authID.ai Q1 revenue flat at $0.6M; net loss widens to $5.3M; plans exit of legacy businesses

authID Inc.

Net loss $5.3M ($0.22/share) vs $2.5M ($0.13/share) YoY; Adjusted EBITDA loss $2.9M vs $1.3M.
Revenue unchanged at $0.6M; company cites increased investment in tech, marketing, and sales.
Board approved exit of MultiPay (Colombia) and Cards Plus (South Africa); cash costs for MultiPay <$250K; Cards Plus write-down $144K.
Completed $22.5M financing in March to support working capital through 2023; reiterates positive cash flow target by 2024.
CFO Stuart Stoller retiring; Annie Pham appointed successor effective June 2022; new board member Joe Trelin named.

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