Authid Inc (AUID) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the authID Q3 fiscal year 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Graham Arad, General Counsel. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 authID 2025 財年第三季業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給今天的第一位發言人，總法律顧問格雷厄姆·阿拉德。請繼續。

Thank you, operator. Greetings and good afternoon. This is Graham Arad, General Counsel at authID. Welcome to the authID third-quarter 2025 results conference call. As a reminder, this conference is being recorded.

謝謝接線生。您好，下午好。這位是 authID 的總法律顧問 Graham Arad。歡迎參加 authID 2025 年第三季業績電話會議。再次提醒，本次會議正在錄影。

Joining me on today's call are our CEO, Rhon Daguro; our CFO, Ed Sellitto; and our Founder and CTO, Tom Szoke. By now, you should have access to today's press release announcing our third quarter 2025 results. If you have not received this, the release can be found on our website at investors.authid.ai under the News and Events section. Throughout this conference call, we will be presenting certain non-GAAP financial information. This information is not calculated in accordance with GAAP and may be calculated differently from other companies' similarly titled non-GAAP information.

今天與我一起參加電話會議的有我們的執行長 Rhon Daguro；我們的財務長 Ed Sellitto；以及我們的創辦人兼首席技術長 Tom Szoke。現在，您應該已經可以查看我們今天發布的關於 2025 年第三季業績的新聞稿了。如果您尚未收到此新聞稿，請造訪我們的網站 investors.authid.ai，在「新聞與活動」部分查看。在本次電話會議中，我們將介紹一些非GAAP財務資訊。此資訊並非依照公認會計準則 (GAAP) 計算，其計算方法可能與其他公司類似名稱的非公認會計準則 (non-GAAP) 資訊不同。

Quantitative reconciliation of our non-GAAP adjusted EBITDA information to the most directly comparable GAAP financial information appears in today's press release. Before we begin our formal remarks, let me remind everyone that part of our discussion today will include forward-looking statements. Such forward-looking statements are not guarantees of future performance, and therefore, you should not put undue reliance on them. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Some of these risks are mentioned in today's press release.

今天的新聞稿中公佈了我們非GAAP調整後EBITDA資訊與最直接可比較的GAAP財務資訊的定量調節表。在我們正式發言之前，請允許我提醒大家，我們今天的討論將包含一些前瞻性陳述。此類前瞻性陳述並非對未來績效的保證，因此，您不應過度依賴這些陳述。這些聲明受到許多風險和不確定因素的影響，實際結果可能與我們的預期有重大差異。今天的新聞稿中提到了其中一些風險。

Others are discussed in our Form 10-K and other filings, which are made available at www.sec.gov. Finally, if you're listening to this call via the webcast, you will be able to see the results presentation and advance the slides yourself as prompted by our speakers.

其他內容已在我們的 10-K 表格和其他文件中討論，這些文件可在 www.sec.gov 上查閱。最後，如果您透過網路直播收聽本次電話會議，您將能夠看到結果演示，並根據發言人的提示自行翻頁。

I'd now like to introduce our CEO, Rhon Daguro.

現在我謹向大家介紹我們的首席執行官，Rhon Daguro。

Thank you, Graham, and thank you all for joining us today. I will walk you through our top line performance, our customer and partner updates, our product and technology updates, and our priorities for the remainder of the year. Since becoming CEO, our management team has sought to build a balanced portfolio of both Fast 100 companies with potential for explosive growth and FAT 100 companies with stable operations and strong balance sheet. Initially, we focused on the Fast 100 as authID had not yet built the reputation to be credible with the FAT 100. That began to change in 2025 with the addition of several FAT 100 clients that I will be sharing with you today.

謝謝格雷厄姆，也謝謝各位今天蒞臨現場。我將帶您了解我們的主要業績、客戶和合作夥伴的最新動態、產品和技術的最新進展，以及我們今年剩餘時間的工作重點。自擔任執行長以來，我們的管理團隊一直致力於建立一個平衡的投資組合，既包括具有爆炸性成長潛力的 Fast 100 公司，也包括營運穩定、資產負債表強勁的 FAT 100 公司。最初，我們專注於 Fast 100，因為 authID 還沒有建立起在 FAT 100 中可信賴的聲譽。這種情況在 2025 年開始發生變化，當時新增了幾位 FAT 100 客戶，我今天將與大家分享這些客戶。

While making great progress this year with numerous prospective key customers, we unfortunately saw two major early FAT 100 engagements underperform, resulting in negative net revenue for the third quarter. In 2024, we signed a customer contract with clear assurances and the expectation that the customer would meet their contractual obligations. However, as reflected in our financials, the customer faced significant challenges to meet the agreed-upon requirements. And as disclosed in our 10-Q, we proactively stopped recognizing revenue from them. We are still in active conversations with this customer who continues to make introductions to more potential customers, but we do not plan to recognize any further revenue from them until we agree on revised terms, and they complete the changes they are making to implement their new business model.

