Identitii (ASX: $ID8) Quarterly Activity Report and Appendix 4C highlights

Identitii Limited (ASX: $ID8) has released its Quarterly Activity Report and Appendix 4C for the period ending 31 December 2023. The report highlights a $1.0 million capital raised via partial sale of Payble shareholding, receipt of $1.5 million R&D refund, filing of a patent infringement claim in the United States, signing of a non-recourse agreement with Curium Capital, and upgrading of information security management to the new ISO 27001:2022 standard. The company also launched a brand refresh and new website. The operating cash inflows for the quarter were $0.3 million, marking a significant improvement from the outflows of $1.8 million in Q1 FY24. The closing cash balance stood at $1.9 million, up from $1.6 million in Q1 FY24. Subsequent to the quarter end, the company received receipts from customers in excess of $0.5 million.

John Rayment, CEO of Identitii, on the company's progress

In the first half of FY24, we've seen the costs to run our technology platform continue to decline while increasing our operational efficiency and cyber security resilience. We have continued to validate demand for our products and services with existing and prospective customers. These are important foundational milestones as we build for a future where additional customers and revenue won't materially increase costs. We will continue investing in product discovery and innovation through FY24 and FY25, as we work towards reaching and sustaining cash flow breakeven.

Identitii's progress and outlook

Identitii (ASX: $ID8) has made significant progress in the first half of FY24, with a successful capital raise, receipt of R&D refund, and filing of a patent infringement claim. The company's focus on sales and revenue growth, along with the exploration of new use cases for its platform, demonstrates its commitment to expanding its customer base and enhancing its product offerings. The upgraded information security management to the new ISO 27001:2022 standard reflects the company's dedication to cyber security resilience. With a closing cash balance of $1.9 million and subsequent receipts from customers, Identitii is well-positioned to continue its operations and pursue its goals of reaching and sustaining cash flow breakeven. Identitii's ambitions to be the leading global platform for distributed customer data sharing and its efforts to address the global challenge of sharing customer data in the financial services industry indicate a promising outlook for the company's future growth and expansion.