US Market News
3週前
Intellicheck Joins Russell 2000 and Russell 3000 IndexesJune 22, 2026 8:05 AM
Business Wire Inclusion Marks An Important Capital Markets Milestone as Intellicheck Advances Its Growth Strategy and Expands Visibility With Institutional Intellicheck, Inc. (Nasdaq: IDN), an industry-leading identity company delivering proprietary on-demand digital and physical identity validation solutions, today announced that it has joined the Russell 2000® and Russell 3000® Indexes effective upon the U.S. market close on June 26, 2026. The Russell 2000® Index is widely used by investment managers and institutional investors as a leading benchmark for small-cap U.S. companies. Membership in the Russell 2000® Index results in automatic inclusion in the Russell 3000® Index and the applicable Russell growth and/or value style indexes, as determined by FTSE Russell's style methodology. "We are pleased to join the Russell 2000® and Russell 3000® Indexes. This milestone reflects Intellicheck's continued growth and execution. We continue to expand across key market verticals, most notably banking, credit issuance, automotive, and title insurance. Our SaaS business model is designed to support scalable growth and long-term shareholder value. We believe inclusion in these indexes will increase our visibility among institutional investors and broaden awareness of the significant opportunity ahead," said Intellicheck CEO Bryan Lewis. Intellicheck provides both digital and physical identity verification solutions to industries where speed and certainty is crucial. Intellicheck’s proprietary approach to proving identity is unique. It enables a frictionless customer experience that seamlessly fits into current workflows using existing technology, scanning devices or Intellicheck’s mobile app. This creates a competitive advantage for every business by facilitating rapid customer acquisition and on-going customer retention with minimal implementation costs. The annual Russell U.S. Indexes reconstitution ranks eligible U.S. companies by total market capitalization as of the rank date. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. About Intellicheck Intellicheck (Nasdaq: IDN), the industry leader in identity verification management, prevents the use of unauthorized IDs to stop identity-based fraud. Intellicheck is the only SaaS-based validation and proofing service that uses a unique and proprietary analysis of DMV-issued IDs to create trusted, real-time customer identity verification experiences across a wide variety of sectors, both in-person and digitally. Intellicheck is processing identity transactions for almost half the adult population in the United States and Canada annually with state-of-the-art technology solutions that are providing a seamless, invisible ID verification experience while delivering 99.975% decisioning in under a second when a customer is using our tools to capture the document. For more information on Intellicheck, visit us on the web and follow us on LinkedIn, X, Facebook, and YouTube. Safe Harbor Statement Statements in this news release about Intellicheck’s future expectations, including the expected benefits of inclusion in the Russell 2000® and Rusell 3000® Indexes, the advantages of our products, future demand for Intellicheck’s existing and future products, whether revenue and other financial metrics will improve in future periods, whether sales of our products will continue at historic levels or increase, whether brand value and market awareness will grow, whether the Company can leverage existing partnerships or enter into new ones, whether the Company will expand across key market verticals, and all other statements in this release, other than historical facts, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future events, trends, contingencies, or results, may use words such as “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “strategy,” “target,” “could,” “may,” “might,” “should,” “will,” and “would,” and similar terms. Actual results and ultimate corporate actions could differ materially from those expressed in or implied by forward-looking statements based on risks and uncertainties detailed from time to time in Intellicheck’s filings with the Securities and Exchange Commission. Intellicheck does not assume any obligation to update forward-looking statements, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260619835151/en/ Intellicheck Media and Public Relations: Sharon Schultz (302) 539-3747/ sschultz@intellicheck.com
