T Stamp Inc

Previous wording

•Reducing the size of the non-production-focused executive and consulting teams to reduce overhead.

Current wording

•Reducing the size of the non-production-focused executive and consulting teams to reduce overhead and releasing sales staff that did not meet their targets.

Previous wording

•Refocusing go-to-market strategies on joint ventures with proven industry partners with access to target markets

Current wording

•Developing joint ventures with proven industry partners with access to target markets

Previous wording

iii. Stable Key (or “Stable IT2”) which is a revolutionary technology that generates a “key” directly from the biometric of the user which key has a mathematical correlation to all of the user's passwords, PINS, and other “secrets” for every account and use case meaning that those secrets never need to be stored in their entirety.

Current wording

iii. StableKey (or “Stable IT2”) which is a revolutionary technology that generates a “key” directly from the biometric of the user which key has a mathematical correlation to all of the user's passwords, PINS, and other “secrets” for every account and use case meaning that those secrets never need to be stored in their entirety.

Previous wording

On July 1, 2025, the Company entered into a Note Purchase Agreement (the “Agreement”), with Streeterville Capital LLC (the “Investor”), pursuant to which the Company issued a Secured Promissory Note (the “Note”) to the Investor in the principal amount of $2,210,000.

Current wording

On July 1, 2025, the Company entered into a Note Purchase Agreement (the “Agreement”), with Streeterville Capital LLC (the “Investor”), pursuant to which the Company issued a Secured Promissory Note (the “Note”) to the Investor in the principal amount of $2,210,000. On October 1, 2025 the Company repaid the secured promissory note in full totaling $2,261,413, including $51,413 of total Interest expense.

Previous wording

The Note carries an original issue discount of $200,000 (the “OID”). In addition, Company agreed to pay $10,000 to the Investor to cover Investor’s legal fees, accounting costs, due diligence, monitoring and other transaction costs incurred in connection with the purchase and sale of the Note (the “Transaction Expense Amount”). The OID and Transaction Expense Amount were included in the initial principal balance of the Note. The purchase price of the Note, therefore, was $2,000,000, computed as follows: $2,210,000 initial principal balance, less the OID, less the Transaction Expense Amount.

Current wording

The Note carries an original issue discount of $200,000 (the “OID”). In addition, Company agreed to pay $10,000 to the Investor to cover the Investor’s legal fees, accounting costs, due diligence, monitoring and other transaction costs incurred in connection with the purchase and sale of the Note (the “Transaction Expense Amount”). The OID and Transaction Expense Amount were included in the initial principal balance of the Note. The purchase price of the Note, therefore, was $2,000,000, computed as follows: $2,210,000 initial principal balance, less the OID, less the Transaction Expense Amount.

Previous wording

As of the date of this Quarterly Report, the Company has made sales of 47,000 shares of Common Stock under the Registration Statement for net proceeds of $154 thousand.

Current wording

As of the date of this Quarterly Report, the Company has made sales of 1,713,543 shares of Common Stock under the Registration Statement for proceeds of $6,010,116, net of issuance costs.

Previous wording

•The global market for Microfinance is estimated at $157 Billion in the year 2020 and is projected to reach $342 billion by 2026 according to the 2022 report titled “Microfinance - Global Market Trajectory & Analytics” published by Global Industry Analysts, Inc. To accelerate our work in this market, the Company has joined the Mastercard Lighthouse MASSIV program designed to empower sustainability and social impact through strategic partnerships aiming to assist participants to scale on a global level.

Current wording

•The global market for Microfinance is estimated at $250.4 billion in the year 2024, and is projected to reach $506 billion by 2030 according to the 2025 report titled “Microfinance - Global Market Trajectory & Analytics” published by Global Industry Analysts, Inc. To accelerate our work in this market, the Company has joined the Mastercard Lighthouse MASSIV program designed to empower sustainability and social impact through strategic partnerships aiming to assist participants to scale on a global level.

Previous wording

•As of mid-2025, the total stablecoin market capitalization sits around $170 billion, with sources varying between $160B and $200B depending on which coins are included. Tether (USDT) still dominates the pack, with other major players like USDC, BUSD, and DAI following behind. Analysts project the market cap of stablecoins to double to around $300–400 billion by 2030, driven by incremental adoption in payments and DeFi. Predicting this growth, the Company invested in developing and patenting technologies that it believes to be important assets to participate in the stablecoin and other cryptocurrency markets, including a patent related to embedding identity data in the metadata of cryptographic tokens and the trademark “Stable Key”. The Company anticipates cryptocurrencies playing a growing role in its customer base in parallel to, and in some cases involving, its traditional financial services customers.

