Core Insights - Identity validation is a niche market within the security sector, which is often overshadowed by more glamorous technologies like biometrics and AI tools [1] Company Overview - Intellicheck, Inc. (IDN) is highlighted as a promising company in the identity validation space due to its strong fundamentals and potential for growth [1] Analyst Background - The analyst has a background in petroleum and gas engineering but transitioned to finance, focusing on technology, infrastructure, and internet services [1] - The analyst holds FMVA® and BIDA® certifications and emphasizes the importance of long-term investment strategies over short-term market fluctuations [1]

Fraud & Identity Theft Problem - In 2024, U S fraud impacted 18 million people, costing $27 billion[9] - Account takeover fraud increased by 22%, reaching $16 billion[9] - New account creation accounted for 29% of identity misuse in 2024[9] - 79% of auto dealerships experienced identity fraud-related losses in the past year[9] Intellicheck Overview & Technology - Intellicheck authenticates close to 100 million documents annually in North America[16] - The company's SaaS solutions are used across various industries, both in-person and digitally[15] - Intellicheck works with 28 state-level law enforcement agencies for ID validation[16] - The company's technology validates IDs in less than one second[26] Financial Performance & Outlook - Q1 2025 saw 100% renewal rates with an ACV exceeding $10 million[21] - The company consistently maintains gross margins of 90%+[21] - Intellicheck anticipates positive Adjusted EBITDA for 2025[22] - Q4 2024 total revenue was $5,936,000, with SaaS revenue at $5,913,000[39] - Q4 2024 net income was $488,000 and Adjusted EBITDA was $860,000[39]