Thomas Szoke, the Chief Technology Officer of authID Inc. (NASDAQ:AUID), recently sold 1,500 shares of the company's common stock. The transaction, dated December 6, 2024, was executed at an average price of approximately $6.254 per share, culminating in a total sale value of $9,381. Following this transaction, Szoke holds 17,518 shares directly. Additionally, he indirectly owns 12,500 shares through his wife, Ginta Ozola-Szoke. According to InvestingPro data, the stock has shown significant volatility, with a notable 12.2% return over the past week despite being down 31.9% year-to-date.
This transaction is part of Szoke's ongoing management of his holdings in authID Inc., a company specializing in prepackaged software services. InvestingPro analysis indicates the company currently appears overvalued, with a market cap of $67.7 million and a price-to-book ratio of 4.5x. For deeper insights into insider trading patterns and comprehensive financial analysis, including 8 additional ProTips and detailed valuation metrics, investors can access the full Pro Research Report on InvestingPro.
In other recent news, authID, a provider of biometric identity verification solutions, reported significant developments in its business operations. The company announced a strategic partnership with Berify, a company specializing in authentication and consumer engagement, aiming to enhance their consumer engagement and identity assurance in the Asia Pacific region. This partnership is anticipated to expand authID's market presence and increase bookings in the upcoming year.
In terms of financial performance, authID has witnessed a substantial surge in its third-quarter revenue, reaching $249,000, a significant increase from $43,000 in the same period last year. This upward trend continued with the company's nine-month revenue total rising to $687,000, up from $118,000 the previous year. However, due to delays in customer Go-Live dates and adjustments in volume expectations, authID adjusted its full-year revenue guidance to between $800,000 and $900,000.
AuthID's product usage has seen remarkable growth, with Proof product usage growing 25x, processing nearly 800,000 Proofs in the third quarter, and Verified product user registrations experiencing a 42x increase to over 94,000 in the same period. Despite these positive developments, the company reported a $1.1 million de-booking of booked annual recurring revenue due to Go-Live delays. These are the recent developments in authID's financial journey.
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