Why the Identitii (ASX:ID8) share price is up 11% today

A new product that simplifies AUSTRAC compliance has seen the company's shares light up.

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.

A person with a round-mouthed expression clutches a device screen and looks shocked and surprised.

Image source: Getty Images

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.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on ASX Share Market News

Man putting coins in a wooden piggy bank next to piles of coins.
Broker Notes

Are NAB shares cheap or expensive? Brokers can't agree

The experts have their say after this week's profit report.

Read more »

Happy investor on tablet with finance graphs rising in overlay.
Broker Notes

Could Goodman and Paladin Energy shares rise 20% to 80%?

Let's see why these shares are being tipped to charge higher from current levels.

Read more »

Close-up of a business man's hand stacking gold coins into piles on a desktop.
Broker Notes

Clime Capital pays an 8.7% dividend yield. Pitt Street Partners says it's undervalued

A combination of dividends and capital gains could make this share one to watch.

Read more »

A boy holds up a lamp shining dimly in the dark.
Opinions

I hunted the ASX for shares that could end 2026 on a high: These 3 stood out

Find out why these ASX shares caught my eye.

Read more »

A couple sits on a sofa, each clutching their heads in horror and disbelief, while looking at a laptop screen.
ASX Share Market News

5 things to watch on the ASX 200 on Friday

A selloff on Wall Street means Australia could be ending the week in the red.

Read more »

A man in a suit looks surprised as he looks through binoculars.
Broker Notes

These 3 ASX shares are on my watchlist for 2027

I've been on the hunt for value on the ASX.

Read more »

Smiling Indian manager leaning on chair.
ASX Share Market News

5 things to watch on the ASX 200 on Thursday

It looks set to be a very good session for investors. Here's what to expect.

Read more »

Piles of coins with rising arrows.
Broker Notes

I screened the ASX for five companies rated a strong buy by brokers

These companies could offer strong share price upside.

Read more »