Here are 1-3 brief analogies to describe T Stamp (IDAI):

• Like Jumio or Onfido for secure, AI-powered digital identity verification and fraud prevention.
• A digital credit bureau for identity and trust, using AI and biometrics to defend against fraud.

• Identity Authentication Software Solutions: AI-powered software designed to predict identity and trust, and defend against fraudulent identity attacks using biometrics, cryptography, and data mining.
• Irreversibly Transformed Identity Token: A secure, tokenized identity created by converting biometric and other identifying data into an irreversible form.
• Privacy and Data Protection Solutions: Services focused on securing sensitive personal data and ensuring compliance with privacy standards.
• Document Validation Solutions: Services for verifying the authenticity, integrity, and validity of various documents.
• Identity Verification Solutions: Services that confirm an individual's identity against reliable sources.
• Duplicate Detection Solutions: Services designed to identify and flag instances of the same identity being used multiple times.
• Biometric Capture Solutions: Solutions and tools for securely collecting and processing biometric data.

T Stamp Inc. (IDAI) sells its identity authentication software solutions primarily to other companies, organizations, and government entities (B2B and B2G markets), rather than directly to individuals.

Based on the provided information, specific major customer names are not listed. However, the company serves a diverse range of sectors and types of partners, which can be identified by the following categories:

• Government and Law Enforcement: Providing solutions to governmental bodies and agencies for various applications.
• Enterprise Partners Across Diverse Industries: This broad category includes banking/fintech, humanitarian and development services, biometrically secured email providers, KYC/AML compliance services, real estate, travel, and healthcare industries.
• Peer-to-Peer (P2P) Transactions, Social Media, and Sharing Economy Platforms: Offering identity and trust solutions for platforms facilitating P2P interactions.

The company's solutions are used by these customer segments for privacy and data protection, document validation, identity verification, duplicate detection, and biometric capture.

Gareth Genner, Chief Executive Officer

Gareth Genner is a Co-Founder of T Stamp and has served as CEO since January 2016. He brings over 20 years of experience in founding, operational, and advisory roles, providing the company with technical, managerial, visionary, and legal expertise. Genner is a serial entrepreneur who has successfully conceptualized, implemented, scaled, and exited multiple businesses, including a cloud storage enterprise that was sold and an online educational platform that was acquired by a non-profit educational entity. Before co-founding Trust Stamp, he served as the full-time CEO of Edevate LLC and President of Pontifex University. Trained as a British lawyer, he holds a U.S. LLM in International Taxation & Financial Service Regulation.

Lance Wilson, Chief Financial Officer

Lance Wilson was appointed Chief Financial Officer of T Stamp on January 17, 2025, succeeding Alex Valdes. A licensed Certified Public Accountant in Georgia, he joined T Stamp in 2021 and has held various financial positions, most recently as Senior Vice President of Accounting & Finance from July 2024 until his appointment as CFO. Wilson is responsible for all external financial reporting, including SEC filings and technical accounting research and implementation. He played a key role in a successful public fundraising campaign that led to Trust Stamp's NASDAQ listing in January 2022. Prior to T Stamp, he served as Financial Reporting Manager at Cousins Properties from July 2020 to July 2021, where he managed SEC filings, technical accounting projects, and audit engagements. His prior experience also includes accounting roles at The North Highland Company, Change Healthcare (formerly McKesson Technology Solutions), and BDO-USA, LLC.

Andrew Gowasack, President

Andrew Gowasack is a Co-Founder of Trust Stamp and serves as its President. He is responsible for overseeing business development and operations, and acts as the Chief Product Evangelist for the company. An economist by education, Gowasack began his career in financial services sales and marketing. Although Trust Stamp is his first startup, he has gained significant experience in the lean-startup environment by completing incubator programs through various organizations, including Founder's Space in San Francisco, QC FinTech in Charlotte, Plug and Play in Silicon Valley and the United Arab Emirates, and NAR REach® in Chicago.

