Revenue performance remains highly inconsistent, with quarterly figures fluctuating between $500K and $1.5M, while gross margins have exhibited extreme volatility, ranging from 22.2% in 2023Q4 to 81.9% in 2024Q4.
T Stamp Inc. (IDAI) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 3.44M | 3.14M | 3.08M | 4.56M | 5.39M | 3.68M | 2.65M | 2.11M | 834.66K | 471.54K |
| Revenue Growth % | 2.13% | 1.85% | -32.41% | -15.32% | 46.42% | 38.88% | 25.58% | 152.66% | 77.01% | - |
| Cost of Goods Sold | 1.71M | 1.39M | 1.07M | 914.18K | 1.79M | 1.15M | 1.52M | 702.74K | 270.49K | 30.28K |
| COGS % of Revenue | - | 44.12% | 34.63% | 20.05% | 33.15% | 31.3% | 57.41% | 33.32% | 32.41% | 6.42% |
| Gross Profit | 1.72M | 1.75M | 2.01M | 3.65M | 3.6M | 2.53M | 1.13M | 1.41M | 564.17K | 441.27K |
| Gross Margin % | 50.15% | 55.88% | 65.37% | 79.95% | 66.85% | 68.7% | 42.59% | 66.68% | 67.59% | 93.58% |
| Gross Profit Growth % | - | -12.93% | -44.74% | 1.28% | 42.47% | 124.01% | -19.78% | 149.24% | 27.85% | - |
| Operating Expenses | 10.21M | 9.41M | 11.38M | 11.54M | 15.68M | 11.42M | 9.52M | 3.44M | 2.94M | 2.69M |
| OpEx % of Revenue | - | 299.88% | 369.27% | 252.97% | 291.15% | 310.44% | 359.63% | 163.23% | 352.54% | 569.74% |
| Selling, General & Admin | 7.01M | 6.47M | 8.51M | 8.38M | 12.44M | 8.31M | 6.38M | 2.28M | 2.21M | 1.49M |
| SG&A % of Revenue | - | 206.23% | 276.19% | 183.84% | 231.08% | 226.07% | 240.74% | 108.33% | 264.36% | 315.71% |
| Research & Development | 2.58M | 2.17M | 2.14M | 2.91M | 2.47M | 2.53M | 2.74M | 854.59K | 556.25K | 1.12M |
| R&D % of Revenue | - | 69.22% | 69.42% | 63.76% | 45.95% | 68.78% | 103.55% | 40.52% | 66.64% | 237.55% |
| Other Operating Expenses | 613.04K | 767.07K | 729.4K | 244.59K | 760.5K | 573.75K | 406.24K | 303.05K | -10.71K | 50.57K |
| Operating Income | -8.48M | -7.66M | -9.37M | -7.89M | -12.08M | -8.89M | -8.4M | -2.04M | -2.38M | -2.25M |
| Operating Margin % | -246.68% | -244% | -303.91% | -173.01% | -224.3% | -241.74% | -317.04% | -96.55% | -284.94% | -476.16% |
| Operating Income Growth % | - | 18.22% | -18.73% | 34.68% | -35.86% | -5.89% | -312.36% | 14.39% | -5.92% | - |
| EBITDA | -7.66M | -6.89M | -8.64M | -7.1M | -11.32M | -8.32M | -7.99M | -1.73M | -2.2M | -2.17M |
| EBITDA Margin % | -222.77% | -219.57% | -280.22% | -155.71% | -210.19% | -226.14% | -301.7% | -82.18% | -263.41% | -459.68% |
| EBITDA Growth % | -9.36% | 20.19% | -21.64% | 37.27% | -36.09% | -4.1% | -361.03% | 21.17% | -1.43% | - |
| D&A (Non-Cash Add-back) | 822.33K | 767.07K | 730K | 789K | 760K | 573.75K | 406.24K | 303.05K | 179.72K | 77.74K |
| EBIT | -8.97M | -7.93M | -10.09M | -7.86M | -12.06M | -9.02M | -10.5M | -2.04M | -2.39M | -2.19M |
| Net Interest Income | -121.34K | -146.31K | -509.78K | -73.27K | -8.89K | -39.97K | -182.79K | -98.54K | -228.22K | -176.91K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 70 | 2.45K | 3.25K |
| Interest Expense | 121.34K | 146.31K | 509.78K | 73.27K | 8.89K | 39.97K | 182.79K | 98.61K | 230.67K | 180.17K |
| Other Income/Expense | -650.18K | -491.85K | -1.23M | 238.68K | 8.46K | -167.91K | -2.29M | -100.66K | -238.93K | -126.34K |
| Pretax Income | -9.13M | -8.15M | -10.6M | -7.65M | -12.07M | -9.06M | -10.68M | -2.14M | -2.62M | -2.37M |
| Pretax Margin % | -265.59% | -259.67% | -343.81% | -167.78% | -224.15% | -246.31% | -403.41% | -101.32% | -313.57% | -502.95% |
| Income Tax | 90.48K | 13.78K | 7.81K | -13.48K | 21.08K | 0 | 0 | 8.18K | 6.93K | 0 |
| Effective Tax Rate % | -0.99% | -0.17% | -0.07% | 0.18% | -0.17% | 0% | 0% | -0.38% | -0.26% | 0% |
| Net Income | -9.38M | -8.33M | -10.61M | -7.64M | -12.09M | -9.06M | -10.68M | -2.14M | -2.62M | -2.33M |
| Net Margin % | -272.85% | -265.17% | -344.06% | -167.48% | -224.54% | -246.26% | -403.41% | -101.71% | -314.32% | -493.17% |
| Net Income Growth % | -1.99% | 21.5% | -38.85% | 36.83% | -33.5% | 15.22% | -398.08% | 18.24% | -12.81% | - |
| Net Income (Continuing) | -9.22M | -8.17M | -10.61M | -7.64M | -12.09M | -9.06M | -10.68M | -2.14M | -2.62M | -2.37M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 161.44K | 161.44K | 161.44K | 161.44K | 161.44K | 161.44K | 163.18K | 163.25K | 164.7K | 165.36K |