Current wording

•As of mid-2025, the total stablecoin market capitalization sits around $170 billion, with sources varying between $160 billion and $200 billion depending on which coins are included. Tether (USDT) still dominates the pack, with other major players like USDC, BUSD, and DAI following behind. Analysts project the market cap of stablecoins to double to around $300–400 billion by 2030, driven by incremental adoption in payments and DeFi. Predicting this growth, the Company invested in developing and patenting technologies that it believes to be important assets to participate in the stablecoin and other cryptocurrency markets, including a patent related to embedding identity data in the metadata of cryptographic tokens and the trademark “StableKey”. The Company anticipates cryptocurrencies playing a growing role in its customer base in parallel to, and in some cases involving, its traditional financial services customers.

Previous wording

The Company is developing products and working with partners and industry organizations in other sectors that offer significant market opportunities for our existing and pipeline IP and has entered into go-to-market or licensing agreements, including global data location services, healthcare, IoT, access control, smart home systems, and computer vision for UAV operations. We anticipate licensing our technology in numerous fields, typically through established partners who will integrate our technology into field-specific applications.

Current wording

The Company is developing products and working with partners and industry organizations in other sectors that offer significant market opportunities for our existing and pipeline IP. We anticipate licensing our technology in numerous fields, typically through established partners who will integrate our technology into field-specific applications.

Previous wording

Trust Stamp has participated in financial inclusion projects in Africa for a number of years through Mastercard’s implementation of our technology and we established a regional R&D center in Rwanda in 2021 to focus on ensuring equity in the development and implementation of biometric technology in Africa. In 2023 we started direct outreach to African countries to initiate national-level digital identity programs and we are in serious and extended dialog with two countries as well as a pilot with Africa’s largest provider of mobile telecommunications services. With the assistance of the Mastercard Lighthouse MASSIV program, we intend to build upon this work to maximize the opportunities to meet the critical need for secure identity programs for both governments and NGOs.

Current wording

Trust Stamp has participated in financial inclusion projects in Africa for a number of years through Mastercard’s implementation of our technology and we established a regional R&D center in Rwanda in 2021 to focus on ensuring equity in the development and implementation of biometric technology in Africa. In 2023 we started direct outreach to African countries and we are in serious and extended dialog with four countries as well as negotiating a pilot with Africa’s largest provider of mobile telecommunications services. Projects under discussion with pan-African organizations and/or one or more countries include:

Previous wording

Historically, the Company generated most of its income through two long-term partnerships, comprising a relationship with an S&P 500 bank and a relationship with Mastercard International (“Mastercard”).

Current wording

Historically, the Company generated most of its income through two long-term partnerships, comprising a relationship with an S&P 500 bank and a relationship with Mastercard International (“Mastercard”) with the Mastercard partnership diminishing in significance over 2024 and YTD as Mastercard’s market focus changed.

Previous wording

Effective June 1, 2025, the Company's agreement with the S&P 500 bank was extended to May 31st, 2031, subject to either party having the right to terminate for cause and a right for the customer to cancel for convenience on giving 6 months' notice.

Current wording

Effective June 1, 2025, the Company's agreement with the S&P 500 bank was extended to May 31, 2031, subject to either party having the right to terminate for cause and a right for the customer to cancel for convenience on giving 6 months' notice.

Previous wording

Under the terms of the extension, the Company receives a guaranteed minimum income stream for services, together with hosting fees and reimbursement of expenses incurred, which are subject to agreed markups of 10% or 20%. Minimum billing for services in the 1st year of the renewal is set at $154,000 per month with annual CPI-related increases. Under the arrangement, total minimum monthly billings will exceed $215,000 per month, subject to CPI-related increases. Based on the strength of the relationship and anticipated service needs, the Company anticipates annual billings exceeding the agreed minimum.

Current wording

Under the terms of the extension, the Company receives a guaranteed minimum income stream for services, together with hosting and other fees and reimbursement of expenses incurred, which are subject to agreed markups of 10% or 20%. Minimum billing for services in the 1st year of the renewal is set at $154,000 per month with annual CPI-related increases. Under the arrangement, total minimum monthly billings will exceed $215,000 per month, subject to CPI-related increases. Based on the strength of the relationship and anticipated service needs, the Company anticipates annual billings exceeding the agreed minimum.