Andrew Scott Francis, Chief Technology Officer

Andrew Scott Francis holds the position of Chief Technology Officer at T Stamp and was appointed to the Board of Directors on November 2, 2024. Before joining Trust Stamp, Francis spent nine years with Google, where he served in the Program Management Office. His role at Google was notably entrepreneurial in nature, as he was tasked with helping to oversee the creation and development of a global PMO team across multiple data centers.

The most significant risk to T Stamp's business is its **poor financial health and sustainability**. The company exhibits poor financial strength primarily due to high debt levels. It has reported a substantial three-year revenue growth rate decline of -42.5% and a net margin of -316.42%, reflecting significant losses. An Altman Z-Score of -9.33 places the company in the distress zone, indicating a high risk of bankruptcy. Despite forecasts for revenue and earnings growth, the company is predicted to remain unprofitable over the next three years. T Stamp has experienced negative free cash outflow and accounting losses, suggesting a potential need to raise additional capital if it does not reach break-even soon. There are also ongoing concerns regarding unprofitability, shareholder dilution, and a short cash runway. Furthermore, the company has faced the risk of delisting from Nasdaq due to failing to meet minimum stockholders' equity requirements.

A second major risk is **high customer concentration**. For the first nine months of 2025, a substantial 82% of T Stamp's net revenue came from just two sources: a single S&P 500 Bank, contributing 64%, and a related party, QID, accounting for 18%. This critical dependency means that the loss of either of these major clients could severely impact the company's revenue and financial stability.

Finally, T Stamp faces significant risks associated with **rapid technological changes, intense competition, and an evolving regulatory landscape**. Operating in the fast-paced technology sector, the company must contend with continuous technological advancements and competitive pressures from larger, more established players. The identity verification and authentication industry inherently carries security risks, including data breaches, cyber-attacks, and vulnerabilities arising from misconfigurations or advanced fraudulent methods like deepfakes. Failure to maintain robust security for its authentication systems could lead to a loss of customer trust, significant financial implications, reputational damage, and regulatory non-compliance. Additionally, the sector is heavily influenced by strict data privacy regulations such as GDPR and CCPA, along with emerging global standards and specific mandates like age verification laws. T Stamp must continuously adapt its solutions to comply with these evolving requirements to avoid substantial fines and reputational harm.

The clear emerging threat to T Stamp (IDAI) is the aggressive expansion of major technology platform providers (such as Apple, Google, and Microsoft) into comprehensive, integrated digital identity solutions. These companies possess immense user bases, control over core operating systems and hardware (e.g., secure enclaves), and significant financial resources, allowing them to develop and deploy highly secure, user-friendly, and universally accepted identity verification and authentication frameworks. Examples include Apple's expansion of digital IDs in Wallet, Google's advancements in Passkeys and identity services, and Microsoft's Entra Verified ID. Should these platform-level solutions become the dominant standard for secure digital identity across government, enterprise, and peer-to-peer markets, they could directly compete with and potentially marginalize the need for specialized third-party identity tokenization, verification, and fraud prevention services offered by T Stamp.

T Stamp Inc. (IDAI) operates in several significant addressable markets related to identity authentication, verification, and fraud prevention.

