T Stamp Inc. (IDAI): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of T Stamp Inc. (IDAI) as of late 2025, and honestly, what you'll find is a classic high-growth, high-burn play centered on identity tokenization. This isn't just theory; they're actively driving revenue-hitting about $9 million in 2025-while banking on big partnerships, like the one with FIS to reach over 100 financial institutions, and sitting on over $5.3 million in cash as of September 30th. It's a complex mix of patented AI, high-touch professional services, and a race toward quantum-ready security, so let's break down exactly how this privacy-first identity company plans to turn that burn into serious market share below.

T Stamp Inc. (IDAI) - Canvas Business Model: Key Partnerships

The Key Partnerships block for T Stamp Inc. (IDAI) centers on strategic alliances that fuel platform distribution, technology development, and capital access, as of late 2025.

The relationship with FIS is crucial for scaling the Orchestration Layer across the financial sector. As of the third quarter ending September 30, 2025, T Stamp Inc. had successfully onboarded 97 financial institutions with over $348 billion in assets through FIS. This channel shows significant adoption velocity, with transaction starts for FIS-related institutions increasing by 247% over the nine months ending September 30, 2025, and customer completion rates rising by over 30% in that same period.

The strategic transaction with Qenta Inc. formed QID Technologies LLC, in which T Stamp Inc. holds a 10% equity interest. QID contracts with T Stamp Inc. for business development and product operations, with potential service revenue capped at up to $3.6 million annually. This arrangement was also expected to generate a net cash inflow of $3.3 million from contracted services based on that cap.

T Stamp Inc. entered a Teaming Agreement with ManTech in January 2024, which was extended in the first half of 2024 to explore potential uses in the defense sector, specifically involving T Stamp Inc.'s Quantum-Safe technology services. Management anticipated these initiatives could result in significant revenue in 2025.

Capital generation is supported by the Maxim Group LLC. T Stamp Inc. raised approximately $5.6 million in net proceeds through an at-the-market offering conducted pursuant to an Equity Distribution Agreement with Maxim Group LLC, with sales occurring between July 8, 2025, and October 2, 2025. The total authorized value under this agreement was up to $6,196,000. Separately, Maxim Group LLC acted as the exclusive warrant solicitation agent and financial advisor for a warrant exercise and exchange agreement on October 31, 2025, which yielded gross proceeds of approximately $4.347 million.

For expansion into the WealthTech space, T Stamp Inc. joined the Founders Arena wealthtech accelerator in October 2025. This move followed the company reaching a milestone of 100 financial institutions as customers.

Here is a summary of the key quantitative aspects of these partnerships:

The operational impact of these relationships can be seen in the platform's growth:

• Total Orchestration Layer Customers (as of Q3 2025): 110.
• Customer Completion Rates (9 months ending Sept 30, 2025): Over 30% increase.
• QID Contracted Service Revenue Potential (Net Cash Inflow): $3.3 million.

The ManTech teaming agreement is focused on quantum-safe technology for the defense sector, with management anticipating significant revenue in 2025 based on the H1 2024 extension.

T Stamp Inc. (IDAI) - Canvas Business Model: Key Activities

You're looking at the core engine driving T Stamp Inc. (IDAI) right now, which is a mix of heavy software maintenance, significant service delivery, and continuous capital management to fund the gap. Honestly, the numbers show a clear pivot to services funding the R&D pipeline.

Developing and maintaining proprietary AI-powered identity software

The activity centers on the Orchestration Layer platform and related intellectual property. While specific R&D spend isn't detailed separately from operating expenses, the focus is clear from patent activity and platform updates.

• USPTO Patent #11,681,787 cited for stablecoin identity framework (November 24, 2025).
• Orchestration Layer institutional customers rose to 94 from 80 at the end of Q4 2024 (as of May 15, 2025).
• Total Orchestration Layer customers reached 105 as of June 30, 2025.

Delivering high-touch professional services, a major revenue driver

Professional services are the primary source of recognized revenue, which is a key focus area for the business model execution.

The S&P 500 bank contract amendment is a major component, securing minimum gross revenue exceeding $12.7 million through May 31, 2031.

Research and development of quantum-ready security and StableKey™ technology

This activity is tied to future product lines, specifically in the digital asset space, building on existing patented technology.