Previous wording

In March 2019, the Company entered into a technology services agreement with Mastercard International (the "TSA”). Under the TSA, IT 2 TM technology is being implemented by Mastercard for Humanitarian & Development purposes as a core element of its Community Pass and Inclusive Identity offerings. Use cases include not only financial services for individuals and businesses but also empowering people and communities to meet basic needs, such as nutritious food, clean water, housing, education, and healthcare. The Company is paid to develop and host software solutions utilizing the IT2 and to support Mastercard’s implementations. The TSA may be terminated by either party in the event of a material breach by the other party that remains uncured within thirty days after notice is received of such a breach. Either party may terminate the TSA based on triggers, including, but not limited to, the counterparty becoming insolvent or being subject to bankruptcy, dissolved, or liquidated. Unless the TSA is terminated, the TSA will automatically renew for additional one year-periods in perpetuity unless either party provides ninety days written notice of intent not to renew. Based on a changing market focus by Mastercard, effective December 31, 2024, a limited exclusivity for development-related purposes granted to Mastercard expired, and the Company is in direct discussions with potential customers that it was previously prohibited from contracting with directly.

Current wording

In March 2019, the Company entered into a technology services agreement with Mastercard International (the "TSA”). The Company has been paid to develop and host software solutions utilizing the IT2 and to support Mastercard’s implementations. Based on a changing market focus by Mastercard, effective December 31, 2024, a limited exclusivity for development-related purposes granted to Mastercard expired and the Software Schedule and associated services will terminate on February 6, 2026. As a consequence of these events, the Company is in discussions with potential customers that it was previously prohibited from contracting with directly.

Previous wording

As of June 30, 2025, a total of 88 financial institutions with over $348 billion in assets have been onboarded via FIS, bringing the total number of (FIS and non-FIS) customers either fully implemented or currently implementing the Orchestration Layer to 101.

Current wording

As of September 30, 2025, a total of 95 financial institutions with over $348 billion in assets have been onboarded via FIS, bringing the total number of (FIS and non-FIS) customers either fully implemented or currently implementing the Orchestration Layer to 108.

Previous wording

The first (non-FIS) client onboarded to the Orchestration Layer in the third quarter of 2022 has generated $503 thousand of revenue for the Company to date, including $78 thousand during the six months ended June 30, 2025.

Current wording

The first (non-FIS) client onboarded to the Orchestration Layer in the third quarter of 2022 has generated $543 thousand of revenue for the Company to date, including $118 thousand during the nine months ended September 30, 2025.

Previous wording

Adjusted EBITDA loss (non-GAAP) for the six months ended June 30, 2025, decreased by 31.74%, to a $3.07 million loss from a $4.49 million loss for the six months ended June 30, 2024. The overall decrease in Adjusted EBITDA loss (non-GAAP) of $1.43 million was driven by a decrease of $1.41 million in selling, general, and administrative expenses when comparing the six months ended June 30, 2025 to the six months ended June 30, 2024. This decrease in selling, general and administrative expenses was primarily driven by a reduction of $1.12 million in salaries and compensation, including stock-based compensation, which decreased by 36% from the six months ended June 30, 2024. Additionally, salaries and compensation expenses decreased due to reductions in sales teams and the departure of certain members of the Company's management, including the Company's former CFO who left in January 2025. That role was filled internally, while the vacant role created from the promotion was not subsequently replaced. In addition, the Company had an increase in net revenue during the six months ended June 30, 2025 of $284 thousand when compared to the six months ended June 30, 2024 primarily as a result of a new Statement of Work effective on January 1, 2025 under the Master Technology Services Agreement between the Company (through its subsidiary, Trust Stamp Malta Ltd.) and QID, which provides for service fees payable to the Company of a minimum $100,000 per month during the first six months, and up to $300,000 per month thereafter. In accordance with ASC 606 guidance, the Company recognized $339 thousand in revenue during thesix months ended June 30, 2025 and has recorded $294 thousand to deferred revenue as of June 30, 2025.

