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Intellicheck Announces Record First Quarter 2024 Financial Results
Total Revenues Grew 10% Year Over Year Continued Net Income and EBITDA Improvements MELVILLE, N.Y.--(BUSINESS WIRE)-- Intellicheck, Inc. (Nasdaq: IDN), an
About this update from Intellicheck, Inc.
[{"type":"text","content":"\nTotal Revenues Grew 10% Year Over Year\n\n\nContinued Net Income and EBITDA Improvements\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 first quarter ended March 31, 2024. Total revenue for the first quarter ended March 31, 2024 grew 10% to $4,680,000 compared to $4,254,000 in the same period of 2023. SaaS revenue grew 9% and totaled $4,609,000 compared to $4,228,000 in the same period of 2023.\n\n\n“Unrelenting incidents of identity theft and fraud have led to a significant new focus on security and growing consumer concerns. Not only must every business have the advanced technology in place to protect their bottom line, but they also must be responsive to the clear message from consumers. Consumers want better protection, but they do not want to be burdened with time consuming, arduous processes to get that protection. They will take their business elsewhere if they do not get what they want in a user-friendly process. We will continue to capitalize on the demand for consumer-engaging solutions with our distinctive, affordable technology that is hardware agnostic. Uniquely, our technology features rapid, frictionless, and accurate identity verification that has no need for additional hardware. This differentiates Intellicheck from other would-be solution providers,“ said Intellicheck CEO Bryan Lewis.\n\n\nGross profit as a percentage of revenues was 90.7%, in line with expectations, for the three months ended March 31, 2024 compared to 92.2% in the same period in 2023.\n\n\nOperating expenses for the three months ended March 31, 2024, which consist of selling, general and administrative expenses and research and development expenses, decreased 10% to $4,768,000 for the first quarter of 2024 compared to $5,303,000 for the same period of 2023. Included within operating expenses for the first quarters of 2024 and 2023 were $344,000 and $682,000, respectively, of non-cash equity compensation expense.\n\n\nNet loss for the three months ended March 31, 2024 improved by $945,000 to ($442,000) or ($0.02) per diluted share compared to net loss of ($1,387,000) or ($0.07) per diluted share for the same period in 2023.\n\n\nAdjusted EBITDA (earnings before...