Achieved Fourth Quarter Net Income of
$757,000
SaaS Revenues Grew 18% Year Over Year
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, 2023. Total revenue
for the fourth quarter ended December 31, 2023 grew 14% to
$5,176,000 compared to $4,551,000 in the same period of 2022.
Quarter-over-Quarter SaaS revenue grew 13% and totaled $5,069,000
compared to $4,479,000 in the same period of 2022 and grew 9%
sequentially over the third quarter of 2023.
“We anticipate continued growth driven by our expectations from
our pipeline and the number of deals anticipated to go live in Q2
and Q3. We believe that we are on the cusp of a number of sizeable
revenue generators that will really move the needle in the back
half of the year. These include the addition of new retailers with
our long standing bank partners, global media companies, auto,
title and now crypto currency, our latest vertical. Additionally,
we have made important progress in strengthening our organization
with the addition of a new CTO, a new leader for our Channel and
Technology Alliances, and a new Vice President of Marketing. We
remain committed to giving our clients the innovative tools that
allow them to onboard more customers quickly and easily while
fundamentally eliminating fraud and building value for our
shareholders,” said Intellicheck CEO Bryan Lewis.
Gross profit as a percentage of revenues was 94.9% for the three
months ended December 31, 2023 compared to 94.8% in the same period
in 2022.
Operating expenses for the three months ended December 31, 2023,
which consist of selling, general and administrative expenses and
research and development expenses, decreased 15% to $4,291,000 for
the fourth quarter of 2023 compared to $5,054,000 for the same
period of 2022. Included within operating expenses for the fourth
quarters of 2023 and 2022 were $249,000 and $687,000, respectively,
of non-cash equity compensation expense.
Net income for the three months ended December 31, 2023 improved
to $757,000 or $0.04 per diluted share compared to Net loss of
($869,000) or ($0.05) per diluted share for the same period in
2022.
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 $1,169,000 for the fourth
quarter of 2023 as compared to $389,000 for the same period of
2022. A reconciliation of adjusted EBITDA to net loss is provided
in this release.
Full Year 2023 Results
Total revenue for the full year ended December 31, 2023
increased 18% to $18,906,000 compared to $15,966,000 in the same
period of 2022. Year-over-year SaaS revenue grew 18% and totaled
$18,595,000 compared to $15,728,000 in the same period of 2022.
Gross profit as a percentage of revenue was 92.7% for the year
ended December 31, 2023 compared to 92.0% in the same period of
2022. The increase in gross profit percentage was primarily driven
by our concentration of SaaS-based revenues.
Operating expenses for the year ended December 31, 2023 were
$19,807,000 compared to $18,721,000 for the same period of 2022.
Included within operating expenses for the full years of 2023 and
2022 were $1,596,000 and $2,455,000, respectively, of non-cash
equity compensation expense.
Net loss for the year ended December 31, 2023 was ($1,980,000)
or ($0.10) per diluted share compared to a net loss of ($4,159,000)
or ($0.22) per diluted share in the same period of 2022. 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)
was $377,000 for the year ended December 31, 2023 compared to
($924,000) for the same period of 2022. A reconciliation of
adjusted EBITDA to net loss is provided in this release.
As of December 31, 2023, the Company had cash and short-term
investments in the form of U.S. Treasuries that totaled $9.0
million, and stockholders’ equity totaled $17.3 million.
The financial results reported today do not consider any
adjustments that may be required in connection with the completion
of the Company’s audit process and should be considered preliminary
until Intellicheck files its Form 10-K for the fiscal year ended
December 31, 2023.
Conference Call Information
The Company will hold an earnings conference call on March 21,
2024 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 13743896 For
callers outside the U.S., please dial 201-612-7415 and use
conference identification number 13743896. The replay will be
available beginning approximately two hours after the completion of
the live event and will remain available until March 28, 2024.
INTELLICHECK, INC. CONDENSED
BALANCE SHEETS
DECEMBER 31, 2023 and 2022
(Unaudited)
2023
2022
(in thousands except share
amounts)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
3,980
$
5,196
Short-term investments
5,000
4,880
Accounts receivable, net
4,703
2,637
Other current assets
692
608
Total current assets
14,375
13,321
PROPERTY AND EQUIPMENT, NET
666
749
GOODWILL
8,102
8,102
INTANGIBLE ASSETS, NET
575
273
OTHER ASSETS
90
8
Total assets
$
23,808
$
22,453
LIABILITIES
AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
884
$
358
Accrued expenses
3,245
3,156
Income taxes payable
—
90
Equity awards liability
4
54
Liability for shares withheld
190
221
Deferred revenue, current portion
2,209
906
Total current liabilities
6,532
4,785
OTHER LIABILITIES
Deferred revenue, long-term portion
—
1
Total liabilities
6,532
4,786
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, 2023 and 2022,
respectively
—
—
Common stock – $.001 par value; 40,000,000
shares authorized; 19,354,335 and 18,957,366 shares issued and
outstanding as of December 31, 2023 and 2022, respectively
19
19
Additional paid-in capital
150,822
149,233
Accumulated deficit
(133,565
)
(131,585
)
Total stockholders’ equity
17,276
17,667
Total liabilities and stockholders’
equity
$
23,808
$
22,453
INTELLICHECK, INC. CONDENSED
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2023
AND 2022
(Unaudited)
2023
2022
(in thousands except share and
per share amounts)
REVENUES
