0001040896-26-000009
SEC filingIntellicheck, Inc. (IDN) delivered robust FY 2025 results, achieving net income of $1.3M versus a $0.9M net loss in 2024, marking a return to profitability. Revenues rose 13% YoY to $22.7M, propelled by SaaS subscriptions which climbed 13% to $22.4M of total revenues. Gross profit expanded 13% to $20.5M, with gross margin slightly dipping to 90.4% from 90.8%. Operating expenses held steady at $19.4M, yielding $1.1M operating income. Selling, general & administrative expenses fell 9% to $14.1M due to lower headcount costs, while R&D rose 38% to $5.3M amid software investments. Balance sheet strengthened with cash at $9.7M, total assets $24.5M, and equity $20.7M; no debt reported. Operating cash flow surged to $4.5M from a $2.7M use, driving $5.0M net cash increase. Customer concentration persists, with top 10 clients comprising 77% of revenues. With 38 employees and 10 U.S. patents, management eyes market expansion in fraud prevention and identity validation via SaaS enhancements, biometric integrations, and new alliances, positioning IDN for growth in high-demand sectors like fintech and retail.
Intellicheck, Inc. posted FY 2025 revenues of $22.7M, up 13% from $20.0M in 2024, driven by SaaS growth. Gross profit reached $20.5M (90.4% margin) versus $18.2M (90.8%). Total operating expenses were $19.4M, flat YoY, with SG&A down 9% to $14.1M on reduced severance and headcount costs, offset by R&D up 38% to $5.3M from lower software capitalization and higher personnel expenses. Operating income was $1.1M. Other income netted $245K, leading to $1.3M pre-tax income; taxes of $58K yielded net income $1.3M ($0.07/share basic) versus 2024 net loss $0.9M ($(0.05)/share). Accumulated deficit stood at -$133.2M. Shares outstanding: 20.2M diluted.
Revenues totaled $22.7M, with SaaS at $22.4M (99% of total), up 13% YoY from $19.8M. Growth stemmed from higher subscription usage in financial services, retail, and hospitality. Top 10 customers represented 77% of revenues (vs 71% in 2024), indicating concentration risk but base expansion potential. No geographic breakdown disclosed; focus on North America for ID validation in commercial fraud, age verification, and KYC. Per-transaction and fixed-price SaaS models dominate, including breakage revenue estimates.
Gross margin contracted slightly to 90.4% from 90.8%, with cost of revenues $2.2M stable. Adjusted gross profit (ex-amortization) was 92.6%. Operating margin improved to ~4.8% from negative. Adjusted EBITDA rose to $2.6M from $0.5M, excluding stock comp $0.8M, D&A $0.7M, taxes $58K. R&D investments signal AI/fraud enhancements; SG&A efficiencies aided profitability shift.
Operating cash flow $4.5M (vs -$2.7M prior), fueled by profitability, $0.8M stock comp, $0.7M D&A, offset by $1.2M AR increase. Investing outflow -$265K (PPE $52K, software $213K). Financing inflow $708K (options $898K, repayments -$190K). Net cash up $5.0M; ending cash $9.7M. Total assets $24.5M (current $13.9M, goodwill $8.1M, intangibles $2.1M). Liabilities $3.8M (all current). Equity $20.7M; working capital $10.1M. No debt; sufficient liquidity for 12+ months.
Management targets market share gains in existing sectors and new areas like e-commerce via SaaS expansions, biometrics, facial recognition. Strategy includes alliances (e.g., AAMVA), SDK licensing, IP protection (10 U.S. patents). Risks: customer concentration, long sales cycles, competition, cybersecurity, reliance on govt data/third-parties. Shelf registration filed Aug 2025 for potential capital. Expects cash/ops to fund needs; no dividends planned.