Strong Growth in Recurring Revenue
Intellicheck's recurring revenue grew from under $2 million per year to almost $20 million last year. In Q1 2025, they renewed $10 million in annual contract value.
Successful Technology Migration
Progress in migrating clients from Azure to AWS is underway, expected to result in cloud savings and easier onboarding of new clients.
Diverse Market Expansion
Intellicheck is expanding into new verticals such as retail banking, title insurance, auto, and logistics, moving away from being tied to retail credit cards.
Record First Quarter Revenue
Q1 2025 revenues increased 5% year-over-year to a record $4,894,000, with SaaS revenue growing 6%.
Improvement in Adjusted Gross Margin
Adjusted gross margin improved to 91.8% in Q1 2025 from 91.2% in Q1 2024.
New Sales Leadership
Appointment of Tim Poulin as Senior Vice President of Sales, bringing extensive experience and adding three additional sales associates.
Increased Cash Reserves
Cash and cash equivalents were at $5.1 million at the end of Q1 2025, higher than the market consensus of $3.4 million.