$
18,906
$
15,966
COST OF REVENUES
(1,375
)
(1,275
)
Gross profit
17,531
14,691
OPERATING EXPENSES
Selling, general and administrative
15,127
12,707
Research and development
4,680
6,014
Total operating expenses
19,807
18,721
Loss from operations
(2,276
)
(4,030
)
OTHER INCOME (EXPENSE)
Interest and other income (expense)
234
(5
)
Total other income (expense)
234
(5
)
Net loss before provision (benefit) for
income taxes
(2,042
)
(4,035
)
Provision (Benefit) for income taxes
(62
)
124
Net loss
$
(1,980
)
$
(4,159
)
PER SHARE INFORMATION:
Loss per common share -
Basic/Diluted
$
(0.10
)
$
(0.22
)
Weighted average common shares used in
computing per share amounts -
Basic/Diluted
19,243,179
18,838,971
INTELLICHECK, INC. CONDENSED
STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2023
AND 2022 (Unaudited)
(in thousands, except number of
shares)
Common Stock
Additional Paid-in
Capital
Accumulated
Deficit
Total Stockholders’
Equity
Shares
Amount
BALANCE, December 31, 2021
18,660,369
$
19
$
146,455
$
(127,426
)
$
19,048
Stock-based compensation
—
—
2,778
—
2,778
Issuance of shares for vested restricted
stock grants
296,997
—
—
—
—
Net loss
—
—
—
(4,159
)
(4,159
)
BALANCE, December 31, 2022
18,957,366
$
19
$
149,233
$
(131,585
)
$
17,667
Stock-based compensation
—
—
1,646
—
1,646
Issuance of common stock for vested
restricted stock units and earned performance stock units
421,689
—
—
—
—
Shares forfeited in exchange for
withholding taxes
(24,720
)
—
(57
)
—
(57
)
Net loss
—
—
—
(1,980
)
(1,980
)
BALANCE, December 31, 2023
19,354,335
$
19
$
150,822
$
(133,565
)
$
17,276
INTELLICHECK, INC. CONDENSED
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2023
AND 2022
(Unaudited)
2023
2022
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(1,980
)
$
(4,159
)
Adjustments to reconcile Net loss to net
cash (used in) operating activities:
Depreciation and amortization
282
285
Stock-based compensation
1,596
2,455
Allowance for credit losses
49
17
Change in accrued interest and accretion
of discount on short-term investments
(206
)
—
Changes in assets and liabilities:
(Increase) in accounts receivable
(2,115
)
(462
)
(Increase) decrease in other current
assets
(84
)
34
(Increase) in other assets
(82
)
—
Increase (decrease) in accounts payable
and accrued expenses
622
(260
)
Increase (decrease) in deferred
revenue
1,302
(367
)
(Decrease) in other current
liabilities
(31
)
(1,023
)
Net cash (used in) operating
activities
(647
)
(3,480
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
(93
)
(192
)
Proceeds from maturity of short-term
investments
5,000
—
Purchases of short-term investments
(4,914
)
(4,880
)
Software development and other costs
(407
)
—
Net cash (used in) investing
activities
(414
)
(5,072
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds of insurance financing
arrangement
49
319
Withholding taxes paid on RSU vesting
(57
)
—
Repayment of insurance financing
arrangement
(147
)
(222
)
Net cash (used in) provided by financing
activities
(155
)
97
Net (decrease) in cash
(1,216
)
(8,455
)
CASH, beginning of year
5,196
13,651
CASH, end of year
$
3,980
$
5,196
Supplemental disclosures of cash flow
information:
Cash paid for interest
$
2
$
5
Cash paid for income taxes
$
80
$
31
Adjusted EBITDA
We use Adjusted EBITDA as a non-GAAP financial performance
measurement. Adjusted EBITDA is calculated by adjusting net loss
for certain reductions such as interest and other income and
certain addbacks such as income taxes, impairments of long-lived
assets and goodwill, sales tax accrual, 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 impairments of long-lived assets and goodwill,
sales tax accrual, amortization, depreciation, and stock-based
compensation, as well as non-operating charges for interest and
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 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 interest and other income, impairments of long-lived
assets and goodwill, sales tax accrual, 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 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 loss presented
in accordance with GAAP. Adjusted EBITDA as defined by us may not
be comparable with similarly named measures provided by other
entities.
(Unaudited)
Three Months Ended December
31,
Years Ended December
31,
2023
2022
2023
2022
Net income (loss)
$
757
$
(869
)
$
(1,980
)
$
(4,159
)
Reconciling items:
Provision for income taxes
(82
)
124
(62
)
124
Non-restructuring severance expenses
-
58
548
58
Sales tax accrual
227
308
227
308
Interest and other expense (income)
(53
)
5
(234
)
5
Depreciation and amortization
71
76
282
285
Stock-based compensation expense including
liability classified awards
249
687
1,596
2,455
Adjusted EBITDA
$
1,169
$
389
$
377
$
(924
)
About Intellicheck
Intellicheck (Nasdaq: IDN) is an identity company that delivers
on-demand digital and physical identity validation solutions for
KYC, AML, fraud, and age verification needs. Intellicheck validates
identities for financial services, fintech companies, BNPL
providers, e-commerce, and retail commerce businesses, law
enforcement and government agencies across North America.
Intellicheck can be used through a mobile device, a browser, or a
retail point-of-sale scanner. 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 products and the
presently anticipated growth in the commercial adoption of our
products and services; our ability to successfully transition pilot
programs into formal commercial scale programs; continued adoption
of our SaaS product offerings; 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; 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 the 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/20240321816707/en/
Investor Relations: Gar Jackson (949) 873-2789 Media and Public
Relations: Sharon Schultz (302) 539-3747
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