儘管今年我們在與眾多潛在重要客戶合作方面取得了巨大進展，但不幸的是，我們有兩個主要的早期 FAT 100 項目表現不佳，導致第三季淨收入為負。2024年，我們與客戶簽訂了一份合同，其中包含明確的保證，並期望客戶履行其合約義務。然而，正如我們的財務報表所反映的那樣，客戶在滿足約定的要求方面面臨著巨大的挑戰。正如我們在 10-Q 表格中所揭露的，我們主動停止確認來自這些公司的收入。我們仍在與這位客戶積極洽談，他/她不斷介紹更多潛在客戶，但在我們達成修訂條款並由他/她完成實施新商業模式的變更之前，我們不打算確認來自他的任何進一步收入。

Regarding the second customer contract, we recorded approximately $700,000 in estimated concessions that relate to an annual usage minimum fee payable at the end of the year. While this customer is experiencing its own business challenges, they remain a valued and strategic partner to us as we believe their activity will ramp over time, but we have adjusted our revenue to reflect this timing. The accounting adjustments for these two contracts drove the negative net revenue for the quarter.

關於第二份客戶合同，我們記錄了約 70 萬美元的預計優惠，這些優惠與年底應支付的年度最低使用費有關。雖然該客戶目前面臨自身的業務挑戰，但他們仍然是我們重要的策略合作夥伴，因為我們相信他們的業務活動會隨著時間的推移而成長，但我們已經調整了收入以反映這一時間表。這兩份合約的會計調整導致了本季的負淨收入。

On the next slide, in terms of new contracts, in the third quarter, we booked two large enterprise customers, and we booked two smaller customers, which were not enough to offset the revenue adjustments. These four contracts represent $200,000 in bARR for the third quarter of 2025.

下一張投影片，就新合約而言，在第三季度，我們簽下了兩家大型企業客戶和兩家小型客戶，但這不足以抵銷收入調整。這四份合約代表 2025 年第三季 20 萬美元的 bARR。

The first contract, which was announced in a press release, is one of the largest global retailers based in the UK and represents significant validation of authID's technology. They are initially using authID biometric authentication to protect their back-office employee workforce and call centers. The second contract is a Phase 1 of a multiphase strategy where we embed authID inside NESIC's platform. NESIC, a sub of NEC, will use authID for identity verification and employee onboarding.

第一份合約已在新聞稿中公佈，該合約的合作方是總部位於英國的全球最大零售商之一，這代表著對 authID 技術的重要驗證。他們最初使用 authID 生物辨識認證來保護其後台員工和呼叫中心。第二份合約是多階段策略的第一階段，我們將 authID 嵌入到 NESIC 的平台中。NEC 的子公司 NESIC 將使用 authID 進行身份驗證和員工入職。

The third contract is with The Pipeline Group, a fast-growing lead generation company who will use authID to onboard remote workers, monitor worker activity and to authenticate remote workers into core systems. This represents our entry into the growing lead generation market. The final contract is with an international bank for identity onboarding and identity verification and authentication.

第三份合約是與 The Pipeline Group 簽訂的，這是一家快速發展的潛在客戶開發公司，該公司將使用 authID 來招募遠端工作人員、監控工作人員活動以及對遠端工作人員進行核心系統身份驗證。這標誌著我們正式進軍蓬勃發展的潛在客戶開發市場。最後一份合約是與一家國際銀行簽訂的，內容涉及身份驗證、身份驗證和認證。

On to the next slide. It's important to note that authID's new customer list and target customer list is much different today than a year ago. The caliber and the scale of customer opportunities we are now engaged in have improved significantly and reflect the excitement around our unique technology. To that end, I think it is important for me to share some of the descriptions of the customers we are actively engaged with. While we are not permitted to provide the names of these customers for contractual reasons, some notable examples include household names across target industries that will expand our reach.

