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Intellicheck (IDN) grows Q2 revenue 16% and turns a profit amid customer shift

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Intellicheck, Inc. reported solid second-quarter 2026 results, with revenue of $5.9 million, up 16% year-over-year and 7% sequentially, driven almost entirely by SaaS. Gross margin improved to 91.3%, and operating expenses were flat year-over-year at $4.9 million, supporting improved profitability.

The company generated net income of $0.7 million versus a net loss of $0.3 million a year earlier, and delivered Adjusted EBITDA of $1.1 million, its fifth consecutive positive quarter. Banking and lending contributed about 48% of Q2 revenue and retail about 29%, with additional traction in cargo, auto, stadiums, and age-related use cases. Intellicheck ended the quarter with $11.8 million in cash, no debt, and $2.2 million in operating cash flow for the first half of 2026.

Management highlighted a key risk: a major customer representing approximately 29% of first-half 2026 revenue is moving from a sole-source to a multi-source vendor architecture and testing an alternative solution, which is expected to negatively affect transaction volumes over time, though the main transition had not yet materially impacted results through June 30, 2026.

Positive

  • Q2 revenue grew 16% year-over-year to $5.9 million, with SaaS comprising substantially all revenue and banking and lending at 48% of the mix.
  • Profitability improved materially, with net income of $0.7 million versus a $0.3 million loss a year ago and Adjusted EBITDA rising to $1.1 million from $0.1 million.
  • Gross margin expanded to 91.3% from 89.8%, while operating expenses held flat at $4.9 million, supporting stronger operating leverage.
  • The balance sheet strengthened, with $11.8 million in cash, no debt, and $2.2 million of operating cash flow in the first half of 2026.
  • Excluding the large customer, revenue from the remaining base grew approximately 19% in the first half of 2026, indicating broader underlying demand.

Negative

  • A major customer representing approximately 29% of first-half 2026 revenue is shifting to a multi-source vendor architecture, which is expected to negatively affect Intellicheck’s transaction volumes with that customer.
  • Operating cash flow for the first half of 2026 was $2.2 million, down from $3.9 million in the prior-year period, reflecting less cash generation despite improved profitability.

Filing Explained

As of August 12, planned customer volume reductions had not reached the disclosed level, while June 30 share issuance increased dilution for existing holders.

The Form 8-K reports second-quarter results and a customer update; the material current issue is a planned shift from sole-source to multi-source purchasing that may reduce the company’s transaction volume.

The customer represented approximately 29% of first-half 2026 revenue, and the filing says the transition’s main phase was scheduled to begin in late July.

As of August 12, 2026, Intellicheck had not seen volume reductions at the level called for by the customer’s plan, so the extent and timing of the effect remain unresolved.

Separately, common shares issued and outstanding increased from 20,225,323 at December 31, 2025, to 20,252,888 at June 30, 2026.

The filing attributes the increase to 25,898 shares issued for vested restricted stock grants and 1,667 shares from stock-option exercises, net of cashless exercises.

Issuing additional shares increases the total share count and reduces an existing holder’s percentage ownership absent offsetting changes; the filing does not provide a percentage dilution measure.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $5,941,000 Three months ended June 30, 2026; up 16% year-over-year
Q2 2026 Net Income $663,000 Net income for the three months ended June 30, 2026 versus a $251,000 loss in 2025
Q2 2026 Adjusted EBITDA $1,050,000 Adjusted EBITDA for the three months ended June 30, 2026 versus $75,000 in 2025
Gross Margin Q2 2026 91.3% Gross profit as a percentage of revenues for the three months ended June 30, 2026
Cash Balance $11,837,000 Cash and cash equivalents as of June 30, 2026; no debt outstanding
Customer Concentration 29% Approximate share of first-half 2026 revenue from a single customer moving to multi-source
Operating Cash Flow H1 2026 $2,242,000 Net cash provided by operating activities for the six months ended June 30, 2026
Banking & Lending Mix 48% Approximate share of Q2 2026 revenue from banking and lending customers
Adjusted EBITDA financial
"Adjusted EBITDA, a non-GAAP metric, was $1.1 million in the second quarter"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted Gross Profit financial
"We use Adjusted Gross Profit as a non-GAAP financial performance measurement."
Adjusted gross profit is a company’s revenue from selling goods or services minus the direct costs of producing them, with one-time or unusual items added back or removed to show the core margin. Investors use it like a cleaned-up snapshot of how much a business actually earns on its products, similar to measuring body weight after removing heavy clothes, because it helps compare performance across periods and companies without noise from rare events.
multi-source vendor architecture technical
"the Customer is shifting from a sole-source to a multi-source vendor architecture"
SaaS technical
"Intellicheck is the only SaaS-based validation and proofing service that uses a unique"
SaaS, or Software as a Service, is a way of delivering computer programs over the internet, allowing users to access and use them through a web browser without needing to install or maintain the software themselves. For investors, it highlights a business model where companies generate recurring revenue by providing ongoing access to their software, often leading to predictable income and growth potential.
customer concentration financial
"Actual results could differ materially due to factors including: customer concentration;"
Revenue Q2 2026 $5,941,000 16% year-over-year increase
Net income Q2 2026 $663,000 from $(251,000) net loss in Q2 2025
Adjusted EBITDA Q2 2026 $1,050,000 from $75,000 in Q2 2025
Gross margin Q2 2026 91.3% up from 89.8% in Q2 2025
H1 2026 operating cash flow $2,242,000 down from $3,884,000 in H1 2025
Guidance