Intellicheck Investor Relations: Gar Jackson (949) 873-2789/ gjackson@intellicheck.com Original: Intellicheck Joins Russell 2000 and Russell 3000 Indexes
US Market News
2月前
Intellicheck Announces Record First Quarter 2026 ResultsMay 12, 2026 4:05 PM
Business Wire Net income improved to $636,000 with EPS of $0.03 Q1 record Adjusted EBITDA of $935,000 Quarter end cash balance of $10.1 million 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, 2026. Total revenue for the first quarter ended March 31, 2026 grew 13% to a record $5,524,000 compared to $4,894,000 in the same period of 2025. First quarter SaaS revenue grew 13% and totaled $5,514,000 compared to $4,868,000 in the same period of 2025. “This quarter further validates our belief that Intellicheck has reached a key inflection point in the evolution of our business and our path to profitability. At our current operating run rate, incremental revenue is expected to flow meaningfully to the bottom line. We believe this demonstrates the leverage in our business model and the successful execution across the organization. We ended the quarter with more than $10 million in cash, no debt, and what we believe is a truly differentiated identity verification platform,” said Intellicheck CEO Bryan Lewis. Gross profit as a percentage of revenues improved to 91.0% for the three months ended March 31, 2026 compared to 89.7% in the same period in 2025. Operating expenses for the three months ended March 31, 2026, which consist of selling, general and administrative expenses and research and development expenses decreased by 5.4% to $4,483,000 for the first quarter of 2026 compared to $4,740,000 for the same period of 2025. Included within operating expenses for the first quarters of 2026 and 2025 were $200,000 and $177,000, respectively, of non-cash equity compensation expense. Net income for the three months ended March 31, 2026 improved significantly to $636,000 or $0.03 per diluted share compared to Net loss of ($318,000) or ($0.02) per diluted share for the same period in 2025. Adjusted EBITDA (earnings before interest and other income, provision for income taxes, sales tax accrual, depreciation, amortization, stock-based compensation expense and certain non-recurring charges) also improved significantly to $935,000 for the first quarter of 2026 as compared to ($17,000) for the same period of 2025. A reconciliation of adjusted EBITDA to net income (loss) is provided in this release. As of March 31, 2026, the Company had cash of $10,062,000 and stockholders’ equity totaled $21,533,000. Conference Call Information The Company will hold an earnings conference call on May 12 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 13759884. For callers outside the U.S., please dial 201-612-7415 and use conference identification number 13759884. The replay will be available beginning approximately three hours after the completion of the live event and will remain available until May 19, 2026. INTELLICHECK, INC. UNAUDITED CONDENSED BALANCE SHEETS MARCH 31, 2026 AND DECEMBER 31, 2025 (in thousands, except share and per share amounts) March 31,
2026 December 31,
2025 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 10,062 $ 9,650 Accounts receivable, net of allowance for credit losses of $157 at March 31, 2026 and December 31, 2025 5,740 3,365 Other current assets 893 892 Total current assets 16,695 13,907 PROPERTY AND EQUIPMENT, NET 374 394 GOODWILL 8,102 8,102 INTANGIBLE ASSETS, NET 1,937 2,077 OTHER ASSETS 1 1 Total assets $ 27,109 $ 24,481 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 425 $ 226 Accrued expenses 2,229 1,897 Deferred revenue 2,922 1,661 Total current liabilities 5,576 3,784 Total liabilities 5,576 3,784 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS’ EQUITY: Preferred stock - $0.01 par value; 30,000 shares authorized; Series A convertible preferred stock, zero shares issued and outstanding at March 31, 2026 and December 31, 2025 — — Common stock - $0.001 par value; 40,000,000 shares authorized; 20,239,060 and 20,225,323 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 20 20 Additional paid-in capital 154,087 153,887 Accumulated deficit (132,574 ) (133,210 ) Total stockholders’ equity 21,533 20,697 Total liabilities and stockholders’ equity $ 27,109 $ 24,481 INTELLICHECK, INC. UNAUDITED CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (in thousands, except share and per share amounts) Three months ended March 31, 2026 2025 REVENUES $ 5,524 $ 4,894 COST OF REVENUES (499 ) (502 ) Gross profit 5,025 4,392 OPERATING EXPENSES Selling, general and administrative 3,242 3,453 Research and