Business
Intellicheck Announces Record Third Quarter Fiscal 2019 SaaS Revenue; SaaS Revenue Up 140% and Third Quarter Revenue Up 86% Year Over Year
Year Over Year Revenue Increased to $1,930,000 SaaS Revenue Increased to $1,564,000 MELVILLE, N.Y.--(BUSINESS WIRE)-- Intellicheck, Inc. (NYSE American:
About this update from Intellicheck, Inc.
[{"type":"text","content":"\nYear Over Year Revenue Increased to $1,930,000\n\n\nSaaS Revenue Increased to $1,564,000\n\n MELVILLE, N.Y.--(BUSINESS WIRE)--\nIntellicheck, Inc. (NYSE American: IDN), a trusted industry leader in identity authentication and verification solutions, today announced its financial results and record SaaS revenues for the third quarter ended September 30, 2019.\n\n\nRevenue for the third quarter ended grew 86% to $1,930,000 versus $1,040,000 in the prior year comparable period. SaaS revenue in the third quarter grew 140% and totaled $1,564,000 versus $651,000 in the prior year comparable period and grew 40% sequentially over Q2. Gross profit as a percentage of revenues was 86.6% for the three months ended September 30, 2019 versus 89.1% in the prior year comparable period.\n\n\n“These are impressive SaaS growth numbers, which we believe reflect the progress we have achieved as a result of the changes we have put in place over the past year. The success of refocusing of our sales efforts can be seen in our growing portfolio of clients that I am excited to say includes the addition of another significant financial institution. We believe that our strategy to sell through the banks and credit issuers, who bear a large portion of the cost and the pain of Identity theft, is paying off,” said CEO Bryan Lewis.\n\n\n“I have been saying that I believe the market is coming our way and the evidence is bearing that out both in terms of clients and prospects. With data breaches and the resulting incidents of identity theft and fraud surging at an unprecedented rate, I believe that we are just getting started,” concluded Lewis.\n\n\nThe net loss for the three months ended September 30, 2019 was ($568,000) or ($0.04) per diluted share an improvement versus ($1,131,000) or ($0.07) per diluted share in the comparable prior year period. Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation expense and certain non-recurring charges) improved by $591,000 to a loss of ($457,000) for the third quarter of 2019 versus a loss of ($1,048,000) in the prior year comparable period. A reconciliation of adjusted EBITDA to net loss is provided elsewhere in this release.\n\n\nCash at September 30, 2019 totaled $2,757,000 and stockholders’ equity totaled $11,235,000 at the end of the period.\n\n\nThe financial resu...