Intellicheck, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing mixed performance in revenue and profitability compared to the previous fiscal period. For the three months ended September 30, 2024, the company generated revenues of $4,709,000, a slight decrease of 1% from $4,760,000 in the same period of 2023. However, for the nine-month period, revenues increased by 2% to $14,060,000 from $13,730,000 year-over-year.

The company's gross profit for the third quarter was $4,285,000, down from $4,332,000 in 2023, while gross profit for the nine months rose to $12,757,000 from $12,618,000. The gross profit margin remained stable at 91% for both periods. Operating expenses for the third quarter decreased marginally to $5,195,000 from $5,227,000, and for the nine months, they fell significantly by 9% to $14,391,000 from $15,743,000, primarily due to lower stock-based compensation.

Despite the revenue growth for the nine-month period, Intellicheck reported a net loss of $837,000 for the third quarter, compared to a loss of $724,000 in the same quarter of 2023. However, the net loss for the nine months improved to $1,406,000 from $2,964,000 in the prior year, reflecting a positive trend in overall financial performance. Loss per share remained consistent at $(0.04) for the third quarter, while it improved to $(0.07) from $(0.15) for the nine-month period.

As of September 30, 2024, Intellicheck's cash and cash equivalents increased to $5,747,000 from $3,980,000 at the end of 2023. Total current assets decreased to $9,646,000 from $14,375,000, and total assets were reported at $20,682,000, down from $23,808,000. Total current liabilities also decreased significantly to $3,947,000 from $6,532,000, contributing to a total stockholders' equity of $16,735,000, slightly down from $17,276,000.

The company continues to focus on its identity verification solutions, which are critical in combating fraud in commercial retail and banking sectors. Notably, three customers accounted for approximately 46% of total revenues during the nine-month period, indicating a reliance on a concentrated customer base. The company has also maintained a revolving credit facility with Citi Personal Wealth Management, with no amounts outstanding as of the reporting date.

Overall, Intellicheck's financial results reflect a strategic focus on managing expenses while achieving modest revenue growth, positioning the company for potential future improvements in profitability.