development 1,241 1,287 Total operating expenses 4,483 4,740 Income (loss) from operations 542 (348 ) OTHER INCOME AND EXPENSE Other income, net 94 30 Total other income, net 94 30 Net income (loss) before provision for income taxes 636 (318 ) Provision for income taxes — — Net income (loss) $ 636 $ (318 ) PER SHARE INFORMATION Income (loss) per common share - Basic $ 0.03 $ (0.02 ) Diluted $ 0.03 $ (0.02 ) Weighted average common shares used in computing per share amounts Basic 20,236,880 19,816,043 Diluted 20,850,957 19,816,043 INTELLICHECK, INC. UNAUDITED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (in thousands, except number of shares) Three months ended March 31, 2026 Common Stock Additional Paid-in Capital Accumulated Deficit Total Stockholders’ Equity Shares Amount BALANCE, December 31, 2025 20,225,323 $ 20 $ 153,887 $ (133,210 ) $ 20,697 Stock-based compensation – – 200 – 200 Issuance of shares for vested restricted stock grants 13,737 – – – – Net income – – – 636 636 BALANCE, March 31, 2026 20,239,060 $ 20 $ 154,087 $ (132,574 ) $ 21,533 Three months ended March 31, 2025 Common Stock Additional Paid-in Capital Accumulated Deficit Total Stockholders’ Equity Shares Amount BALANCE, December 31, 2024 19,782,311 $ 19 $ 152,211 $ (134,483 ) $ 17,747 Stock-based compensation – – 179 – 179 Issuance of shares for vested restricted stock grants 33,732 – – – – Net loss – – – (318 ) (318 ) BALANCE, March 31, 2025 19,816,043 $ 19 $ 152,390 $ (134,801 ) $ 17,608 INTELLICHECK, INC. UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 Three months ended March 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 636 $ (318 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities Depreciation and amortization 193 154 Stock-based compensation 200 177 Credit loss expense 16 14 Changes in assets and liabilities: (Increase) in accounts receivable (2,391 ) (2,846 ) (Increase) in other current assets and other assets (2 ) (200 ) Increase in accounts payable and accrued expenses 532 251 Increase in deferred revenue 1,261 3,518 Net cash provided by operating activities 445 750 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (33 ) (9 ) Software development costs — (164 ) Net cash used in investing activities (33 ) (173 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of insurance financing arrangements — (95 ) Net cash used in financing activities — (95 ) Net increase in cash 412 482 CASH AND CASH EQUIVALENTS, beginning of period 9,650 4,666 CASH AND CASH EQUIVALENTS, end of period $ 10,062 $ 5,148 Supplemental disclosures of cash flow information: Cash paid for interest $ — $ (3 ) Cash paid for income taxes $ — $ — Adjusted EBITDA We use Adjusted EBITDA as a non-GAAP financial performance measurement. Adjusted EBITDA is calculated by adjusting net income (loss) for certain reductions such as restructuring severance expenses, interest and other income, provisions for income taxes, depreciation, amortization and stock-based compensation expense. Adjusted EBITDA is provided to investors to supplement the results of operations reported in accordance with GAAP. Management believes that Adjusted EBITDA provides an additional tool for investors to use in comparing our financial results with other companies that also use Adjusted EBITDA in their communications to investors. By excluding non-cash charges such as amortization, depreciation and stock-based compensation, as well as non-operating charges for interest and provisions for income taxes, investors can evaluate our operations and can compare the results on a more consistent basis to the results of other companies. In addition, Adjusted EBITDA is one of the primary measures that management uses to monitor and evaluate financial and operating results. We consider Adjusted EBITDA to be an important indicator of our operational strength and performance of our business and a useful measure of our historical operating trends. However, there are significant limitations to the use of Adjusted EBITDA since it excludes restructuring severance expenses, interest and other income, provisions for income taxes, stock-based compensation expense, all of which impact our profitability, as well as depreciation and amortization related to the use of long-term assets which benefit multiple periods. We believe that these limitations are compensated by providing Adjusted EBITDA only with GAAP net income (loss) and clearly identifying the difference between the two measures. Consequently, Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) presented in accordance with GAAP. Adjusted