Management expects continued growth from the diversified customer base and aims for positive adjusted EBITDA in the second half and profitability for the full year, while managing anticipated volume reductions from a major customer.

FAQ

How did Intellicheck (IDN) perform financially in Q2 2026?
Intellicheck reported Q2 2026 revenue of $5.9 million, up 16% year-over-year, and generated net income of $0.7 million versus a loss a year earlier. Adjusted EBITDA was $1.1 million, marking the fifth consecutive positive quarter.

What is the impact of the major customer change disclosed by Intellicheck (IDN)?
A customer that represented about 29% of Intellicheck’s first-half 2026 revenue is moving to a multi-source vendor architecture and testing an alternative solution, which is expected to negatively affect transaction levels with that customer over time.

How diversified is Intellicheck’s (IDN) revenue base by vertical in Q2 2026?
In Q2 2026, banking and lending contributed about 48% of revenue and retail about 29%. The company also reported momentum in cargo and freight, foreign auto manufacturers, stadium concessions, age-related checks, and automotive dealer scanning.

What were Intellicheck’s (IDN) margins and expenses in Q2 2026?
Intellicheck achieved a gross margin of 91.3% in Q2 2026, up from 89.8% a year earlier. Operating expenses were $4.9 million, unchanged from the Q2 2025 level, supporting higher income from operations.

What is Intellicheck’s (IDN) cash and debt position as of June 30, 2026?
As of June 30, 2026, Intellicheck held $11.8 million in cash and cash equivalents and reported no debt. Net cash provided by operating activities for the first half of 2026 was $2.2 million.

How is Intellicheck (IDN) using non-GAAP metrics like Adjusted EBITDA?
Intellicheck reports Adjusted EBITDA, which was $1.1 million in Q2 2026, by adjusting net income for other income, depreciation, amortization, and stock-based compensation. Management views it as an additional tool to evaluate operational performance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →
false000104089600010408962026-08-132026-08-13

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): August 13, 2026
Intellicheck, Inc.
(Exact name of registrant as specified in charter)
Delaware001-1546511-3234779
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
200 Broadhollow Road, Suite 207, Melville, NY
11747
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (516) 992-1900
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.001 par valueIDN
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
 


Item 2.02.    Results of Operations and Financial Condition
On August 13, 2026, Intellicheck, Inc. (the “Company”) issued a press release containing its results of operations for the second quarter ended June 30, 2026. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
The information in this Report, including the exhibit, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. It shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01.    Exhibits.
(99)    Exhibits
ExhibitDescription
99.1
Press Release dated August 13, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 13, 2026INTELLICHECK, INC.
By:/s/ Adam Sragovicz
Name:Adam Sragovicz
Title:Chief Financial Officer


Exhibit Index
ExhibitDescription
99.1
Press Release dated August 13, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



image.jpg

Intellicheck Reports Second Quarter 2026 Results

Revenue Grows 16% to $5.9 Million
Net Income Rises to $0.7 Million
Adjusted EBITDA Increases to $1.1 Million

MELVILLE, NEW YORK – August 13, 2026 – Intellicheck, Inc. (Nasdaq: IDN) (“Intellicheck” or the “Company”), an industry-leading identity company delivering proprietary on-demand digital and physical identification validation solutions, today reported financial results for the second quarter ended June 30, 2026. The Company today also provided an update on a customer.

