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Intellicheck Announces Record Second Quarter 2023 Financial Results
SaaS Revenues Grew 19% Year Over Year Achieves Adjusted EBITDA Positive Results for the Quarter MELVILLE, N.Y.--(BUSINESS WIRE)-- Intellicheck, Inc. (Nasdaq:
About this update from Intellicheck, Inc.
[{"type":"text","content":"\nSaaS Revenues Grew 19% Year Over Year\n\n\nAchieves Adjusted EBITDA Positive Results for the Quarter\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 second quarter ended June 30, 2023. Total revenue for the second quarter ended June 30, 2023 grew 18% to $4,716,000 compared to $4,008,000 in the same period of 2022. SaaS revenue grew 19% and totaled $4,663,000 compared to $3,928,000 in the same period of 2022.\n\n\n“This quarter marks 42 consecutive months of solid growth as trailing 12 month SaaS revenue has increased every month. We continue to refine our organization at every level to expand our penetration in key market verticals. This quarter we achieved adjusted EBITDA positive results and we continue to leverage our operating expenses. We also continue to enhance our organization with additional expertise including the promotion of Jeff Ishmael to the position of COO and the hiring of a new Vice President of Engineering, Jonathan Robins. We have evolved the finance and sales teams and our focus has now turned to engineering and product development. We believe the addition of Jonathan to the team will allow us to further distinguish ourselves as an exceptional identity validation company with the state-of-the-art technology solutions that have earned us our position as an industry leader,” said Intellicheck CEO Bryan Lewis.\n\n\nGross profit as a percentage of revenues improved to 92.5% for the three months ended June 30, 2023 compared to 90.9% in the same period in 2022.\n\n\nOperating expenses for the three months ended June 30, 2023, which consist of selling, general and administrative expenses and research and development expenses, increased 8% to $5,137,000 for the second quarter of 2023 compared to $4,742,000 for the same period of 2022. Included within operating expenses for the second quarters of 2023 and 2022 were $323,000 and $446,000, respectively, of non-cash equity compensation expense.\n\n\nNet loss for the three months ended June 30, 2023 improved to ($777,000) or ($0.04) per diluted share compared to Net loss of ($1,098,000) or ($0.06) per diluted share for the same period in 2022.\n\n\nAdjusted EBITDA (earnings before gains on...