EBITDA as defined by us may not be comparable with similarly named measures provided by other companies. (unaudited) Three Months Ended March 31, 2026 2025 Net income (loss) $ 636 $ (318 ) Reconciling items: Other income, net (94 ) (30 ) Depreciation and amortization 193 154 Stock-based compensation 200 177 Adjusted EBITDA $ 935 $ (17 ) Adjusted Gross Profit We use Adjusted Gross Profit as a non-GAAP financial performance measurement. Adjusted Gross Profit is calculated by adjusting gross profit for the reduction of amortization expense. Adjusted Gross Profit is provided to investors to supplement the results of operations reported in accordance with GAAP. We believe Adjusted Gross Profit is important because it focuses on the current operating performance, as amortization expense does not accurately reflect the current costs required to maintain the operational usage of our service. Rather, amortization expense reflects the allocation of historical software development costs over their estimated useful lives. As an indicator of our operating performance, Adjusted Gross Profit should not be considered an alternative to, or more meaningful than, gross profit as determined in accordance with GAAP. Our Adjusted Gross Profit may not be comparable to a similarly titled measure of another company because other entities may not calculate Adjusted Gross Profit in the same manner. (unaudited) Three Months Ended March 31, 2026 2025 Revenues $ 5,524 $ 4,894 Cost of revenues, exclusive of amortization 362 399 Amortization allocable to cost of revenues 137 103 Gross profit 5,025 4,392 Add: Amortization allocable to cost of revenues 137 103 Adjusted gross profit 5,162 4,495 Gross profit as a percentage of revenues 91.0 % 89.7 % Adjusted gross profit as a percentage of revenues 93.4 % 91.8 % About Intellicheck Intellicheck (Nasdaq: IDN), the industry leader in identity verification management, prevents the use of unauthorized IDs to stop identity-based fraud. Intellicheck is the only SaaS-based validation and proofing service that uses a unique and proprietary analysis of DMV-issued IDs to create trusted, real-time customer identity verification experiences across a wide variety of sectors, both in-person and digitally. Intellicheck is processing identity transactions for almost half the adult population in the United States and Canada annually with state-of-the-art technology solutions that are providing a seamless, invisible ID verification experience while delivering 99.975% decisioning in under a second when a customer is using our tools to capture the document. For more information on Intellicheck, visit us on the web and follow us on LinkedIn, X, Facebook, and YouTube. Safe Harbor Statement Statements in this news release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA), including statements regarding future demand for our products and services, future revenue, profitability, Adjusted EBITDA, cash flow and other financial metrics, our growth strategy and ability to scale the business, expansion into new vertical markets and customer segments, the anticipated impact of artificial intelligence on identity fraud and on demand for our products, and our ability to leverage existing partnerships or enter into new ones. These statements express management's current views and use words like "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "target," "will," "would" and similar terms. This statement is included for the express purpose of availing Intellicheck, Inc. of the protections of the safe harbor provisions of the PSLRA. Actual results could differ materially due to factors including: market acceptance and adoption of our SaaS offerings; customer concentration; competition, including from providers with greater resources; the rapid evolution of artificial intelligence, including the use of generative AI to create synthetic identities and deepfakes, and our ability to maintain technological advantages; changes in privacy, biometric, data protection and AI laws and regulations; pending or future litigation and regulatory inquiries; cybersecurity incidents, data breaches or service interruptions; macroeconomic and geopolitical conditions and the effect on the economy of the ongoing conflict in the Middle East, including effects to consumer sentiment and inflationary pressures; our ability to attract and retain key personnel; our ability to utilize net operating loss carryforwards, including limitations under Section 382; risks associated with being a smaller reporting and micro-cap company; and other risks described in our filings with the Securities and Exchange Commission, including under "Risk Factors" in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. We do not assume any obligation to update the forward-looking information contained in this release. View source version on businesswire.com: https://www.businesswire.com/news/home/20260512159117/en/ Investor Relations: Gar Jackson (949) 873-2789 / gjackson@intellicheck.com