進入下一張投影片。值得注意的是，authID 的新客戶名單和目標客戶名單與一年前相比已經大不相同。我們現在所接觸的客戶機會的品質和規模都得到了顯著提升，這反映了人們對我們獨特技術的興奮之情。為此，我認為有必要分享一些我們正在積極接觸的客戶的情況描述。雖然我們出於合約原因不能提供這些客戶的名稱，但其中一些值得注意的例子包括目標行業中的家喻戶曉的品牌，這將擴大我們的業務範圍。

First, a global leader in payroll technology, the largest global biometric hardware provider, a global leader in digital payments, a Tier 1 AI chip manufacturer, global professional sports organizations, one of the largest European retail chains, a major US healthcare network, a global cosmetics retailer, a national US specialty retailer, a leading US energy company, a Fortune 500 identity and access management company, a major luxury hotel operator and one of the largest hotel brands.

首先，我們服務的客戶包括：全球領先的薪資技術公司、全球最大的生物識別硬體供應商、全球領先的數位支付公司、一級人工智慧晶片製造商、全球職業運動組織、歐洲最大的零售連鎖店之一、美國主要的醫療保健網絡、全球化妝品零售商、美國全國性專業零售商、美國領先的能源公司、財富 500 強和訪問管理公司、大型酒店之一的豪華酒店之一以及大型酒店之一的最大品牌運營商。

Again, these are not just targets, but active engagements with industry principles. Even a year ago, none of these top-tier organizations would have considered authID. Today, they are actively engaging with us because of the quality of our technology. Just this list alone represents over $20 million in bARR authID is actively engaged in closing. Our goal was to close enough of these opportunities to achieve our $18 million bARR target for 2025. Unfortunately, due to the longer sales cycles of these enterprise deals, our new bARR target for 2025 is now reduced to $6 million.

再次強調，這些不僅僅是目標，而是對產業原則的積極實踐。即使在一年前，這些頂級組織中也沒有一家會考慮使用 authID。如今，他們積極與我們合作，是因為我們的技術品質很高。光是這份清單就代表著超過 2000 萬美元的 bARR authID 正在積極參與交易。我們的目標是抓住足夠的機會，實現 2025 年 1800 萬美元的 bARR 目標。遺憾的是，由於這些企業交易的銷售週期較長，我們 2025 年的 bARR 目標現在下調至 600 萬美元。

Moving to the next slide; the strongest endorsement of our technology comes from our current channel partners. We have over 25 partners, many of which are the most established category leaders in their respective markets. Let me tell you about three partners specifically. Last quarter, I described our enthusiasm and appreciation for our partnership with NESIC, a part of NEC Corporation, which is a $20 billion global company that can work with anyone they choose. They chose authID, an incredibly powerful statement about our technology. authID is now embedded in NESIC software. Building on this partnership, NESIC and authID have agreed to work together to deliver enterprise identity management and Agentic AI security solutions.

接下來是下一張投影片；我們目前的通路夥伴對我們技術最有力的認可。我們擁有超過 25 家合作夥伴，其中許多是各自市場中最成熟的產業領導者。讓我具體介紹一下我的三位合作夥伴。上個季度，我描述了我們對與 NEC 公司旗下 NESIC 的合作關係的熱情和讚賞。 NEC 公司是一家市值 200 億美元的全球性公司，可以與他們選擇的任何公司合作。他們選擇了authID，這充分體現了我們技術的強大實力。 authID現已嵌入NESIC軟體。在此合作關係的基礎上，NESIC 和 authID 已同意共同合作，提供企業身分管理和智慧 AI 安全解決方案。

Another key partner is Prove, one of the largest identity security platforms in the industry. Prove has selected authID's PrivacyKey product as the biometric authentication solution for their next-generation platform. The unique cryptographic signing capability of PrivacyKey opens new business opportunities for Prove and authID. Last quarter, I mentioned that we were working on signing a joint customer with Prove. I'm happy to note that this joint customer, a fintech company that provides digital infrastructure for more than 150 banks has contracted with authID directly to launch our technology into their platform. We signed a contract with them in October with their first bank going live next month.