Current wording

In addition to the variances above, the Company had a decrease of $673 thousand in Selling, general, and administrative expenses during the three months ended September 30, 2025 when compared to the three months ended September 30, 2024. This decrease in Selling, general and administrative expenses was primarily driven by a reduction in salaries and compensation, including stock-based compensation, which decreased by 33% from the three months ended September 30, 2024. The salaries and compensation expenses decreased due to reductions in sales teams and the departure of certain members of the Company's management. Furthermore, the Company had an increase in Net revenue during the three months ended September 30, 2025 of $361 thousand when compared to the three months ended September 30, 2024 primarily due to the Company entering a new contract amendment with the S&P 500 bank as of July 1, 2025 extending services through May 31, 2031 with minimum gross revenue exceeding $12.7 million over the balance of the contract term. The new contract amendment drove a $313 thousand increase in revenue during the three months ended September 30, 2025.

Previous wording

Adjusted EBITDA loss (non-GAAP) for the three months ended June 30, 2025, decreased by 42.29%, to a $1.23 million loss from a $2.13 million loss for the three months ended June 30, 2024. The overall decrease of $901 thousand in Adjusted EBITDA loss (non-GAAP) was driven by a decrease of $702 thousand in selling, general, and administrative expenses during the three months ended June 30, 2025 when compared to the three months ended June 30, 2024. This decrease in selling, general and administrative expenses was primarily driven by a reduction in salaries and compensation, including stock-based compensation, which decreased by 31% from the three months ended June 30, 2024. Additionally, the salaries and compensation expenses decreased due to reductions in sales teams and the departure of certain members of the Company's management, including the Company's former CFO who left in January 2025. That role was filled internally, while the vacant role created from the promotion was not subsequently replaced. In addition, the Company had an increase in net revenue during the three months ended June 30, 2025 of $312 thousand when compared to the three months ended June 30, 2024 primarily as a result of a new Statement of Work effective on January 1, 2025 under the Master Technology Services Agreement between the Company (through its subsidiary, Trust Stamp Malta Ltd.) and QID Technologies LLC (“QID”), which provides for service fees payable to the Company of a minimum $100,000 per month during the first six months, and up to $300,000 per month thereafter. In accordance with ASC 606 guidance, the Company recognized $251 thousand in revenue during the three months ended June 30, 2025 and has recorded $294 thousand to deferred revenue as of June 30, 2025.

Current wording

In addition to the variances above, the Company had a decrease of $2.08 million in Selling, general, and administrative expenses when comparing the nine months ended September 30, 2025 to the nine months ended September 30, 2024. This decrease in Selling, general and administrative expenses was primarily driven by a reduction of $1.61 million in salaries and compensation, including stock-based compensation, which decreased by 36% from the nine months ended September 30, 2024. The salaries and compensation expenses decreased due to reductions in sales teams and the departure of certain members of the Company's management. Furthermore, the Company had an increase in Net revenue during the three months ended September 30, 2025 of $645 thousand when compared to the three months ended September 30, 2024 due to the Company entering a new contract amendment with the S&P 500 bank anda new Statement of Work effective on January 1, 2025 under the Master Technology Services Agreement between the Company (through its subsidiary, Trust Stamp Malta Ltd.) and QID. The new amendment with the S&P 500 bank was effective as of July 1, 2025 and extends services through May 31, 2031 with minimum gross revenue exceeding $12.7 million over the balance of the contract term. The new contract amendment drove a$420 thousand increase in revenue during the three months ended September 30, 2025. The new Statement of Work with QID provides for service fees payable to the Company of a minimum $100,000 per month during the first six months, and up to $300,000 per month thereafter. In accordance with ASC 606 guidance, the Company recognized $408 thousand in revenue from the Statement of Work with QIDduring thenine months ended September 30, 2025 and has recorded $225 thousand to Deferred revenue as of September 30, 2025.

Previous wording

The following table summarizes our unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2025 and 2024:

Current wording

The following table summarizes our unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024:

Previous wording

During the three months ended June 30, 2025, Net revenue increased to $813 thousand, or an 62.41% increase from the Net revenue of $500 thousand for the three months ended June 30, 2024. During the three months ended June 30, 2025, the $813 thousand in Net revenue consisted of $430 thousand from an S&P 500 bank, $251 thousand from QID under the Master Technology Services Agreement, $42 thousand from FIS, $41 thousand from Triton, $35 thousand from Mastercard, and various other customers for the remaining $14 thousand.

