Intellicheck Announces First Quarter Fiscal 2021 Financial Results

SaaS Revenue Grew 24% and Totaled $2,776,000

MELVILLE, NY – May 4, 2021 -- Intellicheck, Inc. (Nasdaq: IDN), an industry leader in identification authentication solutions, today announced its financial results for the first quarter ended March 31, 2021. SaaS revenue for the first quarter ended March 31, 2021 grew 24% and totaled $2,776,000 versus $2,238,000 in the prior year comparable period. Total revenue for the same period decreased 8% to $2,863,000 versus $3,115,000 in the prior year comparable period due to fewer ancillary hardware sales during the quarter versus the prior year.

CEO Bryan Lewis said, “In addition to continued growth in our client base, we are seeing current clients employ a variety of new applications for our powerful identity platform. At the same time, we are rapidly advancing in the digital world by offering new and existing clients additional fraud indicators to add to the certainty of person-not-present transactions.”

Lewis continued, “Against the backdrop of surging identity theft and fraud, Intellicheck’s technology solutions continue to prove their value by demonstrating time and time again that we provide the most certainty in assuring the person on the other side of a transaction is who they say they are.”

Gross profit as a percentage of revenues was 92.3% for the three months ended March 31, 2021 versus 77.8% in the prior year comparable period. SaaS revenues represented 97% of total sales during the quarter.

Net loss for the three months ended March 31, 2021 was $1,060,000 or ($0.06) per diluted share versus net income of $27,000 or $0.00 per diluted share for the comparable prior year period. Non- cash expenses during the quarter included stock-based compensation primarily related to new hires that totaled $981,000.

Adjusted EBITDA (earnings before gains on debt forgiveness, interest and other income, income taxes, depreciation, amortization, stock-based compensation expense and certain non-recurring charges) was a loss of ($52,000) for the first quarter of 2021 as compared to positive $144,000 in the prior year comparable period. A reconciliation of adjusted EBITDA to net (loss) income is provided elsewhere in this release.

Cash at March 31, 2021 totaled $12.6 million and stockholders’ equity totaled $22.1 million at the end of the period.

The financial results reported today do not take into account 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 fiscal year ended March 31, 2021.

Conference Call Information

The Company will hold an earnings conference call on May 4 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 13718955. For callers outside the U.S., please dial 201-612-7415 and use conference identification number 13718955. The replay will be available beginning approximately two hours after the completion of the live event and will remain available until May 18, 2021.

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