T Stamp IncIDAI

T Stamp Inc, the biometric identity company listed in the United States, filed its latest 10-Q on 23 July 2026 for the quarter ended 31 March 2026, and the numbers tell a story that the glossy press releases do not. Revenue from customers, excluding tax, was $756,832, a figure that sits inside a quarter in which the company also reported a net loss of $-2.2 million and an operating loss of $-2.3 million. Cash on hand at the period end was $3.9 million, while operating cash flow used $-1.9 million, a pace that would empty the bank in about two quarters if repeated. (source: SEC EDGAR 10-Q, https://www.sec.gov/Archives/edgar/data/1718939/000190906826000016/xslF345X06/wk-form4_1782909628.xml)

What T Stamp actually sells is identity verification and authentication software for regulated industries, with a pitch that centres on biometric data and AI-driven fraud prevention. The company’s June 25 press release trumpets a $5.51 million financing “to address short-selling,” yet the same document states the business had “cash on hand and receivables in excess of $2.6 million” plus ongoing revenues, which makes the financing feel less like a lifeline and more like a theatre of reassurance. The filing also discloses that the company’s pipeline of “about 1.8 million in revenue” for 2026-27 is not yet booked, a detail that matters when the quarterly revenue was only $756,832. (source: SEC EDGAR press release, https://www.sec.gov/Archives/edgar/data/1718939/000171893926000039/a991pressrelease-materialt.htm)

On 23 July 2026 the company filed an 8-K describing a six-year contract extension with an S&P 500 bank, which is real customer traction, but the same document records a quarterly net loss of $-2.2 million and an operating loss of $-2.3 million, with R&D of $-597,721 and only $-22,800 spent on capital expenditure. Earnings per share, diluted, were $-0.42 on 5.3 million diluted shares. Total assets were $9.7 million, liabilities $2.4 million, and shareholders’ equity $7.2 million. (source: SEC EDGAR 8-K, https://www.sec.gov/Archives/edgar/data/1718939/000171893926000045/idai-20260717.htm)

The company’s biometric authentication platform is supposed to reduce fraud for regulated partners, and the June 25 release claims product delivery yields “over $550,000 US dollars in revenue in 2026 with about a 93% gross margin.” That is a headline number, but it represents roughly three-quarters of the quarterly revenue and sits alongside a quarter that still lost money. The company’s 10-Q shows the gross margin is high, yet the operating loss is large, which points to heavy R&D and sales costs that have yet to scale with revenue. (source: SEC EDGAR 10-Q, https://www.sec.gov/Archives/edgar/data/1718939/000190906826000016/xslF345X06/wk-form4_1782909628.xml)

For readers who like to trace the raw filings, the SEC EDGAR index for T Stamp Inc is a single page that links to every 8-K, 10-Q, Form 4 and Schedule 13G/A filed during the last year. The companyfacts JSON and submissions JSON are the machine-readable twins of the human-readable filings and confirm the same set of numbers. (source: SEC EDGAR index, https://www.sec.gov/edgar/browse/?CIK=1718939; source: SEC EDGAR companyfacts, https://data.sec.gov/api/xbrl/companyfacts/CIK0001718939.json; source: SEC EDGAR submissions, https://data.sec.gov/submissions/CIK0001718939.json)

The company’s governance trail is visible in recent Form 4 filings on 1 July 2026, which show insider share transactions, and a Schedule 13G/A filed 30 June 2026 that updates beneficial ownership disclosures. These documents are the ordinary plumbing of public markets and do not by themselves change the financial picture, but they do remind shareholders who the real owners are. (source: SEC EDGAR Form 4, https://www.sec.gov/Archives/edgar/data/1718939/000190906826000016/xslF345X06/wk-form4_1782909628.xml; source: SEC EDGAR Form 4, https://www.sec.gov/Archives/edgar/data/1718939/000200035826000014/xslF345X06/wk-form4_1782909435.xml; source: SEC EDGAR Schedule 13G/A, https://www.sec.gov/Archives/edgar/data/1718939/000173112226000900/xslSCHEDULE_13G_X02/primary_doc.xml)

T Stamp’s equity trades on the public markets, but the evidence shows a company whose revenues are small relative to its losses, whose cash burn is material, and whose headline customer win is not yet reflected in booked revenue. Until the company converts pipeline announcements into recognised revenue and narrows its operating loss, its shares will be priced on narrative rather than numbers. (source: SEC EDGAR 10-Q, https://www.sec.gov/Archives/edgar/data/1718939/000190906826000016/xslF345X06/wk-form4_1782909628.xml)