另一個重要的合作夥伴是 Prove，它是業界最大的身分安全平台之一。Prove 選擇 authID 的 PrivacyKey 產品作為其下一代平台的生物辨識認證解決方案。PrivacyKey 獨特的加密簽章功能為 Prove 和 authID 開闢了新的商機。上個季度，我提到我們正在努力與 Prove 簽署共同客戶協議。我很高興地註意到，我們的共同客戶是一家為 150 多家銀行提供數位基礎設施的金融科技公司，該公司已直接與 authID 簽訂合同，將我們的技術引入其平台。我們於 10 月與他們簽訂了合同，他們的第一家銀行將於下個月上線。

Finally, MajorKey, one of the largest Microsoft providers of identity solutions and services announced last week their launch of IDProof+, leveraging biometric technology developed in collaboration with authID. This is another example of companies launching their most important services and capabilities on authID's core technology. We just discussed how our partnerships lead us to new opportunities. Now I'm going to talk about our greatest strength, authID's products and technology.

最後，微軟最大的身分解決方案和服務提供者之一 MajorKey 上週宣布推出 IDProof+，該產品利用了與 authID 合作開發的生物辨識技術。這是另一個例子，說明企業正在基於 authID 的核心技術推出其最重要的服務和功能。我們剛才討論了合作關係如何為我們帶來新的機會。現在我要談談我們最大的優勢，authID 的產品和技術。

On the next slide, as part of the foundational rebuild needed when I joined authID, we had to make significant product breakthroughs to unlock enterprise adoption, specifically for our FAT 100 large enterprise accounts. In response to this need, we introduced two major innovations that I've already mentioned. The first one is PrivacyKey, which is biometric authentication without storing biometrics. As expected, with the existing contracts signed, PrivacyKey adoption is ramping. The next one is IDX, which provides enterprise scalability and identity assurance for distributed workforces and supply chain and biometrically secures humans, non-humans, and AI agents.

在下一張投影片中，作為我加入 authID 時所需的基礎重建的一部分，我們必須在產品方面取得重大突破，才能解鎖企業採用，特別是針對我們的 FAT 100 大型企業客戶。為了滿足這項需求，我們推出了兩項重大創新，我前面已經提過。第一種是 PrivacyKey，它是一種無需儲存生物特徵資訊的生物特徵認證方式。正如預期的那樣，隨著現有合約的簽署，PrivacyKey 的採用率正在迅速提高。下一個是 IDX，它為分散式員工隊伍和供應鏈提供企業級可擴展性和身分保證，並透過生物辨識技術保護人類、非人類和人工智慧代理。

Let me comment on the term AI agents. On the next slide, AI agents represent a massive opportunity in the market today. Industry analysts project trillions to flow through Agentic AI commerce and hundreds of billions of that will be for Agentic AI security. And we've already heard from customers that they are slow rolling the launch of Agentic AI projects due to the lack of governance because unaccountable AI agents bring substantial risk of misuse and abuse. In response, we have added new capabilities to our IDX platform to tie each AI agent to a human to create accountability for all AI agent actions and behaviors.

我想就「人工智慧代理」這個術語發表一些看法。下一張幻燈片展示了人工智慧代理在當今市場上的巨大機會。產業分析師預測，數兆美元的資金將流經智慧體人工智慧商業領域，其中數千億美元將用於智慧體人工智慧安全領域。我們已經從客戶那裡了解到，由於缺乏監管，他們正在緩慢地推動智慧人工智慧專案的啟動，因為不受監管的人工智慧代理會帶來嚴重的濫用和誤用風險。為此，我們在 IDX 平台中添加了新功能，將每個 AI 代理與一個人聯繫起來，從而對所有 AI 代理的行為和行動進行問責。

IDX provides accountability, compliance, security, and audit for the Agentic AI-driven enterprise, and I believe we are going to be the most important company leading that category. The development of these innovations was required to deliver a strong foundation of capabilities and tech innovation. Many customers, partners, and industry experts acknowledge we have some of the best technology in the market. If you pick any industry, we are talking to the number one and the number two in that space. The best companies want to use the best technology available, and I believe we have that capability, which brings me to my final slide.

IDX 為智能體 AI 驅動的企業提供問責制、合規性、安全性和審計，我相信我們將成為引領該領域最重要的公司。這些創新技術的研發是為了奠定強大的能力基礎和技術創新基礎。許多客戶、合作夥伴和行業專家都認可我們擁有市場上最好的技術。隨便挑一個行業，我們都是在該領域排名第一和第二的公司洽談。最好的公司都想使用最好的技術，我相信我們有能力做到這一點，這也引出了我的最後一張投影片。

The market is starting to value biometric solutions as an indispensable technology. To us, this has been obvious for years, but the market is waking up to the identity risks of AI. I say all of this to reiterate that authID is viewed as one of the few leaders in the marketplace for biometric authentication, AI defect detection and now agentic AI security. The demand is so high for biometrics that a major identity company just recently acquired a biometrics company. We have received incredible validation of our technology with some of the largest and most valuable companies in the world.

