Intellicheck Announces Record First Quarter 2025 Financial Results

MELVILLE, NY - May 13, 2025 - Intellicheck, 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, 2025. Total revenue for the first quarter ended March 31,2025 grew 5% to a record $4,894,000 compared to $4,680,000 in the same period of 2024. SaaS revenue increased 6% and totaled $4,868,000 compared to $4,609,000 in the same period of 2024.

“With the implementation of our strategic initiatives, we have made significant progress in successfully diversifying our client base. We are  growing very quickly in retail banking, title insurance, auto, email account security, and background checks. Our progress also extends to the logistics and shipping market vertical. As our new partnerships and new opportunities come into focus, we believe our organizational revitalization will further our anticipated growth,” said Intellicheck CEO Bryan Lewis.

Gross profit as a percentage of revenues remained strong at 90%, in line with expectations, for the three months ended March 31, 2025 compared to 91% in the same period in 2024.

Operating expenses for the three months endedMarch 31, 2025, which consist of selling, general and administrative expenses and research and development expenses, decreased 1% to $4,740,000 for the first quarter of 2025 compared to $4,768,000for the same period of 2024. Included within operating expenses for the first quarters of 2025 and 2024 were $177,000 and $324,000, respectively, of non-cash stock-based compensation expense.

Net loss for the three months ended March 31, 2025 decreased by $124,000 to ($318,000) or($0.02) per diluted share compared to a net loss of ($442,000) or ($0.02) per diluted share for the same period in 2024.

Adjusted 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) improved by $100,000 to a loss of ($17,000) for the first quarter of 2025 as compared to a loss of ($117,000) for the same period of 2024. A reconciliation of adjusted EBITDA to net loss is provided in this release.

As of March 31,2025, the Company had cash and cash equivalents that totaled $5.1 million and stockholders’ equity totaled $17.6 million.

Conference Call Information

The Company will hold an earnings conference call today, May 13, 2025 at 4:30 p.m. ET/1:30 p.m. PT to discuss operating results. To listen to the earnings conference call, please dial 877-407-8037.For callers outside the U.S., please dial 201-689-8037.

A replay of the conference call will be available shortly after completion of the live event. To listen to the replay, please dial 877-660-6853 and use conference identification number 13753197. For callers outside the U.S., please dial 201-612-7415 and use conference identification number 13753197. The replay will be available beginning approximately three hours after the completion of the live event and will remain available until May 20, 2025.

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