Year Over Year Revenue Increased 56% to
$1,558,000 and SaaS Revenue Increased 79% to $1,121,000
Intellicheck, Inc. (NYSE American: IDN), a trusted industry
leader in technology solutions that stop identity theft and fraud
with real-time identity authentication and age verification, today
announced its financial results for the second quarter ended June
30, 2019.
Revenue for the second quarter ended grew 56% to $1,558,000
versus $1,001,000 in the prior year comparable period. SaaS revenue
in the second quarter grew 79% and totaled $1,121,000 versus
$625,000 in the prior year comparable period. Gross profit as a
percentage of revenues was 85.9% for the three months ended June
30, 2019 versus 91.8% in the prior year comparable period.
“We are excited about the continued momentum and interest in our
SaaS-based product offerings focused on stopping the use of fake
ID’s. This quarter our SaaS revenues eclipsed $1 million as we
continue rolling out our technology solutions to our growing list
of banks that includes four top ten banks and our first online bank
as well as retailers focused on protecting customers and stopping
fraud, and preventing youth from accessing age-restricted products
like vaping tools and alcohol,” stated Intellicheck CEO Bryan
Lewis.
“I believe our achievements demonstrate that we are a very
different company today than when I joined just over one year ago
and my sense is we are just scratching the surface as I look at the
opportunities for growth in the months to come,” concluded
Lewis.
The net loss for the three months ended June 30, 2019 was
($874,000) or ($0.06) per diluted share an improvement versus
($1,100,000) or ($0.07) per diluted share in the comparable prior
year period. Adjusted EBITDA (earnings before interest, taxes,
depreciation, amortization, stock-based compensation expense and
certain non-recurring charges) improved to a loss of ($785,000) for
the second quarter of 2019 versus a loss of ($1,018,000) in the
prior year comparable period. A reconciliation of adjusted EBITDA
to net loss is provided elsewhere in this release.
Cash at June 30, 2019 totaled $3,061,000 and stockholders’
equity totaled $11,543,000 at the end of the period.
The financial results reported today do not take into account
any adjustments that may be required in connection with the
completion of the Company’s review process and should be considered
preliminary until Intellicheck files its Form 10-Q for the second
quarter ended June 30, 2019.
Conference Call Information:
The Company will hold an earnings conference call on August 1 at
4:30 p.m. ET/1:30 p.m. PT to discuss operating results. To listen
to the earnings conference call, please dial 877-407-8037. For
callers outside the U.S., please dial 201-689-8037.
A replay of the conference call will be available shortly after
completion of the live event. To listen to the replay, please dial
877-660-6853 and use conference identification number 13692832. For
callers outside the U.S., please dial 201-612-7415 and use
conference identification number 13692832. The replay will be
available beginning approximately two hours after the completion of
the live event and will remain available until August 15th,
2019.
INTELLICHECK, INC.
BALANCE SHEETS
ASSETS
June 30,
December 31,
2019
2018
(Unaudited)
CURRENT ASSETS:
Cash
$
3,061,041
$
4,376,017
Accounts receivable, net of allowance of
$24,675 at June 30, 2019 and December 31, 2018
1,189,716
1,019,434
Inventory
81,591
82,337
Other current assets
322,843
271,415
Total current assets
4,655,191
5,749,203
NOTE RECEIVABLE, net of current
portion
7,318
29,017
PROPERTY AND EQUIPMENT, net
226,124
264,583
GOODWILL
8,101,661
8,101,661
INTANGIBLE ASSETS, net
228,072
306,575
OPERATING LEASE RIGHT-OF-USE ASSET
209,650
-
OTHER ASSETS
7,778
9,742
Total assets
$
13,435,794
$
14,460,781
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
143,296
$
73,334
Accrued expenses
805,530
726,918
Operating lease liability, current
portion
120,862
-
Deferred revenue, current portion
701,249
704,536
Total current liabilities
1,770,937
1,504,788
OTHER LIABILITIES:
Deferred revenue, long-term portion
24,855
29,486
Operating lease liability, long-term
portion
96,651
-
Other long-term liabilities
-
6,802
Total liabilities
1,892,443
1,541,076
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock - $.001 par value; 40,000,000
shares authorized; 15,791,629 and 15,638,765 shares issued and
outstanding at June 30, 2019 and December 31, 2018,
respectively
15,792
15,639
Additional paid-in capital
128,000,628
127,290,467
Accumulated deficit
(116,473,069)
(114,386,401)
Total stockholders' equity
11,543,351
12,919,705
Total liabilities and stockholders'
equity
$
13,435,794
$
14,460,781
INTELLICHECK, INC.