市場開始將生物辨識解決方案視為一項不可或缺的技術。對我們來說，這一點多年來一直很明顯，但市場逐漸意識到人工智慧帶來的身份風險。我之所以說這些，是為了重申 authID 被視為生物識別認證、AI 缺陷檢測以及現在的智慧 AI 安全領域市場上為數不多的領導者之一。生物辨識技術的需求如此之高，以至於一家大型身分識別公司最近收購了一家生物辨識公司。我們已經從一些全球規模最大、最有價值的公司獲得了對我們技術的高度認可。

Therefore, our mandate for the remainder of the year and into 2026 is clear: continue to serve the companies that entrust us to manage their biometric authentication needs and win the $20 million-plus in enterprise deals we are currently engaged in. We have made incredible progress to date. And as a shareholder myself, I've never been more excited about the future of authID.

因此，我們今年剩餘時間以及到 2026 年的任務很明確：繼續為委託我們管理其生物識別認證需求的公司提供服務，並贏得我們目前正在參與的超過 2000 萬美元的企業交易。我們迄今為止已經取得了令人矚目的進展。身為股東，我對 authID 的未來從未像現在這樣充滿期待。

Thank you very much for listening. And now I'll turn it over to our CFO, Ed Sellitto.

非常感謝您的聆聽。現在我將把麥克風交給我們的財務長艾德‧塞利托。

Thank you, Rhon, and thank you all for joining us today. I'll now review the financial results for the quarter. As Rhon discussed earlier, our third quarter was impacted by contractual challenges with two customers. Our resulting third quarter revenue adjustments exceeded our sales in the quarter, resulting in negative net revenue. I will expand on these adjustments in a moment.

謝謝羅恩，也謝謝各位今天蒞臨現場。接下來我將回顧本季的財務表現。正如 Rhon 之前討論的那樣，我們第三季度受到了與兩家客戶合約糾紛的影響。第三季收入調整後的收入超過了當季銷售額，導致淨收入為負。我稍後會詳細說明這些調整。

Looking at our GAAP results. For this quarter, we are breaking out our revenue into both gross and net revenue. Net revenue is equal to gross revenue minus any customer discounts and concessions. Gross revenue for the quarter was $0.6 million compared to $0.2 million last year. Net revenue, which reflects Q3 concessions totaling $0.7 million was a negative $0.1 million compared with a positive $0.2 million last year.

查看我們的GAAP結果。本季度，我們將收入分為毛收入和淨收入兩部分。淨收入等於總收入減去任何客戶折扣和優惠。本季總收入為 60 萬美元，而去年同期為 20 萬美元。淨收入反映了第三季總計 70 萬美元的特許經營費，與去年同期的 20 萬美元相比，淨收入為負 10 萬美元。

For additional context, I'll expand on Rhon's earlier comments regarding the two contracts impacting net revenue. The first contract is with the partner signed in October 2024, who was delayed in ramping their usage due in part to a change in their own go-to-market strategy as well as recent challenges that arose with doing business in international markets. After we experienced delays in payments from this customer in the second quarter of 2025, the customer ultimately made a partial payment in the third quarter, but asked for a contract amendment before committing to making further payments. Since then, we have received no further payments nor have we amended our contract. Until any further negotiations are concluded, we seized revenue recognition for this contract and adjusted contract balances to reflect only the amount of approximately $0.4 million that has been paid to date.

