$IDN #authentication--Intellicheck, Inc. (Nasdaq: IDN), an industry-leading identity company delivering on-demand digital and physical identity validation solutions, today announced its financial resu...
Autore: Business Wire
Total Revenues Grew 10% Year Over Year
Continued Net Income and EBITDA Improvements
MELVILLE, N.Y.: $IDN #authentication--Intellicheck, Inc. (Nasdaq: IDN), an industry-leading identity company delivering on-demand digital and physical identity validation solutions, today announced its financial results for the first quarter ended March 31, 2024. Total revenue for the first quarter ended March 31, 2024 grew 10% to $4,680,000 compared to $4,254,000 in the same period of 2023. SaaS revenue grew 9% and totaled $4,609,000 compared to $4,228,000 in the same period of 2023.
“Unrelenting incidents of identity theft and fraud have led to a significant new focus on security and growing consumer concerns. Not only must every business have the advanced technology in place to protect their bottom line, but they also must be responsive to the clear message from consumers. Consumers want better protection, but they do not want to be burdened with time consuming, arduous processes to get that protection. They will take their business elsewhere if they do not get what they want in a user-friendly process. We will continue to capitalize on the demand for consumer-engaging solutions with our distinctive, affordable technology that is hardware agnostic. Uniquely, our technology features rapid, frictionless, and accurate identity verification that has no need for additional hardware. This differentiates Intellicheck from other would-be solution providers,“ said Intellicheck CEO Bryan Lewis.
Gross profit as a percentage of revenues was 90.7%, in line with expectations, for the three months ended March 31, 2024 compared to 92.2% in the same period in 2023.
Operating expenses for the three months ended March 31, 2024, which consist of selling, general and administrative expenses and research and development expenses, decreased 10% to $4,768,000 for the first quarter of 2024 compared to $5,303,000 for the same period of 2023. Included within operating expenses for the first quarters of 2024 and 2023 were $344,000 and $682,000, respectively, of non-cash equity compensation expense.
Net loss for the three months ended March 31, 2024 improved by $945,000 to ($442,000) or ($0.02) per diluted share compared to net loss of ($1,387,000) or ($0.07) per diluted share for the same period in 2023.
Adjusted EBITDA (earnings before interest and other income, provision for income taxes, sales tax accruals, depreciation, amortization, stock-based compensation expense and certain non-recurring charges) improved by $441,000 to $(117,000) for the first quarter of 2024 as compared to ($558,000) for the same period of 2023. A reconciliation of adjusted EBITDA to net loss is provided in this release.
As of March 31, 2024, the Company had cash and cash equivalents in the form of U.S. Treasuries that totaled $9.2 million and stockholders’ equity totaled $17.2 million.
The unaudited financial results reported today do not consider any adjustments that may be required in connection with the completion of the Company’s review process and should be considered preliminary until Intellicheck files its Form 10-Q for the three months ended March 31, 2024.
Conference Call Information
The Company will hold an earnings conference call on May 13 at 4:30 p.m. ET/1:30 p.m. PT to discuss operating results. To listen to the earnings conference call, please dial 877-407-8037. For callers outside the U.S., please dial 201-689-8037.
A replay of the conference call will be available shortly after completion of the live event. To listen to the replay, please dial 877-660-6853 and use conference identification number 13745587. For callers outside the U.S., please dial 201-612-7415 and use conference identification number 13745587. The replay will be available beginning approximately three hours after the completion of the live event and will remain available until May 20, 2024.
