T Stamp Inc (NASDAQ: IDAI) is an identity authentication technology company that provides biometric and tokenized identity verification services to financial institutions and other enterprise customers. Revenue comes primarily from professional services fees, with the business actively transitioning toward recurring Software-as-a-Service revenue streams as of the FY2025 10-K filed March 31, 2026. The company generated $3.14 million in net revenue for the year ended December 31, 2025, a 1.85% increase from $3.08 million in FY2024. Customer concentration is high: a single S&P 500 bank accounted for $2.02 million, or approximately 64%, of FY2025 net revenue, with a contract extended through May 31, 2031 carrying minimum gross revenue exceeding $12.7 million. Additional FY2025 revenue came from QID ($600 thousand license fee), Triton ($151 thousand), FIS ($141 thousand), Mastercard ($137 thousand), and ID Dataweb ($69 thousand). The company reported an Adjusted EBITDA loss of $5.77 million for FY2025, down from a $7.29 million loss in FY2024. FIS serves as the sole channel distribution partner as of the filing date.

Revenue model

Professional services fees (primary) and SaaS subscription revenue (transitional focus). Licensing fees, such as the $600 thousand QID license agreement in FY2025, contribute additional revenue. Channel sales flow through FIS.

Products and services

IT2 tokenized identity authentication platform; biometric identity verification covering face, hand, iris, voice, gait, and behavior modalities; professional services; funded software-development arrangements; licensed identity technology.

Customers and end markets

Financial institutions (including an unnamed S&P 500 bank representing approximately 64% of FY2025 revenue), Mastercard, FIS, Triton, ID Dataweb, QID. End markets include banking, payments, and enterprise identity verification.

Value-chain role

Technology provider and software licensor for identity authentication; sells direct and through FIS as an indirect channel partner.

Geographic exposure

Operations include Trust Stamp Malta Limited (European entity). GDPR compliance obligations indicate EU market presence. UK market development activity initiated via CyberFish consulting agreement as of March 2026.

Competitors

NEXT Biometrics, IDEMIA, Synaptics, Cognitec, Innovatrics, Suprema, FaceTec, Rank One Computing, Acuant, Jumio, Onfido, Ping, Mitek

Source: SEC 10-K, filed 2026-03-31

Industry: Services-Prepackaged Software Peers: Microsoft Corp BIO-Key International Inc Duos Technologies Group Inc Intellinetics Inc Authid Inc QXO Inc Zerify, Inc.