Intellicheck Reports 5% Revenue Growth to $4.9 Million in Q1 2025

Intellicheck, Inc. reported its financial results for the first quarter of 2025, revealing a revenue increase of 5% to approximately $4.9 million, compared to $4.7 million in the same period of 2024. The growth in revenue was primarily driven by a 6% rise in Software-as-a-Service (SaaS) revenue, which reached $4.9 million, up from $4.6 million year-over-year. Gross profit also saw a modest increase of 3%, totaling $4.4 million, with a gross profit margin of 90% for the quarter, slightly down from 91% in the previous year.

Operating expenses for the quarter decreased marginally by 0.6% to $4.7 million, down from $4.8 million in the prior year. This reduction in expenses contributed to a narrower net loss of $318,000, compared to a net loss of $442,000 in the first quarter of 2024. The loss per share remained consistent at $(0.02) for both periods, reflecting stable performance despite the ongoing challenges in the market.

On the balance sheet, Intellicheck reported total assets of $24.6 million as of March 31, 2025, an increase from $20.9 million at the end of 2024. Current assets rose to $13.5 million, bolstered by an increase in accounts receivable, which grew to $7.5 million from $4.7 million. The company’s cash and cash equivalents also improved, reaching $5.1 million, up from $4.7 million at the end of the previous fiscal year. However, total liabilities increased significantly to $6.9 million, primarily due to a rise in deferred revenue, which jumped to $4.5 million from $1 million.

Intellicheck continues to focus on expanding its market presence and enhancing its product offerings. The company has maintained a steady customer base, with significant sales attributed to a few key clients, which accounted for 56% of total revenues in the latest quarter. The company’s strategic initiatives include ongoing development of its identity verification solutions, which are critical in combating fraud in various sectors, including retail and banking. Intellicheck anticipates that its existing cash reserves and projected revenues will be sufficient to meet its working capital needs for at least the next 12 months.

Looking ahead, Intellicheck remains optimistic about its growth trajectory, citing plans to leverage its technology to capture additional market share and enhance customer engagement. The company is also evaluating potential opportunities for future funding to support its expansion efforts and technological advancements. As it navigates the evolving landscape of identity verification, Intellicheck aims to solidify its position as a leader in the industry.