Intellicheck(IDN) - 2025 Q3 - Quarterly Report

Revenue Growth - Revenues for the three months ended September 30, 2025 increased by $1,305, or 28%, to approximately $6,014 compared to $4,709 for the same period of 2024[115] - Revenues for the nine months ended September 30, 2025 increased by $1,971, or 14%, to approximately $16,031 compared to $14,060 for the same period of 2024[120] - Revenues for Q3 2025 reached $6,014 million, a 27.6% increase from $4,709 million in Q3 2024[133] - For the nine months ended September 30, 2025, revenues totaled $16,031 million, up from $14,060 million in the same period of 2024[133] Gross Profit and Margins - Gross profit for the three months ended September 30, 2025 increased by $1,158, or 27%, to $5,443, maintaining a gross profit margin of 91%[116] - Gross profit for the nine months ended September 30, 2025 increased by $1,678, or 13%, to $14,435, with a gross profit margin of 90%[121] - Gross profit for Q3 2025 was $5,443 million, representing a gross profit margin of 90.5%, slightly down from 91.0% in Q3 2024[133] - Adjusted gross profit for Q3 2025 was $5,580 million, with an adjusted gross profit margin of 92.8%, compared to 91.5% in Q3 2024[133] Operating Expenses - Operating expenses for the three months ended September 30, 2025 increased by $10, or 0.2%, to $5,205 compared to $5,195 for the same period of 2024[117] - Operating expenses for the nine months ended September 30, 2025 increased by $452, or 3%, to $14,843 compared to $14,391 for the same period of 2024[122] - Stock-based compensation for Q3 2025 amounted to $204 million, down from $237 million in Q3 2024[137] Net Income and Loss - The company reported a net income of $290 for the three months ended September 30, 2025, compared to a net loss of $(837) for the same period of 2024[118] - The company had an improved net loss of $(279) for the nine months ended September 30, 2025, compared to a net loss of $(1,406) for the same period of 2024[123] - Net income for Q3 2025 was $290 million, a significant improvement from a net loss of $837 million in Q3 2024[137] Adjusted EBITDA - Adjusted EBITDA for Q3 2025 was $631 million, compared to an adjusted EBITDA loss of $167 million in Q3 2024[137] - Adjusted EBITDA is considered an important indicator of operational strength, although it has limitations due to the exclusion of certain expenses[135] Cash and Working Capital - As of September 30, 2025, the company had cash and cash equivalents of $7,223 and working capital of $8,150[125] Financing Arrangements - The company has not engaged in any off-balance sheet financing arrangements or guaranteed any debt of other entities[138]