Trust Stamp Inc. reported Q3 2025 net recognized revenue of $0.87 million, a 71% year‑over‑year increase from $0.48 million in the same quarter of 2024. The nine‑month total rose to $2.23 million, up 41% from $1.63 million in 2024. The company’s net loss per share improved to $0.72 for the quarter and $2.28 for the nine‑month period, narrowing from $1.06 and $7.33 in 2024, respectively, reflecting stronger top‑line momentum and disciplined cost management.
Operating expenses fell 17% to $1.12 million in Q3 and 19% to $3.45 million for the nine‑month period, driven by a reallocation of resources toward product development and new customer onboarding. The company’s focus on operational efficiency—shifting spend from legacy support functions to high‑margin AI platform enhancements—enabled the expense reduction without compromising service quality. The resulting operating margin expansion to 9.9% from 10.2% in the prior year underscores the effectiveness of these cost‑control measures.
Customer growth accelerated as Trust Stamp onboarded 97 new financial institutions through its partnership with FIS, bringing the total customer count to 110. Transaction starts for FIS‑related institutions surged 247% over the nine months, while completion rates climbed 30%, indicating deeper adoption of the company’s identity solutions. These metrics demonstrate that the expanded customer base is translating into higher transaction volume and stronger engagement.
Revenue fell short of the company’s own projections because of delays in implementing the QID contract with a major banking client. The contract, which was expected to contribute significantly to the quarter’s top line, experienced implementation setbacks that pushed revenue below forecasted levels. The company noted that the delay is temporary and that future periods should see the contract’s full contribution as the implementation progresses.
Management highlighted the milestone of reaching 110 customers and emphasized the strategic importance of the extended S&P 500 bank contract, which guarantees minimum gross revenue exceeding $12.7 million through May 31, 2031. President Andrew Gowasack said the company’s “accelerating adoption, deepening commitment from our largest clients, and dramatic increases in transactional volume” signal a robust trajectory for its AI‑powered identity platform.
The company did not provide a forward guidance update in the filing, and no analyst consensus estimates were available at the time of the report. However, the combination of strong revenue growth, cost discipline, and a growing customer base positions Trust Stamp to continue scaling its platform and improving profitability in the coming quarters.
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