• StableKey™ built upon the patented Stable IT2 cryptosystem.
• Announced a cryptocurrency and asset tokenization initiative including the TSI Wallet on November 3, 2025.
• Selected for the 2026 Trust Village Incubator in Switzerland, recognizing work on StableKey™.

Strategic capital raising via equity offerings and warrant exercises

The company is actively engaged in financing activities to support operations, given the current operating cash outflows.

The company has positive working capital of $3.49 million as of September 30, 2025.

Global business development across North America, Europe, Asia, and Africa

Business development efforts show traction in customer acquisition and geographic/programmatic validation.

• Reached 100 financial services customers as of October 29, 2025.
• Onboarded 92 financial institutions with over $348 billion in assets through FIS (as of Q2 2025).
• Selected for South Korea's K-Startup Grand Challenge 2025, targeting Asia-Pacific expansion.
• Selected for the 2026 Trust Village Programme in Switzerland.

The company joined the Founders Arena accelerator to push into the WealthTech sector.

T Stamp Inc. (IDAI) - Canvas Business Model: Key Resources

You're looking at the core assets T Stamp Inc. (IDAI) relies on to run the business right now. These are the tangible and intangible things they own that make their value proposition possible.

The financial footing as of the third quarter end is a key resource to note. As of September 30, 2025, T Stamp Inc. (IDAI) reported $5,372,021 in Cash and Cash Equivalents. This cash position, combined with receivables and prepaid expenses, resulted in Total Current Assets of $7,065,774.

The human capital is centered around a specialized team. The latest reported figure shows approximately 77 total employees as of December 31, 2024.

The technology portfolio is heavily weighted toward proprietary, protected assets. This includes their patented AI and cryptographic identity tokenization technology. Specifically, T Stamp Inc. secured USPTO Patent #11,681,787 in November 2025 for privacy-preserving identity-embedded stablecoin technology.

The platform driving customer adoption is The Orchestration Layer (OL) low-code identity platform. As of the September 30, 2025 release, a total of 110 customers were either fully implemented or currently implementing the Orchestration Layer.

The broader intellectual property base is substantial, even beyond the new patent. As of May 2024, the portfolio included 20 Allowed and Issued AI-powered patents, with another 13 patents listed as provisional or pending.

Here's a quick look at some of the key quantifiable resources as of late 2025:

You should also keep in mind the underlying structure supporting these assets. For instance, the company had $3.33 million in total debt reported in the last 12 months context, resulting in a net cash position of $2.04 million.

The technology itself is built on several core components that function as key resources:

• Patented transformation algorithms.
• Neural networks and AI-powered identity verification.
• Data transformation and comparison capabilities.
• Stable IT2 for biometric authentication without storing raw biometric data.

T Stamp Inc. (IDAI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why enterprises and institutions are engaging with T Stamp Inc. (IDAI) as of late 2025. The value is rooted in verifiable security that doesn't compromise user privacy, which is a major hurdle in digital transformation.

Privacy-preserving identity authentication (Privacy-First Identity Company™)

The company's platform is built around identity that is secured without exposing underlying personal data. This is evidenced by the growth in the core identity platform itself. As of Q3 2025, total customers implemented or implementing the Orchestration Layer rose to 110 entities. This adoption shows a market preference for solutions that manage identity securely.

AI-driven fraud mitigation and secure user authentication

The efficacy of the AI-driven authentication and fraud mitigation is reflected in direct operational metrics from key partnerships. For institutions related to FIS, transaction starts increased by 247% over the nine months ended September 30, 2025. Furthermore, the success of these authenticated transactions is improving, with completion rates increasing by over 30% over the same nine-month period. This suggests a better, faster, and more secure user journey.

Quantum-ready security for digital assets and cryptocurrencies (StableKey™)

T Stamp Inc. introduced its quantum-ready solution for digital assets very recently. StableKey™, a patented, quantum-ready embedded-identity algorithm, was announced on December 1, 2025. This technology cryptographically binds on-chain assets to a transformed biometric marker of the rightful owner, designed to prevent forced crypto transfers. The company also unveiled a transformative leap in stablecoin architecture on November 24, 2025, targeting GENIUS Act-compliant digital currencies. The StableKey Wallet itself is scheduled for release in January 2026.

Accelerating secure financial and societal inclusion

The value proposition here is demonstrated by securing major financial sector contracts. The S&P 500 bank contract amendment, extended to May 31, 2031, sets a minimum gross revenue exceeding $12.7M, which materially improves revenue visibility. This type of enterprise adoption is key to broader inclusion efforts. By Q3 2025, FIS-related onboarded institutions reached 97.