為了提供更多背景信息，我將詳細闡述 Rhon 之前關於影響淨收入的兩份合約的評論。第一份合約是與合作夥伴於 2024 年 10 月簽署的，該合作夥伴由於自身市場進入策略的改變以及最近在國際市場開展業務時遇到的挑戰，導致其使用量增加有所延遲。2025 年第二季度，該客戶付款出現延遲，最終在第三季度支付了部分款項，但在承諾支付更多款項之前，要求修改合約。自那以後，我們既沒有收到任何款項，也沒有修改合約。在進一步談判結束之前，我們停止確認該合約的收入，並調整合約餘額，僅反映迄今為止已支付的約 40 萬美元金額。

The second contract that impacted our third quarter revenue relates to the $0.7 million in concessions estimated to be granted to a customer who is also delayed in their usage and is tracking significantly below their annual minimum usage commitment. This customer was signed in 2023 and began ramping in 2024 toward their commitment. The customer's usage declined unexpectedly due to shifts in their marketing strategy and remained significantly below the minimum commitment by September 30, 2025, despite consistent communication from the customer that they projected their usage to resume its growth. That said, the customer has paid all amounts due for their actual usage in compliance with our agreements. Given the customer's strategic importance to the company as well as management's belief in their future anticipated usage growth and ongoing new business development opportunities, the company expects to make a concession on the annual minimum fee in order to maintain the relationship going forward.

影響我們第三季收入的第二份合約與預計給予一位客戶的 70 萬美元優惠有關，該客戶的使用量也出現延遲，並且嚴重低於其年度最低使用承諾。該客戶於 2023 年簽約，並於 2024 年開始逐步履行承諾。由於行銷策略的轉變，客戶的使用量意外下降，截至 2025 年 9 月 30 日，儘管客戶不斷表示預計其使用量將恢復成長，但其使用量仍遠低於最低承諾量。也就是說，客戶已按照我們的協議支付了其實際使用的所有應付款項。鑑於該客戶對公司的策略重要性，以及管理層對其未來預期使用量成長和持續新業務發展機會的信心，公司希望在年度最低費用方面做出讓步，以維持雙方的合作關係。

Revenue and performance obligation for this customer were adjusted in the third quarter to account for the estimated concession. Before moving on to the remaining financial results, I want to reiterate Rhon's sentiment that while we hope these customers can deliver growth in their business to fulfill our signed contracts, we are encouraged by the fact that we have maintained relationships with each customer, we're able to collect partial payments and have year-over-year growth in our remaining customer base. We also proactively addressed this issue by focusing our efforts to work with larger established enterprise organizations.

第三季對該客戶的收入和履約義務進行了調整，以反映預計的讓步。在繼續討論剩餘的財務業績之前，我想重申 Rhon 的觀點，雖然我們希望這些客戶能夠實現業務增長以履行我們簽署的合同，但我們感到鼓舞的是，我們與每位客戶都保持了關係，我們能夠收取部分款項，並且我們剩餘的客戶群實現了同比增長。我們也積極主動地解決這個問題，專注於與規模較大的成熟企業組織合作。

Moving on to the remaining GAAP metrics. Operating expenses for Q3 were $5.1 million compared to $3.8 million a year ago. The year-over-year increase is primarily due to increased headcount investment in sales and R&D as we continue to execute our enterprise sales strategy. Net loss for the quarter was $5.2 million, of which noncash charges were $1.1 million. This compares to a net loss of $3.4 million for the same period last year, which included $0.6 million in noncash charges. Net loss per share for the quarter was $0.38 compared with $0.31 a year ago. Turning to RPO on the next slide.

接下來是剩餘的GAAP指標。第三季營運支出為 510 萬美元，而去年同期為 380 萬美元。與前一年相比，成長的主要原因是我們在銷售和研發方面增加了人員投入，以繼續執行我們的企業銷售策略。本季淨虧損為 520 萬美元，其中非現金支出為 110 萬美元。相較之下，去年同期淨虧損為 340 萬美元，其中包括 60 萬美元的非現金支出。本季每股淨虧損為 0.38 美元，去年同期為 0.31 美元。下一頁將介紹RPO（招募流程外包）。

Remaining Performance Obligation, or RPO, represents the minimum revenue expected to be recognized from our signed contracts based on our customers' contractual commitments. As of September 30, 2025, our total RPO was $3.6 million, a decrease of approximately $10.9 million over the prior quarter as we recognized contracted revenue in Q3 and adjusted for payment issues and concessions related to the customer contracts I described earlier. Our RPO for the quarter is slightly below the RPO at the same time last year, which was $3.8 million.

