The Identitii Ltd (ASX: ID8) share price is rocketing today despite no news from the financial technology company.
At market close, Identitii shares finished up 11.11% to 20 cents. Even after falling 21% yesterday, this means its shares are up an astonishing 150% in a month. Compare this to the All Ordinaries Index (ASX: XAO), which is marginally down 0.09% on the same time period.
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What's going on with Identitii shares?
Recently, the company provided the ASX with 3 separate announcements that drew investor attention, shooting up the Identitii share price.
The first release dated on 25 August regarded a patent and intellectual property (IP) update. Identitii noted its previously filed applications in several global jurisdictions in August 2015.
However, in December 2020, its patent was approved in the United States, and granted in April 2021. Identitii noted that it has filed additional claims in the US this month, as part of its wider IP strategy.
The company stated that its IP offering leverages global demand for systems that capture faster and detailed transaction information.
Furthermore, the company updated the market with its full-year results the following day. Identitii delivered a 45% year-on-year increase in revenue to $1.4 million. When factoring in the grant income, this figure rose to $2.7 million.
Operating costs fell 6% to $8.6 million, compared to the prior corresponding period.
On the bottom line, the company noted a net loss for the year, down 18% to $5.8 million.
Last but not least, Identitii highlighted the launch of its brand new software-as-a-service (SaaS) platform. The product aims to simplify and automate AUSTRAC compliance. This entails reducing the risk of non-compliance with suspicious matter, international transfer and large cash transaction reporting obligations.
Initially available for AUSTRAC reporting in Australia, the platform can be adapted for regulatory requirements in other countries. New Zealand, the United Kingdom and Canada are among the next jurisdictions to be added.
Identitii share price summary
Until recently, it had been a disappointing 12 months for Identitii shares travelling from 29 cents in September 2020 to 6.7 cents in August. This reflects a drop of almost 80% in the space of 11 months. However, the company's share price stormed to incredible highs to be down only 8% for the past year.
At today's price, Identitii presides a market capitalisation of roughly $31.2 million, with approximately 152 million shares on its books.