STATEMENTS OF
OPERATIONS
(Unaudited)
Three
months ended June 30,
Six months
ended June 30,
2019
2018
2019
2018
REVENUES
$
1,557,991
$
1,001,418
$
2,836,985
$
2,063,480
COST OF REVENUES
(218,988)
(82,393)
(411,285)
(182,862)
Gross profit
1,339,003
919,025
2,425,700
1,880,618
OPERATING EXPENSES
Selling, general and administrative
1,379,368
1,307,524
2,873,078
2,722,908
Research and development
879,377
755,097
1,691,374
1,383,133
Total operating expenses
2,258,745
2,062,621
4,564,452
4,106,041
Loss from operations
(919,742)
(1,143,596)
(2,138,752)
(2,225,423)
OTHER INCOME
Interest and other income
46,065
43,221
52,084
57,091
Net loss
$
(873,677)
$
(1,100,375)
$
(2,086,668)
$
(2,168,332)
PER SHARE INFORMATION
Loss per common share -
Basic/Diluted
$
(0.06)
$
(0.07)
$
(0.13)
$
(0.14)
Weighted average common shares
used in computing per share amounts -
Basic/Diluted
15,742,692
15,623,351
15,691,016
15,448,255
INTELLICHECK, INC.
STATEMENT OF STOCKHOLDERS’
EQUITY
(Unaudited)
Three months ended June 30,
2019
Additional
Total
Common
Stock
Paid-in
Accumulated
Stockholders’
Shares
Amount
Capital
Deficit
Equity
BALANCE, March 31, 2019
15,638,765
$
15,639
$
127,660,206
$
(115,599,392)
$
12,076,453
Stock-based compensation expense
-
-
73,042
-
73,042
Exercise of stock options, net of cashless
exercises of 21,864 shares
58,008
58
63,192
-
63,250
Exercise of warrants
92,856
93
204,190
-
204,283
Issuance of shares for restricted stock
grants
2,000
2
(2)
-
-
Net loss
-
-
-
(873,677)
(873,677)
BALANCE, June 30, 2019
15,791,629
$
15,792
$
128,000,628
$
(116,473,069)
$
11,543,351
Three months ended June 30,
2018
Additional
Total
Common
Stock
Paid-in
Accumulated
Stockholders’
Shares
Amount
Capital
Deficit
Equity
BALANCE, March 31, 2018
15,608,943
$
15,609
$
127,164,498
$
(111,490,782)
$
15,689,325
Stock-based compensation expense
-
-
63,993
-
63,993
Exercise of stock options
-
-
-
-
-
Issuance of shares for restricted stock
grants
16,296
16
(16)
-
-
Net loss
-
-
-
(1,100,375)
(1,100,375)
BALANCE, June 30, 2018
15,625,239
$
15,625
$
127,228,475
$
(112,591,157)
$
14,652,943
INTELLICHECK, INC.
