Intellicheck(US:IDN)2021-11-11 16:00Financial Performance - Revenues for the three months ended September 30, 2021 increased by $2,132,000, or 79%, to $4,831,000 compared to $2,699,000 for the same period in 2020[94] - SaaS revenue for the three months ended September 30, 2021 increased by $794,000, or 32%, to $3,245,000 compared to $2,451,000 for the same period in 2020[94] - Gross profit for the three months ended September 30, 2021 increased by $916,000, or 38.1%, to $3,321,000, with a gross profit margin of 68.7%[95] - Revenues for the nine months ended September 30, 2021 increased by $4,835,000, or 63%, to $12,491,000 compared to $7,656,000 for the same period in 2020[99] - SaaS revenue for the nine months ended September 30, 2021 increased by $2,894,000, or 46%, to $9,255,000 compared to $6,361,000 for the same period in 2020[99] - Gross profit for the nine months ended September 30, 2021 increased by $2,831,000, or 44%, to $9,291,000, with a gross profit margin of 74.4%[100] Operating Expenses - Operating expenses for the three months ended September 30, 2021 increased by $1,892,000, or 79.5%, to $4,272,000 compared to $2,380,000 for the same period in 2020[96] - Operating expenses for the nine months ended September 30, 2021 increased by $4,878,000, or 68%, to $12,057,000 compared to $7,179,000 for the same period in 2020[101] Net Loss - Net loss for the three months ended September 30, 2021 was $952,000 compared to net income of $32,000 for the same period in 2020[98] - The net loss for the nine months ended September 30, 2021, was $(2,750,084), compared to $(701,259) for the same period in 2020[119] Cash and Financial Position - The company had cash of $13,266,000 and working capital of $12,863,000 as of September 30, 2021[104] - The company has approximately $17 million in available net operating loss (NOL) as of December 31, 2020, which can offset future taxable income[115] - The company maintains cash in two financial institutions, subjecting it to concentrations of credit risk[122] Future Plans and Risks - The company plans to raise additional funds for rapid expansion, marketing, and technology development, although there is no assurance of securing these funds[111] - Forward-looking statements indicate expectations for future growth in revenues and cash flow, but these are subject to uncertainty and changes in circumstances[121] - There are no current legal or regulatory proceedings expected to materially affect the business[114] Adjusted EBITDA - Adjusted EBITDA for the three months ended September 30, 2021, was $(270,995), compared to $168,963 for the same period in 2020[119] - Adjusted EBITDA is considered an important indicator of operational strength, but it has significant limitations and should not be viewed in isolation from GAAP net loss[117] Financing and Debt - The company has filed a universal shelf registration statement with the SEC, allowing for the potential offering of securities up to $25 million[112] - The company has not engaged in off-balance sheet financing arrangements or guaranteed any debt of other entities[120]