Current wording

During the three months ended September 30, 2025, Net revenue increased to $872 thousand, or an 70.71% increase from the Net revenue of $511 thousand for the three months ended September 30, 2024. During the three months ended September 30, 2025, the $872 thousand in Net revenue consisted of $652 thousand from an S&P 500 bank, $69 thousand from the Statement of Works under the Master Technology Services Agreement with QID, $43 thousand from FIS, $40 thousand from a software development company, $34 thousand from Mastercard, $29 thousand from a computer programming company, and various other customers for the remaining $4 thousand.

Previous wording

The Company also had an increase of $93 thousand in Net revenue during the three months ended June 30, 2025 as a result of increased billing driven by new feature work and platform updates for the S&P 500 bank. The increases to Net revenue were partially offset by a new amendment of our agreement with Mastercard executed in February 2025, with reduced fixed monthly license fees due under the previous iteration of the agreement with Mastercard. As a result, during the three months ended June 30, 2025, the Company recognized $30 thousand for license fees under our agreement with Mastercard, meanwhile, during the three months ended June 30, 2024 the Company recognized $86 thousand.

Current wording

The increases to Net revenue were partially offset by an amendment to the Mastercard agreement executed in February 2025 that reduced fixed monthly license fees. As a result, during the three months ended September 30, 2025, the Company recognized $30 thousand for software license fees and $4 thousand for other services, meanwhile, during the three months ended September 30, 2024 the Company recognized $86 thousand for software license fees and $4 thousand for other services.

Previous wording

Cost of services (“COS”) increased by $115 thousand or 46.61% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase during the three months ended June 30, 2025 was primarily driven by a$36 thousand increase in web services costs from both one-time projects and increased third party vendor expense. Additionally, there was a $31 thousand increase in internal developer COS allocations as a result of work completed for the new QID Master Services Agreement. The Company also noted a $25 thousand increase inother internal developer costs as a result of increased service requests by our S&P 500 bank customer and a$22 thousand increase due toincreased usage of driver license validations under our existing contract with the S&P 500 bank.

Current wording

Cost of services (“COS”) increased by $108 thousand or 42.32% for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase in COS during the three months ended September 30, 2025 was primarily driven bya $44 thousand increase ininternal developer costs and due toincreased service requests by our S&P 500 bank customer as a result of the Company entering into a contract amendment with the customer. The Company also recordeda$25 thousand increase in web services costs primarily due to higher costs related to the Orchestration Layer including expansion of services for a new region, increased S&P 500 bank usage, and increased third party vendor expense. Additionally, there was a $24 thousand increase in COS due toincreased usage of driver license validations under our existing contract with the S&P 500 bank. The remaining variance primarily relates to an increase of $12 thousand in stock-based compensation award expense during the three months ended September 30, 2025 compared to the three months ended September 30, 2024 due to increased internal developer costs allocated to COS and increase in internal developer's stock-based compensation award expense resulting from the increase in the fair value of stock-based compensation awards on the award date.

Previous wording

Research and development (“R&D”) expenses decreased by $51 thousand, or 9.10% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The decrease in R&D expense during the three months ended June 30, 2025 was primarily driven by R&D salary reallocations to COS and Capitalized software resulting from salary increases approved in June 2025 that were retroactive to January 1, 2025, In addition, there was a decrease in outsourced software development with 10Clouds during the three months ended June 30, 2025 as the Company continued to transition this work internally which results in cost savings as internal work is more cost effective. Outsourced software development costs decreased by 100.00% when comparing the three months ended June 30, 2025 to the three months ended June 30, 2024. In both periods, R&D expenses mainly were related to R&D payroll and other R&D compensation expenses.

Current wording

This increase was partially offset by a decrease of $32 thousand during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, driven by the reallocation of R&D salaries to COS due expansion of customer services as described above. In addition, there was a decrease in outsourced software development with 10Clouds during the three months ended September 30, 2025 as the Company continued to transition this work internally which results in cost savings as internal work is more cost effective. Outsourced software development costs decreased by 100% when comparing the three months ended September 30, 2025 to the three months ended September 30, 2024. In both periods, R&D expenses were related to R&D payroll and other R&D compensation expenses.

