Workflow
Intellicheck(IDN) - 2024 Q3 - Quarterly Results
IDNIntellicheck(IDN)2024-11-13 21:08

Financial Performance - Total revenue for Q3 2024 was 4,709,000,relativelyflatcomparedto4,709,000, relatively flat compared to 4,760,000 in Q3 2023[1] - SaaS revenue increased by 1% to 4,661,000inQ32024from4,661,000 in Q3 2024 from 4,635,000 in Q3 2023[1] - Gross profit margin remained strong at 91% for both Q3 2024 and Q3 2023[2] - Operating expenses decreased by 1% to 5,195,000inQ32024from5,195,000 in Q3 2024 from 5,227,000 in Q3 2023[3] - Net loss for Q3 2024 increased to (837,000)or(837,000) or (0.04) per diluted share, compared to a net loss of (724,000)or(724,000) or (0.04) per diluted share in Q3 2023[4] - Adjusted EBITDA improved by 104,000toalossof(104,000 to a loss of (167,000) in Q3 2024 compared to a loss of (271,000)inQ32023[5]−FortheninemonthsendedSeptember30,2024,thenetlosswas271,000) in Q3 2023[5] - For the nine months ended September 30, 2024, the net loss was 1,406,000, compared to a net loss of 2,964,000forthesameperiodin2023,representinga52.72,964,000 for the same period in 2023, representing a 52.7% improvement[17] - Adjusted EBITDA for the nine months ended September 30, 2024, was (341,000), compared to (793,000)forthesameperiodin2023,indicatinga57.0(793,000) for the same period in 2023, indicating a 57.0% reduction in losses[20] Cash and Assets - As of September 30, 2024, cash and cash equivalents totaled 5.7 million, and stockholders' equity was 16.7million[6]−Totalassetsdecreasedto16.7 million[6] - Total assets decreased to 20,682,000 as of September 30, 2024, down from 23,808,000attheendof2023[9]−Thecompanyreportedacashbalanceof23,808,000 at the end of 2023[9] - The company reported a cash balance of 5,747,000 at the end of the period, up from 3,962,000attheendofthesameperiodin2023,markinga45.03,962,000 at the end of the same period in 2023, marking a 45.0% increase[17] - The decrease in accounts receivable was 1,360,000 for the nine months ended September 30, 2024, compared to an increase of 1,284,000inthesameperiodof2023,indicatingimprovedcashcollection[17]−Thecompanyexperiencedadecreaseinaccountspayableandaccruedexpensesby1,284,000 in the same period of 2023, indicating improved cash collection[17] - The company experienced a decrease in accounts payable and accrued expenses by 1,493,000 for the nine months ended September 30, 2024, compared to an increase of 431,000inthesameperiodof2023[17]OperatingActivities−Cashflowsfromoperatingactivitiesshowedanetcashusedof431,000 in the same period of 2023[17] Operating Activities - Cash flows from operating activities showed a net cash used of 1,373,000 for the nine months ended September 30, 2024, compared to 1,114,000forthesameperiodin2023,reflectinga23.31,114,000 for the same period in 2023, reflecting a 23.3% increase in cash outflow[17] - The company incurred 1,833,000 in software development costs during the nine months ended September 30, 2024, with no comparable costs reported in the previous year[17] Strategic Focus - The company is focused on revenue growth and expanding into new markets to drive sales and transaction volume[2] - The company is focused on expanding its digital identity validation solutions for various sectors, including financial services and law enforcement[21] - Future expectations include potential growth in commercial adoption of products and services, with a focus on new market areas such as healthcare and auto dealerships[22] Conference and Reporting - The earnings conference call was held on November 13, 2024, to discuss operating results[7] - The company reported a total stockholders' equity of $17,667,000 as of September 30, 2023[16]