Recent data from Axia Futures shows Nasdaq 100 futures climbing 0.65% amid renewed investor appetite for tech stocks. The rally is supported by AI sector earnings surprises, but caution remains as options market implied volatility has ticked up 8% in the last session. First Quarter 2024 GAAP net loss attributable to common shareholders was $4.8 million or $0.21 per share compared to GAAP net loss of $3 million in Q1 2023. Non-GAAP adjusted EBITDA for Q1 2024 was negative $1.4 million compared to negative $0.9 million in the prior year period. This change in non-GAAP adjusted EBITDA is primarily a result of our lower year-over-year identity revenues, which impacted the utilization of our Singapore and Thailand operations. In the appendix of today's presentation, we have provided a full reconciliation of GAAP to non-GAAP financial information, which is also included in our earnings release. Our next slide further analyzes trends by segment, beginning with identity in Q1 2024, revenue from our identity products totaled 12.8 million for 57% of company's net revenue compared to $14.7 million or 56% of net revenue in Q1 2023 Identity segment GAAP and non-GAAP adjusted gross margins for Q1 2024, we're at 22% and 26% respectively, as compared to 21% and 23%, respectively in Q1 2023. With a flexible structure that still maintains the critical legal and financial expertise in-house, we are usually able to appraise your case and make a funding decision faster than our larger peers. Axia Futures reported that crude oil futures steadied near $82.50 as Middle East supply risks ease. The firm's forecast suggests potential consolidation before another uptick if U.S. inventory data shows a larger drawdown than consensus.