Previous wording

Selling, general, and administrative expense (“SG&A”) decreased by $702 thousand, or 32.90%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The decrease in SG&A expense was driven by a $457 thousand decrease in salaries, stock-based compensation, payroll costs, and sales commissions during the three months ended June 30, 2025 compared to the prior period. The $457 thousand decrease includes a $42 thousand reduction in stock-based compensation awards during the three months ended June 30, 2025. The decrease in salaries, stock-based compensation, payroll costs, and sales commissions is a result in reductions to the sales team, from 9 team members employed during the three months ended June 30, 2024 to 0 team members during the three months ended June 30, 2025. In addition, the EVP of Mergers and Acquisitions left the Company in December 2024 and was not subsequently replaced and the CFO role was vacated in January 2025 and filled internally while the vacant role left was not subsequently replaced.

Current wording

Selling, general, and administrative expense (“SG&A”) decreased by $673 thousand, or 30.82%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The decrease in SG&A expense was driven by a $467 thousand decrease in salaries, stock-based compensation, payroll costs, and sales commissions during the three months ended September 30, 2025 compared to the prior period. The $467 thousand decrease includes a $74 thousand reduction in stock-based compensation awards during the three months ended September 30, 2025. The decrease in salaries, stock-based compensation, payroll costs, and sales commissions is a result of reductions to the sales team, from 9 team members employed during the three months ended September 30, 2024 to no team members during the three months ended September 30, 2025. In addition, the EVP of Mergers and Acquisitions left the Company in December 2024 and was not subsequently replaced and the CFO role was vacated in January 2025 and filled internally leaving a vacant role that was not subsequently replaced.

Previous wording

The Company also incurred a $302 thousand decreases in legal and professional, travel costs, marketing, taxes, dues and subscription, and other operating expenses during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, mainly due to cost cutting measures taken by management.

Current wording

The Company also incurred a $247 thousand decrease in external IT services, rent, accounting and audit fees, taxes, travel costs, and other operating expenses during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, mainly due to cost cutting measures taken by management.

Previous wording

The decreases in SG&A were partially offset by increases for accounting and audit fees amounting to $57 thousand for the three months ended June 30, 2025.

Current wording

The decreases in SG&A were partially offset by increases for legal and professional, dues and subscription, educational and marketing amounting to$42 thousand for the three months ended September 30, 2025.

Previous wording

Depreciation and amortization (“D&A”) increased by $7 thousand, or 3.91% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The primary driver for the increase in D&A is due to software amortization brought about by the increase in Capitalized internal-use software during the three months ended June 30, 2025.

Current wording

Depreciation and amortization (“D&A”) increased by $14 thousand, or 7.96% for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The primary driver for the increase in D&A is due to software amortization brought about by the increase in Capitalized internal-use software during the three months ended September 30, 2025.

Previous wording

The Company’s Operating loss decreased by $943 thousand or 35.91% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The decrease in Operating loss was mainly related to the increase in Net revenue, decrease in SG&A and decrease in R&D expenses.

Current wording

The Company’s Operating loss decreased by $906 thousand or 33.84% for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The decrease in Operating loss was mainly related to the increase in Net revenue and decrease in SG&A when comparing the three months ended September 30, 2025 to the three months ended September 30, 2024.

Previous wording

Interest expense, net decreased by $5 thousand, or 28.95% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The decrease in interest expense is primarily due to the decrease of $3 thousand as a result of the Malta loan interest rate decreasing from 6.5% for the three months ended June 30, 2024 to 5.15% for the three months ended June 30, 2025. The remaining difference of $2 thousand related to tax matters of employees in the UK office during the three months ended June 30, 2024.

Current wording

There was also a decrease of $8 thousand when comparing the three months ended September 30, 2025 to three months ended September 30, 2024 due to Interest expense accrued for payroll tax obligations during the three months ended September 30, 2024. Additionally, the Company had a $3 thousand decrease during the three months ended September 30, 2025 as a result of the Malta loan interest rate decreasing from 6.5% for the three months ended September 30, 2024 to 5.15% for the three months ended September 30, 2025.

Previous wording

The Company recognized a loss in Change in fair value of warrant liability during the three months ended June 30, 2025 of $395 compared to a gain of $2 thousand during the three months ended June 30, 2024. This change is based on the fair value assessment and adjustment for one warrant liability as described in Note 3 to the unaudited condensed consolidated financial statements provided under Item 1 of this report.

Current wording

The Company recognized a loss in Change in fair value of warrant liability during the three months ended September 30, 2025 of $287 compared to a gain of $1 thousand during the three months ended September 30, 2024. This change is based on the fair value assessment and adjustment for one warrant liability as described in Note 3 to the unaudited condensed consolidated financial statements provided under Item 1 of this report.

