Business
Intellicheck Announces Second Quarter 2024 Financial Results
Continued Operating Expense and Net Income Improvements MELVILLE, N.Y.--(BUSINESS WIRE)-- Intellicheck, Inc. (Nasdaq: IDN), an industry-leading identity
About this update from Intellicheck, Inc.
[{"type":"text","content":"\nContinued Operating Expense and Net Income 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 second quarter ended June 30, 2024. Total revenue for the second quarter ended June 30, 2024 declined 0.9% to $4,672,000 compared to $4,716,000 in the same period of 2023. SaaS revenue declined 0.8% and totaled $4,627,000 compared to $4,663,000 in the same period of 2023.\n\n\n“Our focus on innovation and market expansion has set the stage for future financial growth. We believe our market diversification strategy is already showing its value in the face of economic variability in key markets such as retail. Going forward, we expect those headwinds will become tailwinds that will contribute to our growth and profitability,” said Intellicheck CEO Bryan Lewis.\n\n\nGross profit as a percentage of revenues was 90.5%, in line with expectations, for the three months ended June 30, 2024 compared to 92.5% in the same period in 2023.\n\n\nOperating expenses for the three months ended June 30, 2024, which consist of selling, general and administrative expenses and research and development expenses, decreased 14.8% to $4,443,000 for the second quarter of 2024 compared to $5,213,000 for the same period of 2023. Included within operating expenses for the second quarters of 2024 and 2023 were $72,000 and $323,000, respectively, of non-cash equity compensation expense.\n\n\nNet loss for the three months ended June 30, 2024 improved by $726,000 to ($127,000) or ($0.01) per diluted share compared to net loss of ($853,000) or ($0.04) per diluted share for the same period in 2023.\n\n\nAdjusted EBITDA (earnings before interest and other income, provision for income taxes, sales tax accruals, depreciation, amortization, stock-based compensation expense and certain non-recurring charges) decreased by $106,000 to (70,000) for the second quarter of 2024 as compared to a gain of $36,000 for the same period of 2023. A reconciliation of adjusted EBITDA to net loss is provided in this release.\n\n\nAs of June 30, 2024, the Company had cash and cash equivalents that totaled $7.3 million and stockholders’ equity totaled $17.3 million.\n\n\nThe unaudited financial results r...