Reduced friction in digital transactions for enterprises

Reduced friction translates directly into revenue growth and operational efficiency for T Stamp Inc. (IDAI) and its clients. Net recognized revenue for Q3 2025 rose 71% year-over-year to $0.87M. Management is focused on cost discipline, with Total Operating Expenses falling 17% year-over-year to $2.64M in Q3 2025. The company projected FY 2025 revenue to exceed $5.0 million from existing contracted customers alone.

Here's a quick look at the financial context supporting the growth claims as of the nine months ended September 30, 2025:

The focus on operational efficiency is clear when you see the expense management. For instance, in Q2 2025, operating expenses declined 20% to $2.50 million. Also, management cited expected monthly expense reductions of $180,000 compared to 2024.

The core value drivers for enterprise adoption can be summarized as follows:

• Transaction starts for FIS institutions increased 247%.
• Completion rates improved by over 30%.
• Total Orchestration Layer customers reached 110.
• S&P 500 bank contract minimum gross revenue exceeds $12.7M.
• Q3 2025 recognized revenue was $0.87M.

T Stamp Inc. (IDAI) - Canvas Business Model: Customer Relationships

The relationship structure at T Stamp Inc. (IDAI) is clearly tiered, reflecting the high-value, complex nature of its identity authentication software deployments across government and enterprise sectors.

Dedicated enterprise sales and account management for top clients.

Customer concentration remains a significant factor in the relationship dynamic. For the nine months ended September 30, 2025, the S&P 500 bank customer and related-party QID accounted for over 80% of year-to-date revenue. This necessitates a highly dedicated account management structure for these anchor relationships. The contract amendment with this S&P 500 bank customer extends through May 31, 2031, guaranteeing minimum gross revenue exceeding $12.7 million over the remaining term.

High-touch, consultative professional services for complex deployments.

Revenue growth in 2025 has been concentrated in professional services, indicating a high-touch service model for initial implementations and ongoing platform integration. For the three months ended September 30, 2025, net recognized revenue was $0.87 million, a 71% year-over-year increase, with the nine-month recognized revenue reaching $2.23 million, up 41% year-over-year. The company projected full-year 2025 revenue to exceed $5.0 million from existing contracted customers as of May 2025, with a forecast for the full year 2025 landing at $7MM.

The reliance on professional services revenue suggests that initial deployment and integration require significant, hands-on support from T Stamp Inc. (IDAI) staff, which is consistent with complex enterprise software rollouts.

Strategic partner management for channel-based customer acquisition (e.g., FIS).

Channel relationships, particularly with FIS, drive significant customer acquisition. As of June 30, 2025, T Stamp Inc. (IDAI) had onboarded 92 financial institutions with over $348 billion in assets through FIS. This channel contributed to a 247% increase in transaction starts for FIS-related institutions over the six months ending June 30, 2025. The total number of customers either fully implemented or implementing the Orchestration Layer reached 105 by that date.

• Total Orchestration Layer Customers (as of June 30, 2025): 105
• FIS-related Transaction Starts (Six Months Ended June 30, 2025): Increased 247%
• Customer Completion Rates (Six Months Ended June 30, 2025): Improved by over 30%

Direct engagement for new crypto/digital asset initiatives like the TSI Wallet.

The company is directly engaging the market for its new digital asset offering, the TSI Wallet. This initiative is supported by a recent capital raise in excess of $10 million. The direct engagement began with the opening of the TSI Wallet wait list on October 24, 2025. End-user implementation is targeted for January 1, 2026. The wallet is positioned to serve the crypto wallet market, which is predicted to grow from $14.39B in 2024 to $54.79B in 2029.

T Stamp Inc. (IDAI) - Canvas Business Model: Channels

You're looking at how T Stamp Inc. gets its identity authentication and tokenization services into the hands of customers, and it's a mix of direct enterprise push and strategic platform integration. The channels are definitely evolving, especially with the new crypto push.

Direct Sales Team Targeting Large Enterprises and Government

The direct sales motion targets the biggest players, which is reflected in the revenue concentration. For the first nine months of 2025, T Stamp Inc. generated $2.23 million in net recognized revenue. A staggering 82% of that revenue came from just two sources: a single S&P 500 Bank (64%) and a related party, QID (18%). This highlights the importance of these direct, large-scale enterprise agreements for immediate financial results.

