Revenue Rises 22% in First Half

Trust Stamp announced that its total recognized revenues for the six months ended June 30, 2026, were $1.66 million, increasing by 22% from the previous year when the figure was $1.36 million. This increase is largely due to increased sales revenue earned from a large bank that is listed in the S&P 500 index as well as new business from a multinational telecommunications company doing business in Africa. During the quarter under review, Trust Stamp billed the telecom client $192,000.

This relationship has further developed since then. After the end of June, Trust Stamp provided another $800,000 of services to this client. The total amount of revenues billed and billable under this relationship is now $992,000.

African Telecom and Government Opportunities

The Trust Stamp team is also in talks with a second telecommunications firm in Africa. The company sees this part of the world as one of the most promising markets as regulators are increasingly focusing on verifying the identities of subscribers.

In addition, negotiations on three government-related deals in Ghana are still ongoing. One or more of these deals are expected to result in agreements by Trust Stamp in the fiscal year 2026.

The sales pipeline that is estimated by the company for the fiscal years 2026 and 2027 comes to $42.40 million. Taking into consideration the probability of winning contracts, the company believes that the value of the pipeline may come to approximately $9.48 million.

Higher Expenses and Net Loss

Growth in revenues was accompanied by rising costs. Operating costs totaled $6.32 million, up from $5.20 million in the same period last year. The rise of $1.12 million comprised $1.42 million in non-cash costs.

Trust Stamp noted that the expenses were associated with the initial cost outlays on behalf of the telecom project in Africa, where the revenue based on usage would help cover those costs in the future. Expenses also involved costs related to the purchase of Lexverify, costs related to development of its Wallet of Wallets product, $250,000 in non-recurring expenses, amortization costs, and other accounting discrepancies.

The net loss amounted to $4.93 million compared to $3.87 million in the first six months of 2025, marking an increase of 27.29%. The net loss included $1.42 million in non-cash expenses, while the cash burn from operations was $3.51 million including non-recurring expenses. The basic and diluted loss per share reduced to $0.90 from $1.57 last year. The cash and cash equivalents amounted to $6.31 million, while total current assets were $8.14 million.

Semiconductor and Sovereign AI Strategy

One other company selected to be involved in the EU’s Important Project of Common European Interest concerning advanced semiconductor technologies is Trust Stamp Malta. The facilitator for the project will be Malta Enterprise. The aim of the project is to improve Europe’s sovereignty and security within the advanced semiconductor value chain.

The company is planning to use the identity technology which can link the device's identity with the verified human identity. In this project, the company is going to develop a semiconductor identity platform and AI-assisted processing of neural signals. The cooperation agreement will be made for 2027 to 2032, depending on the approval.

Moreover, Trust Stamp is also planning to build the Sovereign Technology Centre in Gozo, Malta, which will be working on the development of the AI that operates locally.

Building Local AI Capabilities

According to Trust Stamp, the size of the global sovereign AI market may rise to about $48 billion by 2026, increasing to around $180 billion by 2033. This center is expected to create secure large language models, specialized industry AI assistants, sovereign clouds, cybersecurity products and AI applications in medicine and finance.

This company reports that it has developed proprietary AI models and collected more than 100 open-weight models that are easily customized by customers. This Malta center is designed to become a platform for R&D and testing in addition to the commercialization of AI products, uniting AI engineers, cybersecurity experts, data scientists and other specialists.

Gareth N. Genner, CEO of Trust Stamp, noted that such revenue growth is related to not only cooperation with existing customers but also with new customer acquisitions. In addition, he pointed out an increased interest in the company’s product – Wallet of Wallets, and said that this initiative may appeal to governments and companies due to sovereignty in technology use, data storage and compliance with regulations.