Media and Public Relations: Sharon Schultz (302) 539-3747 / sschultz@intellicheck.com Original: Intellicheck Announces Record First Quarter 2026 Results
US Market News
4月前
Intellicheck Announces Operating Profitability with Record Fourth Quarter and Full-Year 2025 Financial ResultsMarch 19, 2026 4:05 PM
Business Wire
Net Income Improved to $1,273,000 or $0.06 per diluted share
Adjusted EBITDA Improved to $2,566,000
Cash Balance Totaled $9,650,000 at Year End
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 fourth quarter and full-year ended December 31, 2025. Total revenue for the fourth quarter ended December 31, 2025 grew 12% to a record $6,635,000 compared to $5,936,000 in the same period of 2024. Fourth quarter SaaS revenue grew 12% and totaled $6,620,000 compared to $5,913,000 in the same period of 2024. Total revenue for the full year ended December 31, 2025 grew 13% to $22,666,000 compared to $19,997,000 in the same period of 2024. Full year SaaS revenue grew 13% and totaled $22,436,000 compared to $19,810,000 in the same period of 2024.
“We ended the year exceeding our goal to achieve two important milestones. We reached operating profitability for the first time in Intellicheck’s history with $1.3 Million net income for the year. Just as impressive was realizing our goal to be adjusted EBITDA positive finishing the year at $2.6 million – another record. We believe that we are now at the inflection point of profitability with our current run rates. As 2026 unfolds, the need for proven identity verification technology takes on a new urgency, and we believe it holds great promise for the growing adaptation of our technology,” said Intellicheck CEO Bryan Lewis.
Gross profit as a percentage of revenues improved to 91.4% for the three months ended December 31, 2025 compared to 91.1% in the same period in 2024.
Operating expenses for the three months ended December 31, 2025, which consist of selling, general and administrative expenses and research and development expenses decreased by 7% to $4,571,000 for the fourth quarter of 2025 compared to $4,928,000 for the same period of 2024. Included within operating expenses for the fourth quarters of 2025 and 2024 were $194,000 and $233,000, respectively, of non-cash equity compensation expense.
Net income for the three months ended December 31, 2025 improved significantly to $1,552,000 or $0.08 per diluted share compared to Net income of $488,000 or $0.03 per diluted share for the same period in 2024.
Adjusted EBITDA (earnings before interest and other income, provision for income taxes, sales tax accrual, depreciation, amortization, stock-based compensation expense and certain non-recurring charges) also improved significantly to $1,877,000 for the fourth quarter of 2025 as compared to $860,000 for the same period of 2024. A reconciliation of adjusted EBITDA to net loss is provided in this release.
Full Year 2025 Results
Total revenue for the full year ended December 31, 2025 increased 13% to $22,666,000 compared to $19,997,000 in the same period of 2024. Year-over-year SaaS revenue grew 13% and totaled $22,436,000 compared to $19,810,000 in the same period of 2024.
Gross profit as a percentage of revenue was 90.4% for the year ended December 31, 2025 compared to 90.8% in the same period of 2024.
Operating expenses for the year ended December 31, 2025 were $19,414,000 compared to $19,334,000 for the same period of 2024. Included within operating expenses for the full years of 2025 and 2024 were $777,000 and $876,000, respectively, of non-cash equity compensation expense.
Net income for the year ended December 31, 2025 improved to $1,273,000 or $0.06 per diluted share compared to a net loss of ($918,000) or ($0.05) per diluted share in the same period of 2024. Adjusted EBITDA (earnings before interest and other income, provision for income taxes, sales tax accrual, depreciation, amortization, stock-based compensation expense and certain non-recurring charges) improved to $2,566,000 for the year ended December 31, 2025 compared to $520,000 for the same period of 2024. A reconciliation of adjusted EBITDA to net income (loss) is provided in this release.