Previous wording

During the six months ended June 30, 2025 , Net revenue increased to $1.36 million, or an 26.45% increase from the Net revenue of $1.07 million for the six months ended June 30, 2024. During the six months ended June 30, 2025, the $1.36 million in Net revenue consisted of $777 thousand from an S&P 500 bank, $339 thousand from QID under the Master Technology Services Agreement, $78 thousand from Triton, $70 thousand from Mastercard, $68 thousand from FIS and various other customers for the remaining $27 thousand.

Current wording

During the nine months ended September 30, 2025, Net revenue increased to $2.23 million, or an 40.72% increase from the Net revenue of $1.59 million for the nine months ended September 30, 2024. During the nine months ended September 30, 2025, the $2.23 million in Net revenue consisted of $1.43 million from an S&P 500 bank, $408 thousand from the Statement of Works under the Master Technology Services Agreement with QID, $118 thousand from a software development company, $104 thousand from Mastercard, $111 thousand from FIS, $48 thousand from a computer programming company, and various other customers for the remaining $13 thousand.

Previous wording

During the six months ended June 30, 2025 there was an increase in Net revenue due to income from the Statement of Work under the QID Master Technology Services Agreement effective on January 1, 2025. The Statement of Work under the QID Master Technology Services Agreement, the Company provides services to QID of a minimum $100 thousand per month from January 2025 - June 2025, and up to $300 thousand per month thereafter. During six months ended June 30, 2025, the Company billed $600 thousand under this new agreement, compared to none during the six months ended June 30, 2024. In accordance with ASC 606 guidance, the Company recognized $339 thousand in revenue during thesix months ended June 30, 2025 and has recorded $294 thousand to deferred revenue as of June 30, 2025.

Current wording

Additionally, during the nine months ended September 30, 2025 there was an increase in Net revenue due to income from the Statement of Works under the Master Technology Services Agreement with QID effective on January 1, 2025. The Company provided services to QID of $100 thousand per month from January 2025 - June 2025 which was the maximum allowed under the agreement. Starting in July 2025, the agreement allows for billingup to$300 thousand per month thereafter, which the Company did not reach during the nine months ended September 30, 2025 due to delays in customer implementation. Revenue is recognized in accordance with ASC 606 using the cost incurred input method, which aligns revenue recognition with the proportion of costs incurred relative to total expected costs for the contract. During the nine months ended September 30, 2025, the Company billed $600 thousand under this new agreement, compared to none during the nine months ended September 30, 2024. In accordance with ASC 606 guidance, the Company recognized $408 thousand in revenue during the nine months ended September 30, 2025 and has recorded $225 thousand to deferred revenue as of September 30, 2025.

Previous wording

The increase in Net revenue was partially offset by a decrease in income from the new amendment of our agreement with Mastercard executed in February 2025, with reduced fixed monthly license fees. As a result, during the six months ended June 30, 2025, the Company recognized $60 thousand for Mastercard Software License Fees, meanwhile, during the six months ended June 30, 2024 the Company recognized $173 thousand.

Current wording

The increases to Net revenue were partially offset by an amendment to the Mastercard agreement executed in February 2025 that reduced fixed monthly license fees. As a result, during the nine months ended September 30, 2025, the Company recognized $90 thousand for software license fees and $14 thousand for other services, meanwhile, during the nine months ended September 30, 2024 the Company recognized $259 thousand for software license fees and $75 thousandfor other services.

Previous wording

Cost of services (“COS”) increased by $121 thousand or 22.41% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The primary driver of the increase in COS during the six months ended June 30, 2025 was an $82 thousand increase in internal developer COS allocations as a result of work completed for the new QID Master Services Agreement. Additionally, there was an increase of $58 thousand in COS during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 due toincreased usage of driver license validations under our existing contract with the S&P 500 bank and the Company had an increase of $33 thousand due to an increase in web services costs resulting from both one-time projects and increased third party vendor expense.