Partner Platforms, Notably FIS, for Reaching Financial Institutions

The partnership with FIS is a major distribution channel into the financial sector. As of the latest update in late 2025, T Stamp Inc. has onboarded 97 financial institutions with over $348 billion in assets specifically through the FIS channel. This has contributed significantly to the total Orchestration Layer (OL) customer base, which stands at 110 customers either fully implemented or currently implementing the platform. The success of this channel is showing in usage metrics; over the nine months ending September 30th, 2025, transaction starts for FIS-related institutions have increased 247%, and customer completion rates improved by over 30%.

Software Licensing Agreements for Product Distribution

Software licenses form one of the three primary revenue sources for T Stamp Inc., alongside professional services and recurring Software-as-a-Service (SaaS) revenue. The company projects its full fiscal year 2025 revenue from existing contracted customers to exceed $5.0 million, with one analyst forecast pointing toward $7MM for the year ending December 31, 2025. The most significant licensing agreement is with the S&P 500 Bank, which was extended through May 31, 2031, securing minimum gross revenue exceeding $12.7 million.

Orchestration Layer (OL) Platform for Customer Self-Service and Integration

The low-code Orchestration Layer platform acts as the central delivery mechanism for T Stamp Inc.'s AI-powered technologies. The growth in OL customers is a direct measure of channel effectiveness. The total number of customers either fully implemented or currently implementing the OL has reached 110 as of late 2025. This platform streamlines the implementation process, which is critical for scaling adoption across various sectors, including banking, government, and healthcare.

New Digital Channels for Crypto Products (TSI Wallet Wait List)

A new, significant digital channel is being established through the launch of the biometrically validated, quantum-secure TSI Wallet. This initiative was supported by a recent capital raise in excess of $10 million. The wait list for the TSI Wallet officially opened on October 24th, 2025, positioning the company to enter the $227 billion stablecoin market. End-user implementation for the wallet is targeted for January 1st, 2026. This channel aims to address the estimated 2.3 to 3.7 million Bitcoin believed to be permanently lost due to unrecoverable credentials.

Here's a quick look at the key channel metrics as of late 2025:

The company is clearly focused on driving volume through the OL, as evidenced by the 247% increase in transaction starts for FIS-related institutions over nine months in 2025. Still, the reliance on the S&P 500 Bank contract, which accounts for 64% of the nine-month net revenue, remains a concentration risk you must watch closely.

T Stamp Inc. (IDAI) - Canvas Business Model: Customer Segments

You're looking at the core groups T Stamp Inc. (IDAI) is selling its identity services to as of late 2025. Honestly, the customer base is heavily weighted right now, which is a key risk you need to watch.

Large Financial Institutions

This is the bread and butter, primarily through the FIS channel. As of the Q3 2025 filing, T Stamp Inc. (IDAI) had a total of 110 customers either fully implemented or currently implementing the Orchestration Layer (OL). Before that, they had reached 100 financial institutions on the OL. Digging into that 100 figure, you see that 94 of those customers are banks. These bank customers represent over $500B in combined assets and have headquarters in over 26 states, covering more than 1200 locations. Transaction starts for FIS-related institutions showed a massive increase of 247% over the nine months ending September 30th, 2025.

The customer segment breakdown looks something like this:

Highly Concentrated Enterprise Customers

Here's where you see the concentration risk. For the first nine months of 2025 (9M 2025), T Stamp Inc. (IDAI) reported net revenue of $2.23 million. A staggering 82% of that 9M 2025 revenue came from just two sources. This is a critical dependency. The two major contributors were:

• A single S&P 500 Bank, contributing 64% of the 9M 2025 revenue.
• A related party, QID, contributing 18% of the 9M 2025 revenue.

To give you a sense of the commitment from the largest client, the contract amendment with that S&P 500 bank extends the term until May 31, 2031, securing minimum gross revenue exceeding $12.7 million over the balance of the term. That's a lifeline, but it's concentrated. For context, in Q1 2025, the concentration was slightly lower at ~79.7%, with the S&P 500 bank at 63.6% and QID at 16.1%.

Government and Regulatory Compliance sectors

T Stamp Inc. (IDAI) explicitly targets the Government and Regulatory Compliance sectors with its AI-powered services. The company is also actively seeking confirmations from regulatory bodies, specifically mentioning the SEC and MiCAR (Markets in Crypto-Assets Regulation) for its new stablecoin offerings.

