Intellicheck, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting total revenue of $4,709,000, which was relatively flat compared to $4,760,000 in the same period of 2023. SaaS revenue increased by 1% to $4,661,000 from $4,635,000 year-over-year. Gross profit remained strong at 91% of revenues for both periods.
The company reported a net loss of ($837,000), or ($0.04) per diluted share, an increase from a net loss of ($724,000) in Q3 2023. However, Adjusted EBITDA improved to a loss of ($167,000) for the quarter, compared to a loss of ($271,000) in the prior year period. Operating expenses decreased by 1% to $5,195,000.
CEO Bryan Lewis highlighted that strategic moves into new markets generated new sales and transaction volume, offsetting pressures in the retail segment due to three client bankruptcies. Intellicheck secured a new multiyear agreement with a large regional bank, now live in 1,200 branches, expected to be a mid-six-figure annual revenue agreement. Additionally, a southern regional bank is finalizing a multiyear deal for in-branch rollout at teller workstations, with revenue anticipated to materially increase in 2025 and potentially become a seven-figure deal. The automotive segment also saw 28% year-over-year growth.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.