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- **Revenue Surge**: Q3 2025 revenue hit $6 million (+28% YoY), driven by a regional bank (low 7-digit contract) and a lease-to-own company (700% growth). Gross margin of 91% and net income of $290,000 reflect strong profitability.
- **Client Expansion**: Secured a 3-year renewal with a top bank, expanded with First American Title (passport verification, liveness capture), and added a food manufacturer for cargo fraud prevention.
- **Innovation Momentum**: Launched OCR, a unified hub console, mobile SDK, and desktop app for smaller banks, reducing Azure dependency.
- **Cash Strength**: $7.2 million cash on hand, with no R&D capitalization and flat operating expenses, enabling cautious reinvestment in growth.
- **Fraud Fight**: Blocked 99.9% of fraud in under a second, despite synthetic identity fraud rising 311% and deep fakes 1,100% YoY.


**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue reached $6 million, a 28% year-over-year increase, driven by a regional bank (low 7-digit 12-month contract) and a lease-to-own company (700% growth). Gross margin was 91%, with a net income of $290,000 and record adjusted EBITDA of $631,000.
- **Key Clients**: A top bank added $1.3 million in transactions, a title insurance company expanded to 6-digit recurring revenue, and a social media client generated mid-5-figure revenue (expected to rise to low 6-figure in Q4).
- **Product Innovations**: Introduced enhanced OCR, a unified hub console, mobile SDK, and desktop application for smaller banks. Migrated last large bank to AWS, reducing Azure dependency.
- **Market Expansion**: Diversified into background checks (e.g., auto manufacturer suppliers), automotive retail, and cargo fraud prevention (food manufacturer ACV in low 6-figures).
- **Strategic Wins**: Named a leader in IDC MarketScape, expanded with First American Title (passport verification, liveness capture), and renewed a top 3 bank contract for 3 years.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: SaaS revenue at $5.9 million (98% of total), with 28% YoY growth. New business pricing increased 14%, offsetting retail decline (5% YoY, 30% of revenue).
- **Profitability**: GAAP net income of $290,000 (vs. loss of $0.04 per share last year), adjusted EBITDA up $798,000 to $631,000. Cash position at $7.2 million, with no capitalization of R&D expenses.
- **Cost Management**: Operating expenses flat YoY at $5.21 million, despite $214,000 higher R&D expenses. Margins improving as Azure usage declines.

**【Q&A Highlights】**
- **Retail Softness**: Retail segment down 5% YoY but now 30% of revenue (vs. prior dominance). CEO expects continued diversification into higher-margin verticals.
- **Social Media Client**: Slow ramp-up due to image quality challenges, but paying for current volumes (mid-5-figure Q3, low 6-figure Q4). Long-term potential remains.
- **Margins**: CFO projects sustainable 90%+ gross margin and positive EBITDA, with cautious reinvestment in growth initiatives.
- **Fraud Trends**: Synthetic identity fraud up 311%, deep fakes up 1,100%, but Intellicheck stops 99.9% of fraud in <1 second via real-time ID verification.


Intellicheck, Inc. (IDN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Income (Loss) from Associates

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Net Income

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Preferred Stock Dividends

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Discontinued Operations

IDN

IDN fundamentals

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