Business
Intellicheck Announces Fourth Quarter and Full-Year 2019 Financial Results
Record Q4 SaaS revenue of $2.56 Million Drives $106,000 of Net Income Two New Financial Institutions Signed Including First Canadian Lender MELVILLE,
About this update from Intellicheck, Inc.
[{"type":"text","content":"\nRecord Q4 SaaS revenue of $2.56 Million Drives $106,000 of Net Income \n\n\nTwo New Financial Institutions Signed Including First Canadian Lender\n\n MELVILLE, N.Y.--(BUSINESS WIRE)--\nIntellicheck, Inc. (Nasdaq: IDN), an industry leader in identification authentication solutions, today announced its financial results for the fourth quarter and full-year ended December 31, 2019. Total revenue for the fourth quarter ended December 31, 2019 grew 118% to $2,896,000 versus $1,330,000 in the prior year comparable period. Quarter over Quarter SaaS revenue for the fourth quarter grew 209% and totaled $2,557,000 versus $826,000 in the prior year comparable period.\n\n\nGross profit as a percentage of revenues was 88.8% for the three months ended December 31, 2019 versus 93.1% in the prior year comparable period.\n\n\n“We are excited by our results that have been driven by our focus on sales and implementations in 2019 that have yielded $2.56 million in SaaS revenue and $106,000 in net income during the fourth quarter. The recent addition of two new financial institutions, including a Canadian lender, will expand both our market penetration and our geographical footprint,” said Intellicheck CEO Bryan Lewis.\n\n\n“The pace of data breaches and the data that has been harvested makes it clear that identity theft is not going away for banks, credit card issuers, retailers and consumers. In fact, it is going to get worse. Given the ease of identity theft and the record-setting pace of data breaches, more and more market verticals are going to require that individuals authenticate themselves. As we look forward, we believe that our implementation pipeline remains robust and I remain confident that what I told you when I first joined the company two years ago is evident, today. The market is coming to us,” Lewis concluded.\n\n\nNet income for the three months ended December 31, 2019 was $106,000 or $0.01 per diluted share versus a net loss of ($664,000) or ($0.04) per diluted share the comparable prior year period. Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation expense and certain non-recurring charges) was $216,000 for the fourth quarter of 2019 versus a loss of ($633,000) in the prior year comparable period. A reconciliation of adjusted EBITDA to net income (loss) is provided elsewhere...