As of December 31, 2025, the Company had cash that totaled $9,650,000 and stockholders’ equity totaled $20,697,000.
The financial results reported today do not consider any adjustments that may be required in connection with the completion of the Company’s financial statement audit process and should be considered preliminary until Intellicheck files its Form 10-K for the fiscal year ended December 31, 2025.
Conference Call Information
The Company will hold an earnings conference call on March 19, 2026 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 13758082. For callers outside the U.S., please dial 201-612-7415 and use conference identification number 13758082. The replay will be available beginning approximately two hours after the completion of the live event and will remain available until March 26, 2026.
INTELLICHECK, INC.
UNAUDITED CONDENSED BALANCE SHEETS
DECEMBER 31, 2025 and 2024
(in thousands, except share and per share amounts)
2025
2024
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
9,650
$
4,666
Accounts receivable, net of allowance for credit losses of $157 and $157 as of December 31, 2025 and 2024, respectively
3,365
4,675
Other current assets
892
571
Total current assets
13,907
9,912
PROPERTY AND EQUIPMENT, NET
394
536
GOODWILL
8,102
8,102
INTANGIBLE ASSETS, NET
2,077
2,374
OTHER ASSETS
1
9
Total assets
$
24,481
$
20,933
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
226
$
443
Accrued expenses
1,897
1,742
Deferred revenue
1,661
1,001
Total current liabilities
3,784
3,186
Total liabilities
3,784
3,186
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock – $0.01 par value; 30,000 shares authorized; Series A convertible preferred stock, zero shares issued and outstanding as of December 31, 2025 and 2024
—
—
Common stock – $0.001 par value; 40,000,000 shares authorized; 20,225,323 and 19,782,311 shares issued and outstanding as of December 31, 2025 and 2024, respectively
20
19
Additional paid-in capital
153,887
152,211
Accumulated deficit
(133,210
)
(134,483
)
Total stockholders’ equity
20,697
17,747
Total liabilities and stockholders’ equity
$
24,481
$
20,933
INTELLICHECK, INC.
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(in thousands, except share and per share amounts)
2025
2024
(unaudited)
REVENUES
$
22,666
$
19,997
COST OF REVENUES
(2,166
)
(1,831
)
Gross profit
20,500
18,166
OPERATING EXPENSES
Selling, general and administrative
14,100
15,477
Research and development
5,314
3,857
Total operating expenses
19,414
19,334
Income (loss) from operations
1,086
(1,168
)
OTHER INCOME AND EXPENSE
Other income, net
245
283
Total other income, net
245
283
Net income (loss) before provision for income taxes
1,331
(885
)
Provision for income taxes
58
33
Net income (loss)
$
1,273
$
(918
)
PER SHARE INFORMATION:
Income (loss) per common share -
Basic
$
0.07
$
(0.05
)
Diluted
$
0.06
$
(0.05
)
Weighted average common shares used in computing per share amounts -
Basic
19,546,473
19,327,132
Diluted
20,151,749
19,327,132
INTELLICHECK, INC.
UNAUDITED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(in thousands, except number of shares)
Common Stock
Additional Paid-in
Capital
Accumulated
Deficit
Total Stockholders’
Equity
Shares
Amount
BALANCE, December 31, 2023
19,354,335
$
19
$
150,822
$
(133,565
)
$
17,276
Stock-based compensation
—
—
1,082
—
1,082
Stock option exercises, net of cashless exercises
179,875
—
307
—
307
Issuance of shares for vested restricted stock grants
248,101
—
—
—
—
Net loss
—
—
—
(918
)
(918
)
BALANCE, December 31, 2024
19,782,311
$
19
$
152,211
$
(134,483
)
$
17,747
Stock-based compensation
—
—
779
—
779
Stock option exercises, net of cashless exercises
360,173
1
897
—
898
Issuance of shares for vested restricted stock grants
82,839
—
—
—
—
Net income
—
—
—
1,273
1,273
BALANCE, December 31, 2025 (unaudited)
20,225,323
$
20
$
153,887
$
(133,210
)
$
20,697
INTELLICHECK, INC.
