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Intellicheck Announces First Quarter Financial Results

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Year over year first quarter revenues increased 20%

SaaS revenues increased 45%

Intellicheck, Inc. (NYSE:IDN), a trusted industry leader in
technology solutions that stop identity theft and fraud with real-time
identity authentication and age verification, today announced its
financial results for the first quarter ended March 31, 2019.

Revenue for the first quarter ended March 31, 2019 grew 20% to
$1,278,994 versus $1,062,062 in the prior year comparable period. SaaS
revenue in the first quarter grew 45% and totaled $861,000 versus
$595,000 in the prior year comparable period. Gross profit as a
percentage of revenues was 85.0% for the three months ended March 31,
2019 versus 90.5% in the prior year comparable period.

Intellicheck CEO Bryan Lewis said, "We continue to make progress towards
the goals we have set for the company. We have realized what I believe
are solid growth numbers for the quarter as we continue to move on
several fronts to strengthen and grow our position. The changes we have
put in place in how we sell and implement our solutions are generating
success including our expansion of the implementation team to make sure
we have the right number of people with the right skill set in place to
be able to capitalize on the opportunities presented to us. This quarter
we also began the wide-spread deployment of four retailers totaling
2,900 stores ranging in size from just under 300 stores to just over
1,500. Later this month, we will begin the deployment of another large
retailer with 1,300 stores. All signs point to what we believe will be
ongoing growth in the adoption of our key technology solutions."

Looking at new market opportunities, Lewis commented, "In addition to
the growing adoption we are seeing with financial institutions and
retailers, we believe that new markets are opening up to us as well. As
hospital groups grapple with the mounting problem of insurance fraud, we
have begun to see traction in that market vertical as we began bringing
on some of these hospital groups for authentication. The leap in
incidents of fraud has also given us new traction with auto dealerships.
We now have six dealer groups that have contracted for Retail ID and
have signed an agreement with one of the providers of dealer management
software to incorporate Retail ID in their suite of products. We believe
this serves as an important indicator of all the markets where
authentication is needed and we are very much looking forward to the
rest of 2019."

The net loss for the three months ended March 31, 2019 was ($1,212,991)
or ($0.08) per diluted share versus ($1,067,957) or ($0.07) per diluted
share in the comparable prior year period. Adjusted EBITDA (earnings
before interest, taxes, depreciation, amortization, stock-based
compensation expense and certain non-recurring charges) improved to a
loss of ($787,161) for the first quarter of 2019 versus a loss of
($961,969) in the prior year comparable period. A reconciliation of
adjusted EBITDA to net loss is provided elsewhere in this release.

Cash at March 31, 2019 totaled $3.8 million and stockholders' equity
totaled $12.1 million at the end of the period.

The financial results reported today do not take into account any
adjustments that may be required in connection with the completion of
the Company's review process and should be considered preliminary until
Intellicheck files its Form 10-Q for the first quarter ended March 31,
2019.

Conference Call Information:

The Company will hold an earnings conference call today, May 1, 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 13690277. For
callers outside the U.S., please dial 201-612-7415 and use conference
identification number 13690277. The replay will be available beginning
approximately two hours after the completion of the live event and will
remain available until May 15, 2019.

       
INTELLICHECK, INC.
 
BALANCE SHEETS
 
ASSETS
 
March 31, December 31,
2019 2018
(Unaudited)
CURRENT ASSETS:
Cash $ 3,840,600 $ 4,376,017

Accounts receivable, net of allowance of $24,675 at March 31, 2019
and December 31, 2018

796,834 1,019,434
Inventory 83,456 82,337
Other current assets   323,740   271,415
Total current assets 5,044,630 5,749,203
 
NOTE RECEIVABLE, net of current portion 18,222 29,017
PROPERTY AND EQUIPMENT, net 245,266 264,583
GOODWILL 8,101,661 8,101,661
INTANGIBLE ASSETS, net 267,323 306,575
OPERATING LEASE RIGHT-OF-USE ASSET 238,094 -
OTHER ASSETS   7,778   9,742
Total assets $ 13,922,974 $ 14,460,781
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 75,407 $ 73,334
Accrued expenses 736,734 726,918
Operating lease liability, current portion 118,414 -
Deferred revenue, current portion   757,448   704,536
Total current liabilities 1,688,003 1,504,788
 
OTHER LIABILITIES:
Deferred revenue, long-term portion 30,445 29,486
Operating lease liability, long-term portion 128,073 -
Other long-term liabilities   -
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