Intellicheck Reports 6% Revenue Growth to $19.997 Million for Fiscal Year 2024

Intellicheck, Inc. reported a modest increase in revenue for the fiscal year ending December 31, 2024, with total revenues reaching $19.997 million, a 6% rise from $18.906 million in 2023. The growth was primarily driven by a 7% increase in Software-as-a-Service (SaaS) revenue, which amounted to $19.810 million compared to $18.595 million in the previous year. Despite this revenue growth, the company continued to experience net losses, reporting a loss of $918,000, or $0.05 per share, an improvement from the net loss of $1.980 million, or $0.10 per share, recorded in 2023.

In terms of operational efficiency, Intellicheck's gross profit increased by 4% to $18.166 million, although the gross profit margin slightly declined to 90.8% from 92.7% in the prior year. Operating expenses decreased by 2.4% to $19.334 million, with a notable reduction in research and development expenses, which fell by 18% to $3.857 million. This decrease was attributed to the capitalization of certain software development costs and lower personnel expenses. The company also reported an increase in interest income, which rose to $283,000 from $234,000 in 2023.

Intellicheck's customer base remains concentrated, with its top ten customers accounting for approximately 71% of total revenues in both 2024 and 2023. The company has been actively pursuing strategic partnerships and expanding its product offerings, particularly in the identity verification sector, which includes enhancements such as biometric and facial recognition technologies. As of March 31, 2025, Intellicheck employed 47 full-time staff, a slight increase from previous years, reflecting its commitment to scaling operations in response to market demand.

Looking ahead, Intellicheck anticipates that its existing cash reserves, projected cash flows from operations, and available credit will be sufficient to meet its working capital needs for at least the next 12 months. The company is also exploring opportunities for further market expansion and product development, particularly in sectors that are increasingly focused on fraud prevention and identity validation. However, it acknowledges the inherent risks associated with its business model, including reliance on key customers and the potential impact of regulatory changes on its operations.