Business Highlights
•Revenue was $5.9 million in the second quarter, up 16% year-over-year and 7% on a quarterly sequential basis. SaaS revenue comprised substantially all of total revenue.
•Adjusted EBITDA, a non-GAAP metric, was $1.1 million in the second quarter, increasing $1.0 million year-over-year, and marking the Company’s fifth consecutive positive quarter.
•Banking and lending represented approximately 48% of Q2 revenue and continues to be the Company’s largest growing vertical in terms of total revenue as it continues to gain traction in Desktop, the Alloy channel, and among smaller institutions.
•Retail represented approximately 29% of Q2 revenue.
•Momentum continued across emerging and adjacent verticals including cargo and freight, foreign auto manufacturers and their supplier networks, stadium and venue concessions, age-related and background-check verticals, and automotive dealer scanning volumes.

“Our second quarter results reflect the benefits from continued progress on our diversification initiative as we now generate revenue from about 500 customers across 14 segments, both of which are diversified significantly from two years ago when we began these efforts,” said Bryan Lewis, President and Chief Executive Officer of Intellicheck. “The momentum in our business was clear as revenue rose 16% year-over-year to a Q2 record of $5.9 million. In addition, our focus on operating discipline


has helped drive four consecutive quarters of profitability, and five consecutive quarters of positive adjusted EBITDA which improved $1.0 million compared to the same period last year to $1.1 million.”

Customer Update
At the end of the second quarter of 2026, the Company was informed by its customer, which represented approximately 29% of first-half 2026 revenue, the “Customer”, that the Customer is shifting from a sole-source to a multi-source vendor architecture and is testing an alternative solution on select use cases that is expected to negatively affect our transaction levels with the Customer. The main phase of the transition was scheduled to commence in late July and as such had no material impact on Intellicheck’s results for the three- and six-month periods ended June 30, 2026. As of August 12, 2026, the Company has not yet seen the level of volume reductions this Customer’s plans call for.

Lewis commented, “We are actively engaged with this Customer as they test their alternative solution. To date, the total traffic shift has not been to the extent their plan called for. Additionally, the Customer has indicated that their shift from a single source to a multi-source vendor architecture is not being driven by our results, as they have recently signed another purchase order and have indicated an intention to transition to our newest API. We believe this reflects recognition of the broader capabilities we can provide and the opportunity to further expand our support of their needs over the longer term.”

“Our business is significantly stronger and more diversified today than it was even several years ago, and as such is much better positioned to address this challenge than at any other time in our history. Excluding this Customer, revenue from our remaining base grew approximately 19% in the first half of 2026, and we expect this growth will continue as we continue to execute on our customer and vertical diversification initiative. We are focused on accelerating our pipeline of new customers and expanding the scope of what we do with existing customers which we expect will help drive positive adjusted EBITDA generation for the second half of the year as well as position the Company to be profitable for the full year.”

Financial and Balance Sheet Highlights
•Gross margin was 91% in the second quarter as compared to 90% in the year-ago period.
•Operating expenses were $4.9 million in both the 2026 and 2025 second quarters.
•Income from operations was $0.6 million and net income was $0.7 million, up from a loss of $(0.3) million and a net loss of $(0.3) million in the year-ago period.
•Adjusted EBITDA was $1.1 million in the second quarter, marking the Company’s fifth consecutive positive quarter. Adjusted EBITDA was $0.1 million in the second quarter of 2025


•The Company ended the quarter with $11.8 million in cash and no debt. Cash from operations for the first half was $2.2 million.

“We remain focused on cost discipline, while continuing to fund the engineering behind our platform accuracy and availability, and the go-to-market investment required to grow our revenue from current and new customers,” said Adam Sragovicz, Chief Financial Officer of Intellicheck. “Importantly, we have a strong balance sheet, with $11.8 million in cash and no debt, which provides us the flexibility to execute on our growth initiatives.”

