Business
Intellicheck Announces Fourth Quarter and Full-Year 2022 Financial Results
Fourth Quarter SaaS Revenues Grew 21% SaaS Revenues Grew 21% Year Over Year MELVILLE, N.Y.--(BUSINESS WIRE)-- Intellicheck, Inc. (Nasdaq: IDN), an
About this update from Intellicheck, Inc.
[{"type":"text","content":"\nFourth Quarter SaaS Revenues Grew 21%\n\nSaaS Revenues Grew 21% Year Over Year\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, 2022. Total revenue for the fourth quarter ended December 31, 2022 grew 17% to $4,551,000 compared to $3,902,000 in the same period of 2021. Quarter-over-Quarter SaaS revenue grew 21% and totaled $4,479,000 compared to $3,715,000 in the same period of 2021 and grew 13% sequentially over the third quarter of 2022.\n\n“I am very pleased with the progress we have made in diversifying our business as we expand our presence in more market verticals. Our broad and growing client base and the continued adoption of our technology with expanded use cases by both existing and new clients underscores the quality and value of our identity validation solutions. As bad actors continue to expand their efforts at every turn, our clients know that by partnering with Intellicheck they have the advantage of technology that delivers a frictionless customer experience that onboards more good clients faster, without the need for expensive hardware, while virtually eliminating fraud quickly, easily, and effectively,” said Intellicheck CEO Bryan Lewis.\n\nGross profit as a percentage of revenues was 94.8% for the three months ended December 31, 2022 compared to 92.0% in the same period in 2021.\n\nOperating expenses for the three months ended December 31, 2022, which consist of selling, general and administrative expenses and research and development expenses, increased 4% to $4,746,000 for the fourth quarter of 2022 compared to $4,582,000 for the same period of 2021. Included within operating expenses for the fourth quarters of 2022 and 2021 were $687,000 and $393,000, respectively, of non-cash equity compensation expense.\n\nNet loss for the three months ended December 31, 2022 improved to ($561,000) or ($0.03) per diluted share compared to Net loss of ($992,000) or ($0.05) per diluted share for the same period in 2021.\n\nAdjusted EBITDA (earnings before gains on debt forgiveness, interest and other income, provision for income taxes, depreciation, amortization, stock-based compensation expense and...