剩餘履約義務（RPO）是指根據我們客戶的合約承諾，我們預期從已簽署的合約中確認的最低收入。截至 2025 年 9 月 30 日，我們的 RPO 總額為 360 萬美元，比上一季減少了約 1090 萬美元，因為我們在第三季度確認了合約收入，並對之前我描述的與客戶合約相關的付款問題和讓步進行了調整。本季我們的 RPO 略低於去年同期的 RPO，去年同期為 380 萬美元。

The combination of the one-off challenges we incurred with earlier contracts and our resulting proactive shift to pursue major enterprise customers with longer sales cycles has resulted in a temporary decline in our RPO, which we expect to resume its upward trend as we gain traction closing deals in our pipeline in the coming months. On to our non-GAAP results on the next slide.

由於先前合約中遇到的一次性挑戰，以及我們因此而採取的積極主動的策略，即爭取銷售週期較長的大型企業客戶，導致我們的 RPO 暫時下降。我們預計，隨著未來幾個月我們在銷售管道中達成交易，RPO 將恢復上升趨勢。接下來請看下一張投影片，我們將介紹非GAAP財務表現。

Adjusted EBITDA loss was $4.1 million for Q3 compared with a $2.9 million loss for the same period last year. As described with our operating expense results, the year-over-year increase in EBITDA loss is primarily due to increased headcount investment in sales and R&D. Next is Annual Recurring Revenue, or ARR, which is defined as the amount of recurring revenue recognized during the last three months of the relevant period multiplied by 4. ARR as of Q3 is $1.7 million compared to $1.0 million of ARR as of Q3 2024. The year-over-year growth reflects our proactive efforts to sign and go live with established market leaders, including Prove Identity and the major global retailers signed this year.

第三季調整後 EBITDA 虧損為 410 萬美元，去年同期虧損為 290 萬美元。正如我們在營運費用結果中所述，EBITDA 虧損年增主要是由於銷售和研發方面的人員投入增加。接下來是年度經常性收入（ARR），其定義為相關期間最後三個月確認的經常性收入金額乘以 4。截至第三季度，年度經常性收入 (ARR) 為 170 萬美元，而 2024 年第三季的年度經常性收入 (ARR) 為 100 萬美元。同比成長反映了我們積極主動地與成熟的市場領導者簽約並上線合作，包括 Prove Identity 和今年簽約的主要全球零售商。

Turning to bARR or booked annual recurring revenue, which is the projected amount of annual recurring revenue we believe will be earned under contracted orders looking out 18 months from the date of signing of each customer contract. The gross amount of bARR signed in the third quarter of 2025 was $0.2 million, down from $1.15 million of gross bARR a year ago. The decrease in bARR for the quarter is a result of the longer sales cycles associated with our enterprise deals as we progress through these more expensive sales conversations. As previously explained during our quarterly earnings call, bARR comprises two components which we refer to as cARR and UAC. cARR or committed annual recurring revenue represents the total annual customer contractual commitment through fixed license fees and minimum usage commitments.

接下來是 bARR 或已確認的年度經常性收入，這是我們認為從每個客戶合約簽訂之日起 18 個月內，根據已簽訂的訂單將獲得的預計年度經常性收入金額。2025 年第三季簽署的 bARR 總額為 0.2 百萬美元，低於一年前的 1.15 百萬美元。本季 bARR 下降是由於企業交易的銷售週期延長，因為我們正在推進這些成本更高的銷售洽談。正如我們在先前的季度財報電話會議上解釋的那樣，bARR 由兩部分組成，我們稱之為 cARR 和 UAC。 cARR 或承諾年度經常性收入代表客戶透過固定許可費和最低使用承諾所作出的年度合約承諾總額。

These commitments are directly recognized as revenue in each contract a year after each customer goes live with the service. Q3 2025 cARR represents $0.11 million, approximately 58% of reported bARR. UAC or estimated usage above commitment is an estimate of annual customer usage that will exceed contractual commitments. Q3 UAC represents the remaining $0.08 million or 42% of reported bARR. Turning to our revenue growth stages on the next slide.

這些承諾在每位客戶正式上線服務一年後，直接確認為每份合約的收入。2025 年第三季 cARR 為 0.11 百萬美元，約佔報告 bARR 的 58%。UAC 或超出承諾的預期使用量是指客戶年度使用量預計超過合約承諾的部分。第三季 UAC 代表剩餘的 0.08 億美元，即報告的 bARR 的 42%。下一頁我們將介紹我們的收入成長階段。

I'll conclude by revisiting our progress aligned to the revenue growth stages we report each quarter. The first milestone we use to monitor our growth is bookings as measured by bARR. Through Q3, we realized a total gross bARR of $2.4 million. We have seen the momentum build with a number of new enterprise prospects in our pipeline, and we've seen others progress to more advanced sales stages. While the timeline for larger enterprise deals are drawing out longer than expected, the demand for biometric solutions and excitement over our technology is there from our customers and prospects.

