Intellicheck Announces Record Fourth Quarter and Full-Year 2024 Financial Results

‍Fourth  Quarter SaaS Revenues Grew 17% Year Over Year

MELVILLE, NY – March 20, 2025 – 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 fourth quarter and full-year ended December 31, 2024. Total revenue for the fourth quarter ended December 31, 2024 grew 15% to a record $5,936,000 compared to $5,176,000 in the same period of 2023. Fourth quarter SaaS revenue grew 17% and totaled $5,913,000 compared to $5,069,000 in the same period of 2023. Total revenue for the full year ended December 31, 2024 grew 6% to $19,997,000 compared to $18,906,000 in the same period of 2023.  Full year SaaS revenue grew 7% and totaled $19,810,000 compared to $18,595,000 in the same period of 2023.

“Our strategic decision to move into new market verticals has been key in allowing us to offset the headwinds we continue to see given the ongoing and growing issues of retail contraction, consumer economic concerns, reduced spending, and market turmoil. We believe we will show progress in 2025 as we remain focused on expanding our customer base, growing our presence in new market verticals and building on our partnerships with existing customers,” said Intellicheck CEO Bryan Lewis.

Gross profit as a percentage of revenues was 91.1% for the three months ended December 31, 2024 compared to 94.9% in the same period in 2023. 

Operating expenses for the three months ended December 31, 2024, which consist of selling, general and administrative expenses and research and development expenses were $4,928,000 for the fourth quarter of 2024 compared to $4,064,000 for the same period of 2023. Included within operating expenses for the fourth quarters of 2024 and 2023 were $233,000 and $249,000, respectively, of non-cash equity compensation expense.

Net income for the three months ended December 31, 2024 was $488,000 or $0.03 per diluted share compared to Net income of $984,000 or $0.05 per diluted share for the same period in 2023. 

Adjusted EBITDA (earnings before interest and other income, provision for income taxes, sales tax accrual, depreciation, amortization, stock-based compensation expense and certain non-recurring charges) was $860,000 for the fourth quarter of 2024 as compared to $1,170,000 for the same period of 2023. A reconciliation of adjusted EBITDA to net loss is provided in this release.

Full Year 2024 Results

Total revenue for the full year ended December 31, 2024 increased 6% to $19,997,000 compared to $18,906,000 in the same period of 2023. Year-over-year SaaS revenue grew 6% and totaled $19,810,000 compared to $18,595,000 in the same period of 2023. 

Gross profit as a percentage of revenue was 90.8% for the year ended December 31, 2024 compared to 92.7% in the same period of 2023.

Operating expenses for the year ended December 31, 2024 were $19,334,000 compared to $19,807,000 for the same period of 2023. Included within operating expenses for the full years of 2024 and 2023 were $876,000 and $1,596,000, respectively, of non-cash equity compensation expense. 

Net loss for the year ended December 31, 2024 improved to ($918,000) or ($0.05) per diluted share compared to a net loss of ($1,980,000) or ($0.10) per diluted share in the same period of 2023. Adjusted EBITDA (earnings before interest and other income, provision for income taxes, sales tax accrual, depreciation, amortization, stock based compensation expense and certain non-recurring charges) improved to $520,000 for the year ended December 31, 2024 compared to $377,000 for the same period of 2023. A reconciliation of adjusted EBITDA to net loss is provided in this release. 

As of December 31, 2024, the Company had cash that totaled $4.7 million, and stockholders’ equity totaled $17.7 million. 

The financial results reported today do not consider any adjustments that may be required in connection with the completion of the Company’s financial statement audit process and should be considered preliminary until Intellicheck files its Form 10-K for the fiscal year ended December 31, 2024.

Conference Call Information

The Company will hold an earnings conference call on March 20, 2025 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 13751782. For callers outside the U.S., please dial 201-612-7415 and use conference identification number 13751782. The replay will be available beginning approximately two hours after the completion of the live event and will remain available until March 27, 2025.

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