Intellicheck Announces Record Second Quarter Fiscal 2021 Financial Results

Revenue Climbed 160% to $4.8 Million SaaS Revenue Grew 93% Reaching $3.2 Million

MELVILLE, NY – August 3, 2021 -- Intellicheck, Inc. (Nasdaq: IDN), an industry leader in identity verification and authentication solutions, today announced its financial results for the second quarter ended June 30, 2021. Revenue growth jumped 160% to a record $4,797,000 versus $1,842,000 in the prior year comparable period. SaaS revenue for the second quarter June 30, 2021 rose 93% totaling $3,234,000 versus $1,671,000 in the prior year comparable period.

CEO Bryan Lewis said, “We continue to execute our strategic plan for growth and expansion in current and new market verticals. Recognizing that this requires investment, we have increased our investments in sales and marketing and have added new developers to fuel our R&D efforts. This productive quarter demonstrates we are already seeing the impact.”

Gross profit as a percentage of revenues was 69.4% for the three months ended June 30, 2021, versus 88.6% in the prior year comparable period. SaaS revenues represented 67% of total sales during the quarter. The difference in gross margin reflects a sales mix that included approximately $1.4 million of hardware sales that carry lower gross margins than SaaS revenues. Excluding hardware sales and related costs in both periods, gross profit as a percentage of sales was 93.3% for the three months ended June 30, 2021, versus 89.8% in the prior year comparable period.

Net loss for the three months ended June 30, 2021 was ($738,000) or ($0.04) per diluted share versus a net loss of ($760,000) or ($0.05) per diluted share for the comparable prior year period. Non-cash expenses during the quarter included stock-based compensation costs that totaled $651,000.

Adjusted EBITDA (earnings before interest and other income, income taxes, depreciation, amortization, stock-based compensation expense and certain non-recurring charges) was a loss of ($46,000) for the second quarter of 2021 as compared to a loss of ($619,000) in the prior year comparable period. A reconciliation of adjusted EBITDA to net loss is provided elsewhere in this release.

Cash on June 30, 2021 totaled $11.9 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 the Company files its Form 10-Q for the fiscal period ended June 30, 2021.

Conference Call Information

The Company will hold an earnings conference call on August 3 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 13721644. For callers outside the U.S., please dial 201-612-7415 and use conference identification number 13721644. The replay will be available beginning approximately two hours after the completion of the live event and will remain available until August 17, 2021.

Read more