Business
Intellicheck Announces Fourth Quarter and Full-Year 2021 Financial Results
SaaS Revenues Grew 38% Year Over Year Fourth Quarter SaaS Revenues Grew 23% MELVILLE, N.Y.--(BUSINESS WIRE)-- Intellicheck, Inc. (Nasdaq: IDN), an
About this update from Intellicheck, Inc.
[{"type":"text","content":"\nSaaS Revenues Grew 38% Year Over Year\n\nFourth Quarter SaaS Revenues Grew 23%\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 fourth quarter and full-year ended December 31, 2021. Total revenue for the fourth quarter ended December 31, 2021 grew 27% to $3,902,000 compared to $3,078,000 in the same period of 2020. Quarter-over-Quarter SaaS revenue grew 23% and totaled $3,715,000 compared to $3,012,000 in the same period of 2020 and grew 14% sequentially over the third quarter of 2021.\n\n“We made a number of significant changes in 2021 to move the Company forward. We have launched Platform 2.0 featuring additional multinational ID and KYC capabilities. We are also seeing results from our emphasis on increasing brand awareness with an increase in inbound leads for the age-restricted market. We believe these initiatives will drive our continued growth and will promote additional opportunities with both new and existing clients,” said Intellicheck CEO Bryan Lewis.\n\nGross profit as a percentage of revenues was 92.0% for the three months ended December 31, 2021 compared to 92.6% in the same period in 2020.\n\nOperating expenses for the three months ended December 31, 2021, which consist of selling, general and administrative expenses and research and development expenses, were $4,987,000 for the fourth quarter of 2021 compared to $2,389,000 for the same period of 2020. The Company is always looking for synergistic opportunities including merger and acquisition opportunities. Included within operating expenses are $454,000 of costs incurred related to this activity. Also included within operating expenses are $797,000 of non-cash equity compensation expense. In addition, the company incurred higher personnel, consulting, and marketing expenses.\n\nNet loss for the three months ended December 31, 2021 was ($1,396,000) or ($0.07) per diluted share compared to Net income of $1,260,000 or $0.07 per diluted share for the same period in 2020.\n\nAdjusted EBITDA (earnings before gains on debt forgiveness, interest and other income, income taxes, depreciation, amortization, equity compensation expense and certain non-recurring charges) was ($557,000) for the fo...