Cryptocurrency and Digital Asset platforms (emerging segment)

This is an emerging area of focus. T Stamp Inc. (IDAI) announced a component of its new Cryptocurrency and Asset Tokenization Initiative. Furthermore, news indicates the development of a 'Wallet of Wallets' and a solution called StableKeyTM, which is positioned as a turnkey defense against 'Wrench Attacks' common in the crypto space.

Humanitarian Services and Real Estate sectors

The company's technology is designed for use across several verticals beyond finance, which includes Humanitarian Services and Real Estate. This shows the platform's intended broad applicability for identity trust and fraud reduction.

Finance: draft 13-week cash view by Friday.

T Stamp Inc. (IDAI) - Canvas Business Model: Cost Structure

The cost structure for T Stamp Inc. (IDAI) is heavily weighted toward technology development and talent retention, which you see reflected in the operating expense breakdown across the fiscal year 2025 periods.

The company has actively managed its overhead, as evidenced by reductions in Selling, General, and Administrative (SG&A) expenses. This cost discipline is a near-term necessity given the ongoing investment cycle.

Here's a look at the key expense metrics from the first three quarters of 2025:

• SG&A costs fell by 28% year-over-year in Q1 2025, driven by workforce reductions and lower stock-based compensation.
• Total Operating Expenses for the three months ended June 30th, 2025, were $2.50 million, a 20% reduction year-over-year from $3.13 million in Q2 2024.
• The company has incurred costs associated with maintaining its Nasdaq listing, including executing a 1-for-15 reverse stock split effective January 6, 2025, to comply with Nasdaq Rule 5550(a)(2).

The high fixed costs inherent in developing and maintaining proprietary AI and identity technology definitely drive a significant portion of the overall spend, even when variable costs are controlled.

Personnel expenses for specialized AI and engineering talent are a significant component of the overall operating structure, supporting the core technology development and product improvements, such as the Orchestration Layer 2.0 relaunch planned after Q1 2025.

The nine-month figures show the scale of cost management efforts against the backdrop of growth:

• Total Operating Expenses for the nine months ended September 30th, 2025, were $7.85 million, down from $9.74 million for the corresponding period in 2024, representing a 19% reduction.
• The Operating Loss for the nine months ended September 30, 2025, was $5,616,427, an improvement from $8,151,319 in the prior-year period.

Finance: draft 13-week cash view by Friday.

T Stamp Inc. (IDAI) - Canvas Business Model: Revenue Streams

You're looking at how T Stamp Inc. (IDAI) actually brings in money right now, late in 2025. It's not just one thing; it's a mix of services and product-adjacent fees, though one area is clearly leading the pack.

The core of the recognized revenue in the second quarter of 2025 came from service delivery. Honestly, this is where the immediate cash flow is generated.

The professional services component, which was $782,667 in Q2 2025, is explicitly called out as the primary driver of recognized revenue for that period. Software License Fees contributed a smaller $30,000 in the same quarter.

Beyond the recognized revenue, there are other important financial flows to track. You need to keep an eye on the deferred revenue bucket, which shows money earned but not yet recognized under ASC 606 accounting rules. For instance, an additional $0.29 million of revenue was received from QID services in Q2 2025 but was subject to deferred recognition.

The company has a clear strategic direction for future income, even if the numbers aren't fully realized yet. You should be tracking progress toward these goals:

• Recurring Software-as-a-Service (SaaS) revenue (strategic goal).
• Contracted revenue from existing customers, expected to exceed $5.0M for FY 2025.

Speaking of existing customers, the contract amendment with the S&P 500 bank customer is significant; it extends the term until May 31, 2031, with a minimum gross revenue commitment exceeding $12.7 million. That's a solid floor for future service revenue, even if it's not all recognized in the current fiscal year.

Finally, T Stamp Inc. (IDAI) has an equity stake in a key strategic partner. This isn't direct revenue, but it represents potential future financial upside. T Stamp Inc. holds a 10% ownership interest in the newly formed QID Technologies LLC. This structure was part of a January 2025 transaction where T Stamp also provided a non-exclusive license for a $1 million fee, receivable in three installments during Q1 2025.

Finance: review the Q3 2025 deferred revenue balance against the $5.0M FY 2025 contracted revenue target by next Tuesday.