Revenue Reaches $1.66 Million

The revenues reported by Trust Stamp for the first half of 2026 increased by 22% to $1.66 million, up from $1.36 million recorded in the first half of 2025. The increase was largely due to increased revenues from an S&P 500 bank and an African telecommunications company.

During the second quarter, Trust Stamp generated a billing of $192,000 for services rendered to the African telecommunications firm. In addition to this, after June 30, Trust Stamp delivered another $800,000 worth of work to the same company.

African Telecom Market Becomes a Growth Focus

Trust Stamp has been in discussions with the second telecommunication company in Africa. The company is seeing room for growth in this area since there is regulatory interest in the identity verification of the subscribers. Furthermore, the company is now in negotiations for three government contract deals in Ghana. Trust Stamp expects that out of the above negotiations, at least one of the deals will materialize in the fiscal year 2026.

As per the company, the projected total value of sales opportunities from government and commercial sales for the fiscal year 2026 and 2027 is $42.40 million. Making adjustments for the probabilities of signing potential contracts, the company estimated the revenue opportunity to be $9.48 million.

Higher Costs Increase Net Loss

However, the growth in revenue came with a rise in costs. Operating expenses for the first half of 2026 by Trust Stamp have been reported at $6.32 million, compared to $5.20 million recorded for the first half of the previous year.

The rise in costs involves $1.42 million of non-cash costs, which is $654,000 more than last year. This is inclusive of the cost incurred as a result of initial costs from African telecom partnership, Lexverify acquisitions, product development of Wallet of Wallets product, $250,000 in one-time financial costs, depreciation costs and the change in timing for restricted stock unit expense and increase in sales cost as a result of the increase in revenue.

For the first half of 2026, the company recorded a net loss of $4.93 million as compared to the $3.87 million for the first half of the previous year. This marks an increase of 27.29%. The firm disclosed that the net loss included $1.42 million in non-cash costs, while operating cash loss was $3.51 million, inclusive of one-time costs. Loss per share fell from $1.57 to $0.90. Cash and cash equivalents stood at $6.31 million, while current assets were at $8.14 million as of June 30th.

Trust Stamp Expands Into Sovereign AI

Trust Stamp Malta is also chosen to become the participant in the Important Project of Common European Interest regarding Advanced Semiconductor Technologies of the European Union, with the assistance of Malta Enterprise.

The goal of this project is to ensure security and independence of Europe in the advanced semiconductor industry. In this case, Trust Stamp intends to use its identity technology to link device identity with the identity of people. This includes development of a semiconductor identity platform along with AI-assisted neural signal processing. The cooperation agreements will be signed for 2027 till 2032, pending approval.

Malta Centre Targets Local AI Needs

Trust Stamp has announced the launch of the Sovereign Technology Centre in Gozo, Malta, in order to work on creating AI systems which will be able to work according to the laws and regulations of the particular country. The firm considers sovereign AI to be an important emerging market with the estimate that the market might be valued at over $48 billion in 2026 and will have reached approximately $180 billion in 2033.

The center aims to develop AI systems such as secure language models, industry-specific AI assistants, sovereign cloud systems, cybersecurity products, medical and financial AI applications, and small AI models which can run on edge devices and semiconductors.

Trust Stamp has mentioned that it has proprietary AI models which were created for more than 10 years and more than 100 open-weight AI models that can be used for particular clients. The center in Malta will help in working on the EU-funded projects and in future will serve as an example for creating centers in Africa.

CEO Gareth N. Genner mentioned that the firm is observing growing interest from people in the current engagements, in its Wallet of Wallets product, and also in sovereign AI activities.