Intellicheck(IDN) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2024 was $4,709,000, relatively flat compared to $4,760,000 in Q3 2023[1] - SaaS revenue increased by 1% to $4,661,000 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 $5,195,000 in Q3 2024 from $5,227,000 in Q3 2023[3] - Net loss for Q3 2024 increased to ($837,000) or ($0.04) per diluted share, compared to a net loss of ($724,000) or ($0.04) per diluted share in Q3 2023[4] - Adjusted EBITDA improved by $104,000 to a loss of ($167,000) in Q3 2024 compared to a loss of ($271,000) 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 $2,964,000 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) 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 $16.7 million[6] - Total assets decreased to $20,682,000 as of September 30, 2024, down from $23,808,000 at the end of 2023[9] - The company reported a cash balance of $5,747,000 at the end of the period, up from $3,962,000 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 $1,284,000 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 $431,000 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 $1,114,000 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]