STATEMENT OF STOCKHOLDERS’
EQUITY
(Unaudited)
Six months ended June 30,
2019
Additional
Total
Common
Stock
Paid-in
Accumulated
Stockholders’
Shares
Amount
Capital
Deficit
Equity
BALANCE, December 31, 2018
15,638,765
$
15,639
$
127,290,467
$
(114,386,401)
$
12,919,705
Stock-based compensation expense
-
-
442,781
-
442,781
Exercise of stock options, net of cashless
exercises of 21,864 shares
58,008
58
63,192
-
63,250
Exercise of warrants
92,856
93
204,190
-
204,283
Issuance of shares for restricted stock
grants
2,000
2
(2)
-
-
Net loss
-
-
-
(2,086,668)
(2,086,668)
BALANCE, June 30, 2019
15,791,629
$
15,792
$
128,000,628
$
(116,473,069)
$
11,543,351
Six months ended June 30,
2018
Additional
Total
Common
Stock
Paid-in
Accumulated
Stockholders’
Shares
Amount
Capital
Deficit
Equity
BALANCE, December 31, 2017
15,009,246
$
15,009
$
126,416,869
$
(110,422,825)
$
16,009,053
Stock-based compensation expense
-
-
124,701
-
124,701
Exercise of stock options
593,838
594
686,927
-
687,521
Issuance of shares for restricted stock
grants
22,155
22
(22)
-
-
Net loss
-
-
-
(2,168,332)
(2,168,332)
BALANCE, June 30, 2018
15,625,239
$
15,625
$
127,228,475
$
(112,591,157)
$
14,652,943
INTELLICHECK, INC.
STATEMENTS OF CASH
FLOWS
(Unaudited)
Six months
ended June 30,
2019
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(2,086,668)
$
(2,168,332)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
123,492
120,618
Stock-based compensation expense
442,781
124,701
Provision for doubtful accounts
-
5,625
Deferred rent
-
(6,002)
Changes in assets and liabilities:
(Increase) decrease in accounts
receivable
(170,282)
173,298
Decrease in inventory
746
4,104
(Increase) in other current assets
(50,579)
(233,703)
Decrease in other assets
1,964
57,439
Increase in accounts payable and accrued
expenses
149,634
107,980
(Decrease) in deferred revenue
(7,918)
(154,901)
(Decrease) in other long-term
liabilities
-
(158,407)
Net cash used in operating activities
(1,596,830)
(2,127,580)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(6,529)
(127,505)
Collection of note receivable
20,850
20,034
Net cash provided by (used in) investing
activities
14,321
(107,471)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of common stock
from exercise of stock options
63,250
687,521
Net proceeds from issuance of common stock
from exercise of warrants
204,283
-
Net cash provided by financing
activities
267,533
687,521
Net decrease in cash
(1,314,976)
(1,547,530)
CASH, beginning of period
4,376,017
8,010,161
CASH, end of period
$
3,061,041
$
6,462,631
Adjusted EBITDA
We use Adjusted EBITDA as a non-GAAP financial performance
measurement. Adjusted EBITDA is calculated by adding back to net
loss, interest and other income, income taxes, impairments of
long-lived assets and goodwill, depreciation, amortization and
stock-based compensation expense. Adjusted EBITDA is provided to
investors to supplement the results of operations reported in
accordance with GAAP. Management believes that Adjusted EBITDA
provides an additional tool for investors to use in comparing our
financial results with other companies that also use Adjusted
EBITDA in their communications to investors. By excluding non-cash
charges such as impairments of long-lived assets and goodwill,
amortization, depreciation and stock-based compensation, as well as
non-operating charges for interest and income taxes, investors can
evaluate our operations and can compare the results on a more
consistent basis to the results of other companies. In addition,
Adjusted EBITDA is one of the primary measures management uses to
monitor and evaluate financial and operating results.
We consider Adjusted EBITDA to be an important indicator of our
operational strength and performance of our business and a useful
measure of our historical operating trends. However, there are
significant limitations to the use of Adjusted EBITDA since it
excludes interest and other income, impairments of long lived
assets and goodwill, stock-based compensation expense, all of which
impact our profitability, as well as depreciation and amortization
related to the use of long-term assets which benefit multiple
periods. We believe that these limitations are compensated by
providing Adjusted EBITDA only with GAAP net loss and clearly
identifying the difference between the two measures. Consequently,
Adjusted EBITDA should not be considered in isolation or as a
substitute for net loss presented in accordance with GAAP. Adjusted
EBITDA as defined by us may not be comparable with similarly named
measures provided by other entities.