• Global Identity Verification Market: This market was valued at approximately USD 13.8 billion in 2024 and is projected to reach USD 46.4 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 14.4% from 2025-2033. North America currently dominates this market. Similarly, the global identity verification software market was valued at USD 12.47 billion in 2024 and is projected to grow to USD 41.96 billion by 2033. The biometric identification segment held a significant share in the identity verification market, accounting for over 62.05% in 2026.
• Global Digital Identity Solutions Market: The digital identity solutions market is projected to grow from USD 43.07 billion in 2025 to USD 205.46 billion by 2034, exhibiting a CAGR of 18.90%. Another estimate places the global digital identity market size at USD 64.44 billion in 2025, expected to reach USD 168.75 billion by 2031, with a CAGR of 17.54%. North America held the largest market share in digital identity solutions in 2025.
• Global Biometrics Market: The global biometrics market was estimated at USD 50.08 billion in 2024 and is predicted to increase to approximately USD 307.24 billion by 2034, expanding at a CAGR of 19.89%. North America dominated this market with a 32% share in 2024. Another report indicates the global biometric technology market size was valued at USD 34.27 billion in 2022 and is projected to reach USD 150.58 billion by 2030, growing at a CAGR of 20.4%.
• Global Fraud Detection and Prevention (FDP) Market: This market was valued at USD 51.6 billion in 2025 and is expected to reach USD 270.4 billion by 2034, growing at a CAGR of 19.61%. North America leads this market. Another assessment shows the global fraud detection and prevention market was valued at USD 29.5 billion in 2022 and is projected to reach USD 252.7 billion by 2032.
• Global KYC (Know Your Customer) Market: The KYC market is expected to grow from USD 6.73 billion in 2025 to USD 16.31 billion by 2031, at a CAGR of 15.88%. North America secured 34.10% of the revenue in this market in 2025.
• Global Anti-Money Laundering (AML) Market: The global AML market size is projected to grow from USD 4.13 billion in 2025 to USD 9.38 billion by 2030, at a CAGR of 17.8%. North America accounted for a 35.73% revenue share in the AML market in 2025. The Anti-Money Laundering and KYC in Banking Market was valued at USD 2.27 billion in 2025 and is expected to reach USD 4.13 billion by 2034.

Here are 3-5 expected drivers of future revenue growth for T Stamp (IDAI) over the next 2-3 years:

1. Strategic Acquisitions and Enhanced Offerings: T Stamp completed a financing round in Q4 2025 to fuel growth through acquisitions and service expansion in 2026. The company also reached agreements for two M&A deals with UK cybersecurity startups, expected to close by February 2026. These acquisitions are anticipated to introduce new products, improve existing solutions, and integrate expertise in AI safety and crisis simulation.
2. Expansion in African Telecom and Nation-State Projects: T Stamp secured its first purchase order for its Irreversibly Transformed Identity Token (IT2) from an African telecommunications company in January 2026. The company projects an expansion of both the geographical scope and product range within this partnership in 2026, with an expected seven-figure Annual Recurring Revenue (ARR) once transaction flows are mature. T Stamp is also actively pursuing revenue opportunities through other African nation-state projects.
3. Growth within the Banking and Financial Services Sector: The company has extended its partnership with a major S&P 500 bank, forecasting $2.4 million to $2.7 million in gross revenues from this relationship in 2026. T Stamp's Orchestration Layer platform had reached 112 financial institutions by January 2026, and reported a 20% year-over-year increase in transaction volumes in 2025, with FIS-related volumes seeing an approximate 200% increase.
4. New Product Launches and Market Opportunities (Stablecoin and Healthcare): T Stamp launched a Stablecoin-focused Wallet of Wallets and is actively exploring market opportunities in Switzerland. The company has delivered a Minimum Viable Product (MVP) for its StableKey Wallet and plans for high-profile launches in the first half of 2026. Additionally, T Stamp is focusing on healthcare technology and new identity and healthcare deployments, indicating potential revenue streams from these new product areas.

Share Issuance

• T Stamp Inc. raised approximately $5.6 million through sales of its Class A common stock under an at-the-market offering program with Maxim Group LLC, reported in October 2025.
• Shareholders have experienced substantial dilution in the past year.
• The number of Class A Common Stock shares outstanding increased from 2,487,052 as of March 28, 2025, to 2,542,290 as of August 13, 2025.

Inbound Investments

• The company opened an office in Tokyo with funding from the City of Tokyo and the Japanese government to pursue opportunities in the APAC region.

Outbound Investments

• Trust Stamp acquired Lexverify and took a stake in Cyberfish to expand its cybersecurity capabilities in early 2026.
• The company announced the closing of two strategic merger and acquisition (M&A) transactions in early 2026.

Capital Expenditures

• Capital expenditures in the most recent quarter totaled $0.
• In the last 12 months, capital expenditures were approximately -$40,874.
• Capital expenditures were $15K, consuming most of the -$8.9M operating cash flow.