T Stamp Inc.

What they do

Trust Stamp develops and licenses proprietary AI-powered identity authentication software, combining machine learning, computer vision, cryptography, and tokenization to prevent fraud and protect user identity data. It sells primarily through established partners and joint ventures that embed its technology into field-specific applications. The company operates from Atlanta with international offices and entities including the UK (Lexverify, CyberFish) and Malta, and recently opened a Tokyo office. Revenue is generated from licensed technology, usage-based engagements, and services billed to enterprise and government customers.

Revenue drivers

• Identity authentication for financial services — The company's original core market; the H1 2026 revenue increase was primarily attributable to increased revenue from an S&P 500 bank customer, making financial services the largest identifiable contributor to recognized revenue.
• African telecommunications — Q2 2026 included $192 thousand billed to a multinational telecom operating in Africa; subsequent to June 30 an additional $800 thousand of work product was delivered, bringing total billed and billable work for that customer to $992 thousand.
• Stablecoin and crypto-asset products — Management is increasing focus on the cryptocurrency market, especially stablecoins, and on products such as Embedded ownership verification for cryptographic assets and StableKey, which generates a key from a user's biometric tied to that user's passwords and PINs.
• Government and Sovereign-AI initiatives — Three government-related contracts in Ghana are in negotiation, Trust Stamp Malta Limited was selected as a direct participant in the EU's IPCEI on Advanced Semiconductor Technologies, and the company launched a Sovereign-AI initiative; none of these had yet converted to recognized revenue as of the latest report.

Recent performance

Net recognized revenue for the six months ended June 30, 2026 was $1.66 million, up 22% from $1.36 million in the prior-year period, driven mainly by an S&P 500 bank customer plus $192 thousand billed in Q2 to an African telecom. Total operating expenses rose to $6.32 million from $5.20 million, including $1.42 million of non-cash expenses and $250 thousand of one-time financing costs. Net loss for the half was $4.93 million versus $3.87 million a year earlier, while cash burn from operations was $3.51 million. Cash and cash equivalents were $6.31 million at June 30, 2026, with total current assets of $8.14 million. Basic and diluted loss per share improved to $0.90 from $1.57.

Strategy

Management says it is diversifying beyond its original US financial services focus while retaining identity authentication for financial services. Stated actions include acquiring Lexverify Ltd. and a 50% interest in CyberFish, launching a Sovereign-AI initiative, reducing executive and consulting overhead, and adding business development advisors in the UK, Ghana, Nigeria, Kenya and Malta who are largely paid on revenue received. It is pursuing joint ventures, telecom and crypto/stablecoin opportunities, and certifications such as SOC2 and Cyber Essentials Plus. Geographic expansion efforts include a Tokyo office funded with City of Tokyo and Japanese government support, the K-Startup Grand Challenge 2025 in South Korea, and partnerships in Nigeria and Ghana.

Risks

• Persistent losses and cash burn — Net loss was $4.93 million in H1 2026 with $3.51 million of operating cash burn, continuing a pattern of annual net losses from 2021 through 2025.
• Flat annual revenue base — Annual revenue has been roughly $3.1 million in both 2024 and 2025, down from $5.4 million in 2022, so growth depends on converting a pipeline that is not yet contracted.
• Nasdaq delisting exposure — The company's own risk factors specifically list becoming delisted from Nasdaq as a factor that could cause results to differ materially.
• Financing and dilution — On June 25, 2026 the company entered a Note Purchase Agreement and issued a Secured Promissory Note to Streeterville Capital LLC, and incurred $250 thousand of one-time expenses related to the Q2 financing.

Outlook

Management cites a sales pipeline of $42.40 million across 2026 and 2027, which it discounts to an estimated $9.48 million of potential revenue based on likelihood of contracting. It expects one or more definitive agreements during FY 2026 from three government-related contracts in Ghana, and views the African telecommunications market as a strategic growth opportunity, noting negotiations with a second African telecom. The company also states that the additional $800 thousand of work delivered to the first telecom after June 30 brings total billed and billable work with that customer to $992 thousand.