Business
Intellicheck Announces Record Third Quarter Fiscal 2021 Financial Results
Revenue Climbed 79% to $4.8 Million SaaS Revenue Grew 32% Reaching $3.2 Million MELVILLE, N.Y.--(BUSINESS WIRE)-- Intellicheck, Inc. (Nasdaq: IDN), an
About this update from Intellicheck, Inc.
[{"type":"text","content":"\nRevenue Climbed 79% to $4.8 Million\n\nSaaS Revenue Grew 32% Reaching $3.2 Million\n\n MELVILLE, N.Y.--(BUSINESS WIRE)--\nIntellicheck, Inc. (Nasdaq: IDN), an industry leader in identity verification and authentication solutions, today announced its financial results for the third quarter ended September 30, 2021. Revenue rose 79% to a record $4,831,000 versus $2,699,000 in the prior year comparable period. SaaS revenue for the third quarter ended September 30, 2021 increased 32% to $3,245,000 versus $2,451,000 in the prior year comparable period.\n\nCEO Bryan Lewis pointed to a number of key developments including the expansion of Company capabilities beyond North America, the addition of a new product platform, and the addition of new channel partnerships. “Much of what we have been investing in and working on this year is focused on transforming the company to be a Digital Identity company, rather than purely an ID Validation company. We have expanded our client base far beyond just credit cards into banking, call centers, gambling, cannabis, stadiums as well as the digital world, which continues to become an increasing portion of our business. We believe this transformation will allow us to move into many more markets and become a powerhouse within Identity Validation and Digital Identity.”\n\nGross profit as a percentage of revenues was 68.7% for the three months ended September 30, 2021, versus 89.1% in the prior year comparable period. SaaS revenues represented 67.2% of total sales during the third quarter of 2021, compared to 90.8% of total sales in the prior year comparable period. The decline in gross margin reflects a sales mix that included approximately $1.5 million of hardware sales that carry lower gross margins than SaaS revenues. Excluding hardware sales and related costs in both periods, gross profit as a percentage of sales was 93.0% for the three months ended September 30, 2021, versus 92.6% in the prior year comparable period.\n\nNet loss for the three months ended September 30, 2021 was ($952,000) or ($0.05) per diluted share versus net income of $32,000 or $0.00 per diluted share for the comparable prior year period. Non-cash expenses during the quarter included stock-based compensation costs that totaled $639,000.\n\nAdjusted EBITDA (earnings before interest and other income (expense), income taxes, dep...