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
2025
2024
(In thousands)
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
1,273
$
(918
)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
703
436
Stock-based compensation
777
876
Credit loss expense
145
248
Changes in assets and liabilities:
Decrease (increase) in accounts receivable
1,165
(219
)
(Increase) decrease in other current assets
(130
)
121
Decrease in other assets
8
82
(Decrease) in accounts payable and accrued expenses
(61
)
(1,946
)
Increase (decrease) in deferred revenue
661
(1,209
)
(Decrease) in liability for shares surrendered
—
(190
)
Increase in other current liabilities
—
25
Net cash provided by (used in) operating activities
4,541
(2,694
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
(52
)
(57
)
Proceeds from maturity of short-term investments
—
5,000
Software development costs
(213
)
(2,048
)
Net cash (used in) provided by investing activities
(265
)
2,895
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercises of stock options
898
307
Proceeds from financing arrangement
—
320
Repayment of financing arrangement
(190
)
(142
)
Net cash provided by financing activities
708
485
Net increase in cash
4,984
686
CASH AND CASH EQUIVALENTS, beginning of year
4,666
3,980
CASH AND CASH EQUIVALENTS, end of year
$
9,650
$
4,666
Supplemental disclosures of cash flow information:
Cash paid for interest
$
4
$
9
Cash paid for income taxes
$
33
$
—
Adjusted EBITDA
We use Adjusted EBITDA as a non-GAAP financial performance measurement. Adjusted EBITDA is calculated by adjusting net income (loss) for certain reductions such as restructuring severance expenses, interest and other income, provisions for income taxes, depreciation, amortization and stock-based compensation expense. Adjusted EBITDA is provided to investors to supplement the results of operations reported in accordance with GAAP. Management believes that Adjusted EBITDA provides an additional tool for investors to use in comparing our financial results with other companies that also use Adjusted EBITDA in their communications to investors. By excluding non-cash charges such as amortization, depreciation and stock-based compensation, as well as non-operating charges for interest and provisions for income taxes, investors can evaluate our operations and can compare the results on a more consistent basis to the results of other companies. In addition, Adjusted EBITDA is one of the primary measures that management uses to monitor and evaluate financial and operating results.
We consider Adjusted EBITDA to be an important indicator of our operational strength and performance of our business and a useful measure of our historical operating trends. However, there are significant limitations to the use of Adjusted EBITDA since it excludes restructuring severance expenses, interest and other income, provisions for income taxes, stock-based compensation expense, all of which impact our profitability, as well as depreciation and amortization related to the use of long-term assets which benefit multiple periods. We believe that these limitations are compensated by providing Adjusted EBITDA only with GAAP net income (loss) and clearly identifying the difference between the two measures. Consequently, Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) presented in accordance with GAAP. Adjusted EBITDA as defined by us may not be comparable with similarly named measures provided by other companies.
(unaudited)
Year Ended December 31,
2025
2024
Net income (loss)
$
1,273
$
(918
)
Reconciling items:
Restructuring severance expenses
—
376
Provision for income taxes
58
33
Other income, net
(245
)
(283
)
Depreciation and amortization
703
436
Stock-based compensation
777
876
Adjusted EBITDA
$
2,566
$
520
Adjusted Gross Profit
We use Adjusted Gross Profit as a non-GAAP financial performance measurement. Adjusted Gross Profit is calculated by adjusting gross profit for the reduction of amortization expense. Adjusted Gross Profit is provided to investors to supplement the results of operations reported in accordance with GAAP. We believe Adjusted Gross Profit is important because it focuses on the current operating performance, as amortization expense does not accurately reflect the current costs required to maintain the operational usage of our service. Rather, amortization expense reflects the allocation of historical software development costs over their estimated useful lives.