| EPS (Diluted) | -1.67 | -2.67 | -11.36 | -16.07 | -38.32 | -36.06 | -67.80 | -18.93 | -31.90 | -28.28 |
| EPS Growth % | 73.3% | 76.5% | 29.31% | 58.06% | -6.27% | 46.81% | -258.16% | 40.66% | -12.8% | - |
| EPS (Basic) | - | -2.67 | -11.36 | -16.07 | -38.32 | -36.06 | -67.80 | -18.93 | -31.90 | -28.28 |
| Diluted Shares Outstanding | 5.61M | 3.11M | 1.1M | 475.17K | 315.52K | 251.16K | 157.57K | 113.21K | 82.24K | 82.24K |
| Basic Shares Outstanding | 5.61M | 3.11M | 1.1M | 475.17K | 315.52K | 251.16K | 157.57K | 113.21K | 82.24K | 82.24K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying IDAI stock.
For fiscal year 2025, T Stamp Inc. (IDAI) reported total revenue of $3.1M. This represents a 565.8% increase compared to $0.5M in 2017.
T Stamp Inc. (IDAI) reported a net loss of $8.3M for the fiscal year ending 2025.
T Stamp Inc. (IDAI) reported an operating income of $-7.7M, resulting in an operating profit margin of -244.0%. This margin reflects the operational efficiency of the business before interest and taxes.
T Stamp Inc. (IDAI) generated $1.8M in gross profit for the year, representing a gross profit margin of 55.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Unsustainable cash burn rate
Metrics are mathematically derived from official filings.
Inconsistent Revenue Growth Patterns Observed
As reported in recent quarterly filings, T Stamp Inc. exhibits highly volatile revenue performance, with quarterly figures fluctuating between $500K and $1.5M, suggesting that the company's reliance on project-based contracts prevents the establishment of a predictable, scalable growth trajectory for its identity verification platform.
The lack of consistent sequential growth indicates that the company has yet to achieve meaningful product-market fit or a repeatable sales motion. Investors should monitor whether the revenue volatility is driven by the lumpy nature of government contracts or an inability to retain enterprise clients.
Gross Margin Volatility Masks Efficiency
Based on the provided income statement data, gross margins have swung wildly from a low of 22.2% in 2023Q4 to a peak of 81.9% in 2024Q4, indicating that the company's cost of revenue is highly sensitive to the specific mix of services delivered each period.
This instability in gross margins suggests that T Stamp Inc. may be struggling to standardize its service delivery, potentially incurring high variable costs for bespoke implementations. A sustained margin profile is necessary to determine if the underlying technology can eventually support a profitable software-as-a-service model.
Operating Expenses Outpace Revenue Scale
According to the company's financial disclosures, SG&A and R&D expenses consistently dwarf gross profit, resulting in persistent operating losses that appear to be disconnected from the company's current revenue generation capacity and overall market penetration efforts within the identity verification sector.
The company appears to be maintaining a high fixed-cost base that is disproportionate to its current scale, which may indicate an over-investment in R&D relative to commercialization. Without a significant reduction in overhead or a massive increase in transaction volume, the current cost structure remains fundamentally unsustainable.
Structural Risks to Financial Viability
As evidenced by the consistent net losses and the reliance on equity-based financing, the company's financial position appears precarious, with the current cash burn rate potentially necessitating further dilutive capital raises to maintain operations over the next several quarters, as noted in recent financial statements.
Short-term observers may focus on the company's inability to reach operational break-even despite its proprietary technology claims. The persistent gap between R&D spending and revenue growth warrants further investigation into whether the company's intellectual property is actually capable of generating commercial returns in the near term.