最後，我將回顧我們在每個季度報告的收入成長階段所取得的進展。我們用來監測成長的第一個里程碑是預訂量，以 bARR 衡量。第三季度，我們實現了總計 240 萬美元的毛 bARR。我們看到，隨著我們銷售管道中一些新的企業潛在客戶的加入，銷售動能正在增強，我們也看到其他一些潛在客戶已經進入了更高級的銷售階段。雖然大型企業交易的時間表比預期要長，但我們的客戶和潛在客戶對生物辨識解決方案的需求以及對我們技術的熱情仍然存在。

We're focused on bringing more of these deals with market-leading organizations over the finish line as we exit 2025. The next milestone is our remaining performance obligation, or RPO. As I detailed earlier, as of Q3, we have approximately $3.6 million in RPO, a number that we expect to climb back towards its previous levels as our bookings come in during the coming months. Our third milestone is revenue recognized in accordance with GAAP. Our Q3 year-to-date revenue of $1.6 million continues to surpass our 2024 full year revenue, and we expect this growth to continue in Q4 as our core customers continue to go live and ramp.

我們的目標是在 2025 年結束之際，與市場領先的組織達成更多此類交易。下一個里程碑是我們的剩餘履約義務（RPO）。正如我之前詳細介紹的那樣，截至第三季度，我們的 RPO 金額約為 360 萬美元，我們預計隨著未來幾個月預訂量的增加，這一數字將回升至之前的水平。我們的第三個里程碑是依照公認會計準則確認收入。我們第三季迄今的收入為 160 萬美元，繼續超過我們 2024 年全年的收入，我們預計隨著我們的核心客戶繼續上線和擴大規模，這一增長勢頭將在第四季度繼續保持。

And as we've called out in prior earnings calls, customer retention and expansion remains an important focus of ours, particularly in establishing that our customers get value from using our solutions and want to continue working with us as their needs grow, and we offer new product capabilities. I'll end by saying that despite the turbulence we've experienced as a younger company, we are witnessing a growing market, particularly in the enterprise that is increasingly turning to biometrics, and we're watching our prospects' excitement to engage as we demonstrate our solutions. As we've already started to do, we strongly believe we can continue to sign up large household brand names to use authID to secure their workforce and their customers. I hope that at least a few will even allow us to reveal their names to help and share in the excitement along the way. With that, operator, we'd now like to open up for questions.

正如我們在先前的財報電話會議上所指出的，客戶留存和拓展仍然是我們關注的重點，尤其是在確保我們的客戶能夠從使用我們的解決方案中獲得價值，並且隨著他們需求的增長以及我們提供新的產品功能，他們希望繼續與我們合作方面。最後我想說，儘管我們作為一家年輕的公司經歷了一些動盪，但我們正在見證一個不斷增長的市場，尤其是在企業領域，生物辨識技術正日益普及。當我們展示我們的解決方案時，我們看到了潛在客戶參與其中的熱情。正如我們已經開始做的那樣，我們堅信我們可以繼續吸引許多知名品牌使用 authID 來保護其員工和客戶的安全。我希望至少有幾個人能夠允許我們透露他們的姓名，以便我們可以一路提供幫助並分享這份興奮。操作員，接下來我們將開始接受提問。

(Operator Instructions) At this time, I would like to turn the call to Rhon Daguro, CEO, for closing remarks.

（操作員指示）現在，我想把電話轉給執行長 Rhon Daguro，請他作總結發言。

Thank you. We'd like to thank everyone for listening to today's call. If you have any further questions about our progress, please reach out to our Investor Relations e-mail at investor-relations@authid.ai, and we'd be happy to address your questions accordingly. We look forward to speaking with you when we report our full year results in March. Thank you again for joining us.

謝謝。感謝大家收聽今天的電話會議。如果您對我們的進度有任何其他疑問，請聯絡我們的投資者關係信箱 investor-relations@authid.ai，我們將很樂意為您解答。我們期待在三月公佈全年業績時與您交流。再次感謝您的參與。

And this concludes today's program. Thank you for participating. You may now disconnect.

今天的節目到此結束。感謝您的參與。您現在可以斷開連線了。