Pursuant to the Agreement, the Company agreed to grant a non-exclusive license to Boumarang to utilize certain of the Company’s patents for the purpose of producing, selling, marketing, and distributing drones. As consideration for the grant of the non-exclusive license, Boumarang agreed to pay the Company a non-refundable license fee of $5,000,000 in the form of a prepaid warrant issued by Boumarang to the Company for 5,000,000 shares of common stock of Boumarang at $1.00 per share (the “Prepaid Warrant”).

The Prepaid Warrant may be exercised in whole or in part at any time prior to the tenth annual anniversary of the issuance date of the Prepaid Warrant. No additional exercise price must be paid by the Company to exercise any portion of the Prepaid Warrant. The Prepaid Warrant also provides that the Company will receive any dividends declared by Boumarang that it would have been entitled to had the Prepaid Warrant been fully exercised, even if the Prepaid Warrant has not been exercised as of such time the distribution is made. Boumarang agreed to reserve a number a sufficient number of shares at all times to allow the Company to fully exercise the Prepaid Warrant. The Prepaid Warrant has certain anti-dilution protections, whereby the number of shares issuable upon the exercise of the Prepaid Warrant will proportionately adjust in the case of a stock-split or stock dividend of Boumarang’s common stock.

The investment in Boumarang was recorded in accordance with ASC 321, Investments – Equity Securities (“ASC 321”). Under this guidance, investments in equity securities in privately-held companies without readily determinable fair values are generally recorded at cost, plus or minus subsequent observable price changes in identical or similar investments, less impairments. The Company elected the measurement alternative permitted by ASC 321, recording the initial investment at

cost and remeasures the investment to fair value when impaired or upon observable transaction prices. As a part of the assessment for impairment indicators, the Company considers significant deterioration in the earnings performance and overall business prospects of the investee as well as significant adverse changes in the external environment the investment operate. If qualitative assessment indicates the investment is impaired, the fair value of the Prepaid Warrants would be estimated, which would involve a significant degree of judgment and subjectivity.

The Company qualitatively assesses the investment for impairment in accordance with ASC 321. As of December 31, 2025, the Company recorded $360 thousand to Other expenses, for impairment of the Boumarang prepaid warrant and common stock investment as a result of a change in fair value identified by qualitative assessment. As of June 30, 2026, there was no additional impairment and the carrying value of the Boumarang investment was $359,605.

Boumarang Subscription Agreement — On August 6, 2024, Trust Stamp executed a Subscription Agreement with Boumarang to participate in a Regulation D offering being conducted by Boumarang, subscribing for 100,000 shares of Boumarang's common stock at a price per share of $1.00. The Company made the $100,000 subscription payment on August 6, 2024.


	QID Technologies, LLC		CyberFish CyberPsychology Solutions Ltd		Total Equity Method Investments
Equity investment carrying amount at January 1, 2025	$	—	$	—	$	—
Portion of operating losses recognized	(75,030)		—		(75,030)
Change in T Stamp Inc's basis	160,055		—		160,055
Equity investment carrying amount at December 31, 2025	85,025		—		85,025
Portion of operating losses recognized	(85,025)		(1,035)		(86,060)
Change in T Stamp Inc's basis	—		250,691		250,691
Equity investment carrying amount at June 30, 2026	$	—	$	249,656	$	249,656

QID Technologies, LLC — On November 12, 2024, the Company entered into a business arrangement with Qenta Inc. ("Qenta") under which Qenta and Trust Stamp formed a subsidiary, QID Technologies, LLC (“QID”). This arrangement is considered a related party transaction due to the common ownership. See Note 9 for details. In parallel, the Company entered into a license and assignment agreement with QID, in which the Company provided a non-exclusive license of its AI-powered identity technologies to QID in exchange for (i) a $1.00 million license fee in the form of a promissory note, which was due and payable in three equal tranches on December 31, 2024, February 1, 2025; and March 1, 2025; and (ii) the transfer of 10% of QID to the Company by Qenta. The final payment for the promissory note was made on April 30, 2025.

Additionally, effective January 1, 2025 the Company (through its subsidiary, Trust Stamp Malta Limited) and QID entered into a Master Technology Services Agreement, under which QID will contract with the Company for business development, product development, and product operations for identity and privacy services and solutions as agreed from time to time and documented by Statements of Work in return for monthly service fees capped at $3.60 million annually. On January 1, 2025, pursuant and adhering to the Master Technology Services Agreement terms and conditions, a Statement of Work was executed, pursuant to which the Company will provide certain product development and product operations and commercial business development and related services on behalf of QID. During the first six months of this agreement, the service fee shall be a minimum $100 thousand per month. Thereafter, the service fee payable shall be up to $300 thousand per month.

During the six months ended June 30, 2026, the Company recorded $85 thousand of QID's net loss which depleted the QID investment balance to $0 as of June 30, 2026. The Company will track its proportionate share of losses in a memo account and will resume recording a proportionate share of income only when losses have been fully offset. During the six months ended June 30, 2025, the Company recorded $35 thousand of QID's net loss. Results for QID’s operations for the three and six months ended March 31, 2026 and 2025 are summarized below:

CyberFish CyberPsychology Solutions Ltd Share Purchase Agreement, Shareholders Agreement — On March 9, 2026, Trust Stamp Malta Limited entered into a share purchase agreement with CyberFish CyberPsychology Solutions Ltd, a private company incorporated in England and Wales (“CyberFish”). Pursuant to the share purchase agreement, Trust Stamp Malta Limited agreed to subscribe to fifty percent (50%) of the authorized share capital of CyberFish in exchange for £190,000 or $254,600 at closing (the “Total Consideration”), consisting of (i) a cash payment of €30,000 or $34,776 payable to Malta Enterprise on behalf of CyberFish and (ii) a cash payment of £30,000 or $40,200 payable to CyberFish (together, the “Cash Consideration”) and (iii) non-cash consideration totaling £134,048 or $179,624, equal to the remaining balance of the Total Consideration following deduction of the Cash Consideration, comprising the provision of software development, engineering, and related technical services by Trust Stamp Malta Limited and/or other Company group entities. Malta Enterprise is a Maltese national development agency that previously provided CyberFish a start-up loan, which is partly being repaid as part of this transaction.

On March 9, 2026, the Company recorded the Total Consideration to Investments on its unaudited condensed consolidated balance sheet of €219,635 or $254,600. As of June 30, 2026, the investment balance is €218,736 or $249,656 with the change attributable to a loss of €889 or $1,035 related to the Company recording its proportionate share of losses from CyberFish and the remaining change solely attributable to foreign currency fluctuation. Due to the timing and availability of CyberFish’s financial information, the Company recognizes its proportionate share of CyberFish losses on a one quarter lag basis.

During the six months ended June 30, 2026 the Company recorded $18 thousand in Net revenue as a result of development services provided. As of June 30, 2026, the Company recorded $159 thousand in Deferred revenue from CyberFish due to deferred development services in relation to the Non-cash Consideration in line with the CyberFish share purchase agreement.

Since closing the share purchase agreement and during the six months ended June 30, 2026, the Company held a weighted average of 50% of CyberFish’s equity and held one of two seats on CyberFish’s Board of Directors. CyberFish’s Board of Directors decisions require unanimous consent, which affords each shareholder substantive participation rights over the activities that most significantly affect CyberFish’s economic performance, including strategic direction, budgets, and financing decisions. The Company has determined that it does not have the ability to control CyberFish's operations, but rather exercises significant influence over CyberFish through its representation on the board of directors and its voting interest; accordingly, the Company accounts for its investment in CyberFish under the equity method of accounting.