Business
Intellicheck Announces Fourth Quarter and Full-Year 2023 Financial Results
Achieved Fourth Quarter Net Income of $757,000 SaaS Revenues Grew 18% Year Over Year MELVILLE, N.Y.--(BUSINESS WIRE)-- Intellicheck, Inc. (Nasdaq: IDN), an
About this update from Intellicheck, Inc.
[{"type":"text","content":"\nAchieved Fourth Quarter Net Income of $757,000\n\n\nSaaS Revenues Grew 18% Year Over Year\n\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, 2023. Total revenue for the fourth quarter ended December 31, 2023 grew 14% to $5,176,000 compared to $4,551,000 in the same period of 2022. Quarter-over-Quarter SaaS revenue grew 13% and totaled $5,069,000 compared to $4,479,000 in the same period of 2022 and grew 9% sequentially over the third quarter of 2023.\n\n\n“We anticipate continued growth driven by our expectations from our pipeline and the number of deals anticipated to go live in Q2 and Q3. We believe that we are on the cusp of a number of sizeable revenue generators that will really move the needle in the back half of the year. These include the addition of new retailers with our long standing bank partners, global media companies, auto, title and now crypto currency, our latest vertical. Additionally, we have made important progress in strengthening our organization with the addition of a new CTO, a new leader for our Channel and Technology Alliances, and a new Vice President of Marketing. We remain committed to giving our clients the innovative tools that allow them to onboard more customers quickly and easily while fundamentally eliminating fraud and building value for our shareholders,” said Intellicheck CEO Bryan Lewis.\n\n\nGross profit as a percentage of revenues was 94.9% for the three months ended December 31, 2023 compared to 94.8% in the same period in 2022.\n\n\nOperating expenses for the three months ended December 31, 2023, which consist of selling, general and administrative expenses and research and development expenses, decreased 15% to $4,291,000 for the fourth quarter of 2023 compared to $5,054,000 for the same period of 2022. Included within operating expenses for the fourth quarters of 2023 and 2022 were $249,000 and $687,000, respectively, of non-cash equity compensation expense.\n\n\nNet income for the three months ended December 31, 2023 improved to $757,000 or $0.04 per diluted share compared to Net loss of ($869,000) or ($0.05) per diluted share for the same period in 2022.\n\...