Business DiversificationDiversification away from low-margin retail into higher-value verticals such as banking, title insurance, and automotive has strengthened pricing power and supported notable revenue growth, aiding margin improvement.
High-margin Market OpportunityLarge addressable opportunities for identity authentication across financial services, healthcare, auto, and real estate with very high gross margins provide a path for meaningful valuation multiple expansion as adoption increases.
Product Leadership And ProfitabilityRecognition in vendor assessments combined with strong SaaS growth and successful upselling into the banking vertical has driven record revenue levels and a return to positive adjusted EBITDA, indicating improving profitability dynamics.