Business
Intellicheck Announces First Quarter 2022 Financial Results
Total Revenues Grew 19% as Compared to the Same Period In 2021 MELVILLE, N.Y.--(BUSINESS WIRE)-- Intellicheck, Inc. (Nasdaq: IDN), an industry-leading
About this update from Intellicheck, Inc.
[{"type":"text","content":"\nTotal Revenues Grew 19% as Compared to the Same Period In 2021\n\n MELVILLE, N.Y.--(BUSINESS WIRE)--\nIntellicheck, 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, 2022. Total revenue for the first quarter ended March 31, 2022 grew 19% to $3,395,000 compared to $2,863,000 in the same period of 2021. Quarter-over-Quarter SaaS revenue grew 21% and totaled $3,353,000 compared to $2,776,000 in the same period of 2021.\n\n“The growth that we experienced during the quarter shows that our clients continue to find new uses for our products and demonstrates that we continue to expand in our core markets and are successfully entering new markets. At the same time, we have continued to advance our strategic priorities to achieve our longer-term growth objectives. The investments we have made in technology and operations are yielding results in serving our market growth and expansion and our clients well,” said Intellicheck CEO Bryan Lewis.\n\nGross profit as a percentage of revenues was 90.7% for the three months ended March 31, 2022 compared to 92.3% in the same period in 2021. The decrease in gross profit percentage was driven by higher cost of revenue related to higher cloud services costs and other web-based support.\n\nOperating expenses for the three months ended March 31, 2022, which consist of selling, general and administrative expenses, marketing, and research and development expenses were $4,547,000 for the first quarter of 2022 compared to $7,281,000 for the same period of 2021. Included within operating expenses for the first quarters of 2022 and 2021 were $592,000 and $4,545,000, respectively, of non-cash equity compensation expense. On a non-GAAP basis, excluding the impact of non-cash compensation expense in both periods, operating expenses increased $1,219,000, or 45%. This increase was driven by higher professional services and marketing expenses.\n\nNet loss for the three months ended March 31, 2022 was ($1,468,000) or ($0.08) per diluted share compared to Net loss of ($4,624,000) or ($0.25) per diluted share for the same period in 2021.\n\nAdjusted EBITDA (earnings before gains on debt forgiveness, other income, income taxes, depreciation, amortization, equity co...