INTELLICHECK, INC. UNAUDITED CONDENSED BALANCE SHEETS MARCH 31, 2024 and DECEMBER 31, 2023 (in thousands except share amounts) | |||||||
| March 31, |
| December 31, | ||||
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents | $ | 9,239 |
|
| $ | 3,980 |
|
Short-term investments |
| — |
|
|
| 5,000 |
|
Accounts receivable, net of allowance of $85 and $69 at March 31, 2024 and December 31, 2023, respectively |
| 2,744 |
|
|
| 4,703 |
|
Other current assets |
| 654 |
|
|
| 692 |
|
Total current assets |
| 12,637 |
|
|
| 14,375 |
|
|
|
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PROPERTY AND EQUIPMENT, NET |
| 628 |
|
|
| 666 |
|
GOODWILL |
| 8,102 |
|
|
| 8,102 |
|
INTANGIBLE ASSETS, NET |
| 1,157 |
|
|
| 575 |
|
OTHER ASSETS |
| 91 |
|
|
| 90 |
|
Total assets | $ | 22,615 |
|
| $ | 23,808 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable | $ | 1,121 |
|
| $ | 884 |
|
Accrued expenses |
| 2,657 |
|
|
| 3,245 |
|
Equity awards liability |
| — |
|
|
| 4 |
|
Liability for shares withheld |
| 190 |
|
|
| 190 |
|
Deferred revenue, current portion |
| 1,469 |
|
|
| 2,209 |
|
Total current liabilities |
| 5,437 |
|
|
| 6,532 |
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Total liabilities |
| 5,437 |
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| 6,532 |
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STOCKHOLDERS’ EQUITY: |
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Preferred stock - $0.01 par value; 30,000 shares authorized; Series A convertible preferred stock, zero shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively |
| — |
|
|
| — |
|
Common stock - $.001 par value; 40,000,000 shares authorized; 19,404,561 and 19,354,335 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively |
| 19 |
|
|
| 19 |
|
Additional paid-in capital |
| 151,166 |
|
|
| 150,822 |
|
Accumulated deficit |
| (134,007 | ) |
|
| (133,565 | ) |
Total stockholders’ equity |
| 17,178 |
|
|
| 17,276 |
|
|
|
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Total liabilities and stockholders’ equity | $ | 22,615 |
|
| $ | 23,808 |
|
INTELLICHECK, INC. UNAUDITED CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (in thousands except share and per share amounts) | |||||||
| Three months ended March 31, | ||||||
|
| 2024 |
|
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| 2023 |
|
|
|
|
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REVENUES | $ | 4,680 |
|
| $ | 4,254 |
|
COST OF REVENUES |
| (435 | ) |
|
| (332 | ) |
Gross profit |
| 4,245 |
|
|
| 3,922 |
|
|
|
|
| ||||
OPERATING EXPENSES |
|
|
| ||||
Selling, general and administrative |
| 3,949 |
|
|
| 3,995 |
|
Research and development |
| 819 |
|
|
| 1,308 |
|
Total operating expenses |
| 4,768 |
|
|
| 5,303 |
|
|
|
|
| ||||
Loss from operations |
| (523 | ) |
|
| (1,381 | ) |
|
|
|
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OTHER INCOME |
|
|
| ||||
Interest and other income |
| 83 |
|
|
| 1 |
|
Total other income |
| 83 |
|
|
| 1 |
|
|
|
|
| ||||
Net loss before provision for income taxes |
| (440 | ) |
|
| (1,380 | ) |
Provision for income taxes |
| 2 |
|
|
| 7 |
|
|
|
|
| ||||
Net loss | $ | (442 | ) |
| $ | (1,387 | ) |
|
|
|
| ||||
PER SHARE INFORMATION |
|
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Loss per common share - |
|
|
| ||||
Basic/Diluted | $ | (0.02 | ) |
| $ | (0.07 | ) |
|
|
|
| ||||
Weighted average common shares used in computing per share amounts - |
|
|
| ||||
Basic/Diluted |
| 19,404,561 |
|
|
| 19,088,752 |
|
INTELLICHECK, INC. UNAUDITED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (in thousands, except number of shares) | |||||||||||||||
| Three months ended March 31, 2024 | ||||||||||||||
| Common Stock |
| Additional Paid-in Capital |
| Accumulated Deficit |
| Total Stockholders’ Equity | ||||||||
| Shares |
| Amount |
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BALANCE, December 31, 2023 | 19,354,335 |
| $ | 19 |
| $ | 150,822 |
| $ | (133,565 | ) |
| $ | 17,276 |
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Stock-based compensation | – |
|
| – |
|
| 344 |
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