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
MELVILLE, N.Y.--(BUSINESS WIRE)--March 19, 2026--
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)
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