Intellicheck Announces Third Quarter 2024 Financial Results

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 third quarter ended September 30, 2024. Total revenue for the third quarter ended September 30, 2024 was relatively flat at $4,709,000 compared to $4,760,000 in the same period of 2023. SaaS revenue increased 1% and totaled $4,661,000 compared to $4,635,000 in the same period of 2023.

“The strategic moves we have made in expanding into new markets have yielded new sales and new sources of transaction volume. I remain laser focused on revenue growth and I will continue that intense focus for our shareholders and stakeholders alike,” said Intellicheck CEO, Bryan Lewis.

Gross profit as a percentage of revenues remained strong at 91%, in line with expectations, for the three months ended September 30, 2024, equaling the 91% in the same period in 2023.

Operating expenses for the three months ended September 30, 2024, which consist of selling, general and administrative expenses and research and development expenses, decreased 1% to $5,195,000 for the third quarter of 2024 compared to $5,227,000 for the same period of 2023. Included within operating expenses for the third quarters of 2024 and 2023 were $237,000 and $342,000, respectively, of non-cash stock-based compensation expense.

Net loss for the three months ended September 30, 2024 increased by $113,000 to ($837,000) or ($0.04) per diluted share compared to a net loss of ($724,000) or ($0.04) 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 $104,000 to a loss of ($167,000) for the third quarter of 2024 as compared to a loss of $(271,000) for the same period of 2023. A reconciliation of adjusted EBITDA to net loss is provided in this release.

As of September 30, 2024, the Company had cash and cash equivalents that totaled $5.7 million and stockholders’ equity totaled $16.7 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 and nine months ended September 30, 2024.

Conference Call Information
The Company will hold an earnings conference call today, November 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 13745589. For callers outside the U.S., please dial 201-612-7415 and use conference identification number 13745589. The replay will be available beginning approximately three hours after the completion of the live event and will remain available until November 20, 2024.