A reconciliation of GAAP net loss to Non-GAAP Adjusted EBITDA
follows:
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2019
2018
2019
2018
Net loss
$
(873,677)
$
(1,100,375)
$
(2,086,668)
$
(2,168,332)
Reconciling items:
Interest and other income
(46,065)
(43,221)
(52,084)
(57,091)
Depreciation and amortization
61,382
61,468
123,492
120,618
Stock-based compensation expense
73,042
63,993
442,781
124,701
Adjusted EBITDA
$
(785,318)
$
(1,018,135)
$
(1,572,479)
$
(1,980,104)
About Intellicheck NYSE American: IDN
Intellicheck is a trusted industry leader in technology
solutions that stop identity theft and fraud with real-time
identity authentication and age verification. We make it possible
for our clients to increase revenues, improve customer service, and
increase operational efficiencies. Founded in 1994, Intellicheck
has grown to serve dozens of Fortune 500 companies including retail
and financial industry clients, police departments, national
defense clients and diverse state and federal government agencies.
For more information on Intellicheck, visit
http://www.intellicheck.com/ and follow Intellicheck on Twitter, on
Facebook, on LinkedIn and on YouTube.
Safe Harbor Statement
Statements in this news release about Intellicheck’s future
expectations, including: the advantages of our products, future
demand for Intellicheck’s existing and future products, whether
revenue and other financial metrics will improve in future periods,
whether Intellicheck will be able to execute its turn-around plan
or whether successful execution of the plan will result in
increased revenues, whether sales of our products will continue at
historic levels or increase, whether brand value and market
awareness will grow, whether the Company can leverage existing
partnerships or enter into new ones, and all other statements in
this release, other than historical facts, are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 (PSLRA). These statements, which express
management’s current views concerning future events, trends,
contingencies or results, appear at various places in this website
and use words like “anticipate,” “assume,” “believe,” “continue,”
“estimate,” “expect,” “forecast,” “future,” “intend,” “plan,”
“potential,” “predict,” “project,” “sense”, “strategy,” “target”
and similar terms, and future or conditional tense verbs like
“could,” “may,” “might,” “should,” “will” and “would” are
forward-looking statements within the meaning of the PSLRA. This
statement is included for the express purpose of availing
Intellicheck, Inc. of the protections of the safe harbor provisions
of the PSLRA. It is important to note that actual results and
ultimate corporate actions could differ materially from those in
such forward-looking statements based on such factors as: market
acceptance of our products and the presently anticipated growth in
the commercial adoption of our products and services; our ability
to successfully transition pilot programs into formal commercial
scale programs; continued adoption of our SaaS product offerings;
changing levels of demand for our current and future products; our
ability to reduce or maintain expenses while increasing sales; our
ability to successfully expand the sales of our products and
services into new areas including health care and auto dealerships;
customer results achieved using our products in both the short and
long term; success of future research and development activities;
our ability to successfully market and sell our products, any
delays or difficulties in our supply chain coupled with the
typically long sales and implementation cycle for our products; our
ability to enforce our intellectual property rights; changes in
laws and regulations applicable to the our products; our continued
ability to access government-provided data; the risks inherent in
doing business with the government including audits and contract
cancellations; liability resulting from any security breaches or
product failure, together with other risks detailed from time to
time in our reports filed with the SEC. We do not assume any
obligation to update the forward-looking information.
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version on businesswire.com: https://www.businesswire.com/news/home/20190801005832/en/
Investor Relations: Gar Jackson (949) 873-2789 Media and Public
Relations: Sharon Schultz (302) 539-3747
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