Market Overview

Intellicheck Announces Record Third Quarter Fiscal 2019 SaaS Revenue; SaaS Revenue Up 140% and Third Quarter Revenue Up 86% Year Over Year

Share:

Year Over Year Revenue Increased to $1,930,000

SaaS Revenue Increased to $1,564,000

Intellicheck, Inc. (NYSE:IDN), a trusted industry leader in identity authentication and verification solutions, today announced its financial results and record SaaS revenues for the third quarter ended September 30, 2019.

Revenue for the third quarter ended grew 86% to $1,930,000 versus $1,040,000 in the prior year comparable period. SaaS revenue in the third quarter grew 140% and totaled $1,564,000 versus $651,000 in the prior year comparable period and grew 40% sequentially over Q2. Gross profit as a percentage of revenues was 86.6% for the three months ended September 30, 2019 versus 89.1% in the prior year comparable period.

"These are impressive SaaS growth numbers, which we believe reflect the progress we have achieved as a result of the changes we have put in place over the past year. The success of refocusing of our sales efforts can be seen in our growing portfolio of clients that I am excited to say includes the addition of another significant financial institution. We believe that our strategy to sell through the banks and credit issuers, who bear a large portion of the cost and the pain of Identity theft, is paying off," said CEO Bryan Lewis.

"I have been saying that I believe the market is coming our way and the evidence is bearing that out both in terms of clients and prospects. With data breaches and the resulting incidents of identity theft and fraud surging at an unprecedented rate, I believe that we are just getting started," concluded Lewis.

The net loss for the three months ended September 30, 2019 was ($568,000) or ($0.04) per diluted share an improvement versus ($1,131,000) 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 by $591,000 to a loss of ($457,000) for the third quarter of 2019 versus a loss of ($1,048,000) in the prior year comparable period. A reconciliation of adjusted EBITDA to net loss is provided elsewhere in this release.

Cash at September 30, 2019 totaled $2,757,000 and stockholders' equity totaled $11,235,000 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 third quarter ended September 30, 2019.

Conference Call Information:

The Company will hold an earnings conference call on November 7th 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 13695910. For callers outside the U.S., please dial 201-612-7415 and use conference identification number 13695910. The replay will be available beginning approximately two hours after the completion of the live event and will remain available until November 21, 2019.

 

INTELLICHECK, INC.

 

BALANCE SHEETS

 

ASSETS

 

September 30,

 

 

December 31,

2019

 

 

2018

(Unaudited)

 

 

 

CURRENT ASSETS:

Cash

$

2,757,327

$

4,376,017

Accounts receivable, net of allowance of $47,980 and $24,675 at September 30, 2019 and December 31, 2018, respectively

1,420,467

1,019,434

Inventory

73,989

82,337

Other current assets

458,754

271,415

Total current assets

4,710,537

5,749,203

 

NOTE RECEIVABLE, net of current portion

-

29,017

PROPERTY AND EQUIPMENT, net

216,675

264,583

GOODWILL

8,101,661

8,101,661

INTANGIBLE ASSETS, net

194,988

306,575

OPERATING LEASE RIGHT-OF-USE ASSET

 

 

180,844

 

 

-

OTHER ASSETS

7,778

9,742

Total assets

$

13,412,483

$

14,460,781

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

CURRENT LIABILITIES:

Accounts payable

$

151,710

$

73,334

Accrued expenses

1,138,708

726,918

Operating lease liability, current portion

 

 

123,341

 

 

-

Deferred revenue, current portion

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com