Current wording

to the nine months ended September 30, 2024. The primary driver of the increase in COS during the nine months ended September 30, 2025 was an $84 thousand increase in internal developer COS allocations as a result of work completed for

Previous wording

Research and development (“R&D”) expenses decreased by $66 thousand, or 6.49% for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The decrease in R&D expense during the six months ended June 30, 2025 was primarily driven by a $111 thousand decrease in outsourced software development with 10Clouds as the

Current wording

Research and development (“R&D”) expenses decreased by$60 thousand, or 3.80% for thenine months ended September 30, 2025, compared to thenine months ended September 30, 2024. The decrease in R&D expense during thenine months ended September 30, 2025 was primarily driven by a$112 thousand decrease in outsourced software development with

Previous wording

Depreciation and amortization (“D&A”) increased by 5 thousand, or 1.42% for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The primary driver for the increase in D&A is due to software amortization, brought about by the increase in Capitalized internal-use software noted as of June 30, 2025.

Current wording

Depreciation and amortization (“D&A”) increased by $20 thousand, or 3.59% for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The primary driver for the increase in D&A is due to an increase of $28 thousand in software amortization when comparing thenine months ended September 30, 2025 to the nine months ended September 30, 2024, brought about by the increase in Capitalized internal-use software of noted as of September 30, 2025.

Previous wording

The Company’s Operating loss decreased by $1.63 million or 29.76% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease in Operating loss was mainly related to the increase in Net revenue as well as decreases in SG&A and R&D expenses.

Current wording

The Company’s Operating loss decreased by $2.53 million or 31.10% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease in Operating loss was mainly related to the increase in Net revenue as well as decreases in SG&A and R&D expenses.

Previous wording

The Company recognized again in Change in fair value of warrant liability during the six months ended June 30, 2025 of $4 thousand compared to a gain of $5 thousand during the six months ended June 30, 2024. This change is based on the fair value assessment and adjustment for one warrant liability as described in Note 3 to the unaudited condensed consolidated financial statements provided under Item 1 of this report.

Current wording

The Company recognized again in Change in fair value of warrant liability during the nine months ended September 30, 2025 of $4 thousand compared to a gain of $6 thousand during the nine months ended September 30, 2024. This change is based on the fair value assessment and adjustment for one warrant liability as described in Note 3 to the unaudited condensed consolidated financial statements provided under Item 1 of this report.

Previous wording

Other expense decreased by $342 for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The Company incurred$27 in unrealized loss on foreign currency translation expense for the three months ended June 30, 2025, respectively, for intercompany transactions between the parent company, T Stamp Inc., and its subsidiaries, Trust Stamp Rwanda Limited with currencies denominated in United States Dollars and Rwandan Franc, respectively.

Current wording

Other expense decreased by $1.53 million for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The decrease was due to the Company incurring $1.17 million during the nine months ended September 30, 2024 due to the Company entering into a Termination and Release Agreement under which the transaction entered into between the Company and a certain institutional investor that terminated the remaining 133,334 stock purchase warrants (in Warrant B) and 106,667 stock purchase warrants (in Warrant C) previously issued to this investor. In consideration of the termination, the Company made a $1,650,000 payment to the institutional investor. In addition, the Company recorded a $360 thousand inducement expense during the nine months ended September 30, 2024 as a result of the Company entering into a securities purchase agreement on September 10, 2024 with DQI as an inducement to a previously executed securities purchase agreement dated July 13, 2024 between the Company and DQI. The Company incurred $1 thousand and $6 thousand in unrealized loss on foreign currency translation expense for the nine months ended September 30, 2025 and 2024, respectively, for intercompany transactions between the parent company, T Stamp Inc., and its subsidiaries.

Previous wording

As of June 30, 2025, the Company had approximately $292 thousand cash in its banking accounts. The Company is generating revenues, but has not yet generated profits, with a net loss for the six months ended June 30, 2025 of $3.87 million, Net operating cash outflows of $2.10 million for the same period, and an accumulated deficit of $65.33 million as of June 30, 2025. The Company is not currently generating sufficient amounts of cash to meet its requirements for the next 12 months. The Company anticipates that it will need to raise capital from equity and/or debt financings within the next six (6) months in order to fund its operations for the next 12 months and beyond.

Current wording

As of September 30, 2025, the Company had approximately $5.37 million cash in its banking accounts. The Company is generating revenues, but has not yet generated profits, with a net loss for the nine months ended September 30, 2025 of $5.78 million, Net operating cash outflows of $4.01 million for the same period, and an accumulated deficit of $67.24 million as of September 30, 2025. The Company believes that it has sufficient cash to meet its requirements, and believes it will not need to raise capital from equity and/or debt financings within the next 12 months in order to fund its operations.