Intellicheck Inc (IDN) Reports Record SaaS Revenue Growth in Q3 2023
Intellicheck Inc (NASDAQ:IDN) announces a 19% year-over-year increase in total revenue for Q3 2023.
SaaS revenue climbs by 17%, marking a record for the company in the third quarter.
Net loss improved to ($644,000), or ($0.03) per diluted share, compared to the previous year's ($724,000), or ($0.04) per diluted share.
Adjusted EBITDA for Q3 2023 was ($271,000) compared to $75,000 for the same period in 2022.
On November 8, 2023, Intellicheck Inc (NASDAQ:IDN), a leader in identity validation solutions, released its financial results for the third quarter ended September 30, 2023. The company reported a significant 19% increase in total revenue, reaching $4,760,000 compared to $4,012,000 in the same period last year. This growth was primarily driven by a robust 17% increase in SaaS revenue, which totaled $4,635,000.
Financial Highlights and Performance
Intellicheck's CEO, Bryan Lewis, expressed satisfaction with the company's performance, highlighting the expansion into new market verticals such as real estate and automotive, which contributed to the record SaaS revenues.
I am pleased to report that it was another solid quarter of year over year growth with record SaaS revenues that are up 17% versus the prior year quarter,"
said Lewis.
The company's gross profit margin remained strong at 91.0%, slightly down from 91.1% in the same period in 2022. Operating expenses saw an 18% increase to $5,147,000 for the quarter, up from $4,378,000 in the previous year, which included non-cash equity compensation expenses of $342,000 in 2023 and $729,000 in 2022.
Despite the increase in operating expenses, Intellicheck managed to improve its net loss position to ($644,000), or ($0.03) per diluted share, compared to a net loss of ($724,000), or ($0.04) per diluted share for the same period in 2022. However, Adjusted EBITDA was negative at ($271,000) for the third quarter of 2023, compared to a positive $75,000 for the same period of 2022.
Balance Sheet and Cash Flow
As of September 30, 2023, Intellicheck's balance sheet showed cash and short-term investments totaling $8.9 million, with stockholders equity at $17.1 million. The company's current assets stood at $13,385,000, with total assets amounting to $22,376,000. Current liabilities were reported at $5,305,000.
Intellicheck's accounts receivable increased to $3,898,000 from $2,637,000 at the end of 2022, indicating a healthy growth in billings. The company's investment in property and equipment and intangible assets reflected a continued commitment to innovation and infrastructure.
Outlook and Conference Call
Intellicheck's financial results are preliminary until the company files its Form 10-Q for the three and nine months ended September 30, 2023. The company hosted an earnings conference call on the same day to discuss the results in detail.
Intellicheck's strategic focus on expanding its technology solutions into new market verticals appears to be paying off, as reflected in the solid growth in SaaS revenues. The company's ability to maintain a high gross profit margin while managing operating expenses will be crucial for future profitability. Investors and stakeholders will be watching closely to see if the company can continue this momentum and translate it into sustained profitability.
For more detailed information about Intellicheck's financial results, please visit GuruFocus.com.
Explore the complete 8-K earnings release (here) from Intellicheck Inc for further details.
This article first appeared on GuruFocus.
