

Outlook and guidance

• Management believes current liquidity is sufficient to fund operations for at least the next 12 months, supported by recent capital raises totaling over $9.3 million.

• Revenue growth was below original projections due to delays in customer implementation for the QID contract, but resources were redirected to product development and onboarding.

• The company anticipates continued revenue growth from extended contracts and new product launches, including a biometrically secured digital wallet in January 2026.