Intellicheck, Inc. reported record financial results for the first quarter ended March 31, 2025, with total revenue growing 5% year-over-year to $4,894,000. SaaS revenue also increased by 6% to $4,868,000. The company's adjusted gross margin improved to 91.8% in Q1 2025 from 91.2% in Q1 2024, excluding amortization expense.
The net loss significantly improved to ($17,000) in Q1 2025, compared to a loss of ($117,000) in Q1 2024. Adjusted EBITDA also showed substantial improvement, reporting a loss of ($17,000) compared to a loss of ($117,000) in the prior year period. Management expects to achieve positive cash flow for the full year 2025.
Growth in new verticals was robust, with retail banking revenue up approximately 50% year-over-year and title insurance revenue increasing about 350%. The company's deferred revenue grew significantly to $4.5 million from $1.0 million at December 31, 2024, reflecting a shift to upfront payment models. Intellicheck's pipeline includes a large regional bank deal with mid-six-figure potential, a super-regional bank deal with high-seven-figure potential, and an expansion with a large social media customer, alongside the renewal of a prominent domestic bank with a mid-seven-figure annual contract value.
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