Intellicheck Announces Record Second Quarter 2023 Financial Results

SaaS Revenues Grew 19% Year Over Year

Achieves Adjusted EBITDA Positive Results for the Quarter

MELVILLE, NY – August 10, 2023 - 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 second quarter ended June 30, 2023. Total revenue for the second quarter ended June 30, 2023 grew 18% to $4,716,000 compared to $4,008,000 in the same period of 2022. SaaS revenue grew 19% and totaled $4,663,000 compared to $3,928,000 in the same period of 2022.

“This quarter marks 42 consecutive months of solid growth as trailing 12 month SaaS revenue has increased every month. We continue to refine our organization at every level to expand our penetration in key market verticals. This quarter we achieved adjusted EBITDA positive results and we continue to leverage our operating expenses. We also continue to enhance our organization with additional expertise including the promotion of Jeff Ishmael to the position of COO and the hiring of a new Vice President of Engineering, Jonathan Robins. We have evolved the finance and sales teams and our focus has now turned to engineering and product development. We believe the addition of Jonathan to the team will allow us to further distinguish ourselves as an exceptional identity validation company with the state-of-the-art technology solutions that have earned us our position as an industry leader,” said Intellicheck CEO Bryan Lewis.

Gross profit as a percentage of revenues improved to 92.5% for the three months ended June 30, 2023 compared to 90.9% in the same period in 2022.

Operating expenses for the three months ended June 30, 2023, which consist of selling, general and administrative expenses and research and development expenses, increased 8% to $5,137,000 for the second quarter of 2023 compared to $4,742,000 for the same period of 2022. Included within operating expenses for the second quarters of 2023 and 2022 were $323,000 and $446,000, respectively, of non-cash equity compensation expense.

Net loss for the three months ended June 30, 2023 improved to ($777,000) or ($0.04) per diluted share compared to Net loss of ($1,098,000) or ($0.06) per diluted share for the same period in 2022.

Adjusted EBITDA (earnings before gains on debt forgiveness, non-restructuring severance expenses, interest and other income, provision for income taxes, depreciation, amortization, stock-based compensation expense and certain non-recurring charges) improved to $36,000 for the second quarter of 2023 as compared to ($583,000) for the same period of 2022. A reconciliation of adjusted EBITDA to net loss is provided in this release.

As of June 30, 2023, the Company had cash and short-term investments in the form of U.S. Treasuries that totaled $9.1 million, and stockholders’ equity totaled $17.3 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 quarterly review process and should be considered preliminary until Intellicheck files its Form 10-Q for the three and six months ended June 30, 2023.

Conference Call Information

The Company will hold an earnings conference call on August 10 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 13734993. For callers outside the U.S., please dial 201-612-7415 and use conference identification number 13734993. The replay will be available beginning approximately three hours after the completion of the live event and will remain available until August 17, 2023.

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