<ul><li>AuthID has reported a basic and fully diluted net loss per share of USD 0.83 for the financial year 2021 (vs. USD 0.63 in 2020). However, revenue increased 9.5% YoY to USD 2.3 million in 2021 from USD 2.1 million in 2020, mostly due to an increase in legacy revenue following pandemic shutdowns, which negatively impacted revenue in 2020. Particularly, the growth in revenue could be attributed to the improved Identity as a Service (IDaaS) platform, aiming to drive adoption, supported by a patent it received to differentiate its technology from competition. AuthID also entered into several new US and international partnerships including Microsoft and Auth0 , which may have contributed to revenue growth.</ul>

• Today, the company also announced raising USD 22.5 million through equity from an undisclosed new investor and the management team, issuance of senior secured convertible promissory notes primarily to current investors, and borrowings from a current major investor. The new funds combined with current cash on hand (USD 6 million as of December 2021) are expected to support the company’s working capital needs through 2023, to achieve positive cash flow status by 2024.

• AuthID’s 2021 adjusted EBITDA loss increased to USD 8.96 million from USD 5.18 million in 2020, reflecting increased investments in product management, sales, marketing, and technology during 2021.