As an indicator of our operating performance, Adjusted Gross Profit should not be considered an alternative to, or more meaningful than, gross profit as determined in accordance with GAAP. Our Adjusted Gross Profit may not be comparable to a similarly titled measure of another company because other entities may not calculate Adjusted Gross Profit in the same manner.
(unaudited)
Year Ended December 31,
2025
2024
Revenues
$
22,666
$
19,997
Cost of revenues, exclusive of amortization
1,667
1,650
Amortization allocable to cost of revenues
499
181
Gross profit
20,500
18,166
Add:
Amortization allocable to cost of revenues
499
181
Adjusted gross profit
20,999
18,347
Gross profit as a percentage of revenues
90.4
%
90.8
%
Adjusted gross profit as a percentage of revenues
92.6
%
91.7
%
About Intellicheck
Intellicheck (Nasdaq: IDN), the industry leader in identity verification management, prevents the use of unauthorized IDs to stop identity-based fraud. Intellicheck is the only SaaS-based validation and proofing service that uses a unique and proprietary analysis of DMV-issued IDs to create trusted, real-time customer identity verification experiences across a wide variety of sectors, both in-person and digitally. Intellicheck is processing identity transactions for almost half the adult population in the United States and Canada annually with state-of-the-art technology solutions that are providing a seamless, invisible ID verification experience while delivering 99.975% decisioning in under a second when a customer is using our tools to capture the document. For more information on Intellicheck, visit us on the web and follow us on LinkedIn, X, Facebook, and YouTube.
Safe Harbor Statement
Statements in this news release about Intellicheck’s future expectations, including: the advantages of our products, future demand for Intellicheck’s existing and future products, whether revenue and other financial metrics will improve in future periods, whether Intellicheck will be able to execute its turn-around plan or whether successful execution of the plan will result in increased revenues, whether sales of our products will continue at historic levels or increase, whether brand value and market awareness will grow, whether the Company can leverage existing partnerships or enter into new ones, whether there will be any impact on sales and revenues due to an epidemic, pandemic or other public health issue and all other statements in this release, other than historical facts, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). These statements, which express management’s current views concerning future events, trends, contingencies or results, appear at various places in this release and use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “sense”, “strategy,” “target” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would” are forward-looking statements within the meaning of the PSLRA. This statement is included for the express purpose of availing Intellicheck, Inc. of the protections of the safe harbor provisions of the PSLRA. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as: market acceptance of our SaaS product offerings and continued growth in the commercial adoption of our products and services; our ability to successfully transition pilot programs into formal commercial scale programs; changing levels of demand for our current and future products; our ability to reduce or maintain expenses while increasing sales; our ability to successfully expand the sales of our products and services into new areas including health care and auto dealerships; the effect of ongoing tensions and war in the Middle East and its effects on economic activity; customer results achieved using our products in both the short and long term; success of future research and development activities; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity with our customer’s businesses; our ability to successfully market and sell our products, any delays or difficulties in our supply chain coupled with the typically long sales and implementation cycle for our products; our ability to enforce our intellectual property rights; changes in laws and regulations applicable to our products; our continued ability to access government-provided data; the risks inherent in doing business with the government including audits and contract cancellations; liability resulting from any security breaches or product failure, together with other risks detailed from time to time in our reports filed with the SEC. We do not assume any obligation to update the forward-looking information.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260319727636/en/
Investor Relations: Gar Jackson (949) 873-2789 / gjackson@intellicheck.com
Media and Public Relations: Sharon Schultz (302) 539-3747 / sschultz@intellicheck.com
Original: Intellicheck Announces Operating Profitability with Record Fourth Quarter and Full-Year 2025 Financial Results
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