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Intellicheck Announces Record First Quarter 2024 Financial Results

$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...

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.
/b>

UNAUDITED CONDENSED BALANCE SHEETS

MARCH 31, 2024 and DECEMBER 31, 2023

(in thousands except share amounts)

 

March 31,
2024

 

December 31,
2023

 

 

 

 

ASSETS

 

 

 

CURRENT ASSETS:

 

 

 

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

 

 

 

 

 

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

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

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

 

 

 

 

 

Total liabilities

 

5,437

 

 

 

6,532

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

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

 

 

 

 

 

Total liabilities and stockholders’ equity

$

22,615

 

 

$

23,808

 

INTELLICHECK, INC.
/b>

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

 

 

 

2023

 

 

 

 

 

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

)

 

 

 

 

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

 

 

 

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.
/b>

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

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, December 31, 2023

19,354,335

 

$

19

 

$

150,822

 

$

(133,565

)

 

$

17,276

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

344

 

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