Earnings Conference Call Details
•Date / Time: Thursday, August 13 at 4:30 PM ET / 1:30 PM PT
•U.S. Dial-in: 877-407-8037
•International Dial-in: 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 13761557. For callers outside the U.S., please dial 201-612-7415 and use conference identification number 13761557. The replay will be available beginning approximately three hours after the completion of the live event and will remain available until August 20, 2026.




INTELLICHECK, INC.

UNAUDITED CONDENSED BALANCE SHEETS
JUNE 30, 2026 AND DECEMBER 31, 2025
(in thousands, except share and per share amounts)
June 30,
2026		December 31,
2025
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$11,837 $9,650 
Accounts receivable, net of allowance for credit losses of $157 at June 30, 2026 and December 31, 20252,660 3,365 
Other current assets816 892 
Total current assets15,313 13,907 
PROPERTY AND EQUIPMENT, NET351 394 
GOODWILL8,102 8,102 
INTANGIBLE ASSETS, NET1,798 2,077 
OTHER ASSETS1 1 
Total assets$25,565 $24,481 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$385 $226 
Accrued expenses1,496 1,897 
Deferred revenue1,195 1,661 
Total current liabilities3,076 3,784 
Total liabilities3,076 3,784 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock - $0.01 par value; 30,000 shares authorized; Series A convertible preferred stock, zero shares issued and outstanding at June 30, 2026 and December 31, 2025— — 
Common stock - $0.001 par value; 40,000,000 shares authorized; 20,252,888 and 20,225,323 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively20 20 
Additional paid-in capital154,380 153,887 
Accumulated deficit(131,911)(133,210)
Total stockholders’ equity22,489 20,697 
Total liabilities and stockholders’ equity$25,565 $24,481 


INTELLICHECK, INC.

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
(in thousands, except share and per share amounts)

Three months ended June 30,Six months ended June 30,
2026202520262025
REVENUES$5,941 $5,123 $11,465 $10,017 
COST OF REVENUES(517)(523)(1,016)(1,025)
Gross profit5,424 4,600 10,449 8,992 
OPERATING EXPENSES
Selling, general and administrative3,481 3,535 6,724 6,988 
Research and development1,370 1,363 2,610 2,650 
Total operating expenses4,851 4,898 9,334 9,638 
Income (loss) from operations573 (298)1,115 (646)
OTHER INCOME (EXPENSE), NET
Other income, net90 47 184 77 
Total other income, net90 47 184 77 
Net income (loss) before provision for income taxes663 (251)1,299 (569)
Provision for income taxes— — — — 
Net income (loss)$663 $(251)$1,299 $(569)
PER SHARE INFORMATION
Income (loss) per common share -
Basic$0.03 $(0.01)$0.06 $(0.03)
Diluted$0.03 $(0.01)$0.06 $(0.03)
Weighted average common shares used in computing per share amounts
Basic20,244,80219,795,18920,243,71819,357,364
Diluted20,930,38019,795,18920,876,86119,357,364


INTELLICHECK, INC.

UNAUDITED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
(in thousands, except number of shares)

Three months ended June 30, 2026
Common StockAdditional
Paid-in
Capital		Accumulated
Deficit		Total
Stockholders’
Equity
SharesAmount
BALANCE, March 31, 202620,239,060$20 $154,087 $(132,574)$21,533 
Stock-based compensation–– 289 – 289 
Stock option exercises, net of
     cashless exercises		1,667– 4 – 4 
Issuance of shares for vested
     restricted stock grants		12,161– – – – 
Net income–– – 663 663 
BALANCE, June 30, 202620,252,888$20 $154,380 $(131,911)$22,489 


Three months ended June 30, 2025
Common StockAdditional
Paid-in
Capital		Accumulated
Deficit		Total
Stockholders’
Equity
SharesAmount
BALANCE, March 31, 202519,816,043$19 $152,390 $(134,801)$17,608 
Stock-based compensation–– 202 – 202 
Stock option exercises, net of
     cashless exercises		181,2561 445 – 446 
Issuance of shares for vested
     restricted stock grants		28,544 – – — — 
Net loss–– – (251)(251)
BALANCE, June 30, 202520,025,843$20 $153,037 $(135,052)$18,005 










Six months ended June 30, 2026
Common StockAdditional
Paid-in
Capital		Accumulated
Deficit		Total
Stockholders’
Equity
SharesAmount
BALANCE, December 31, 202520,225,323$20 $153,887 $(133,210)$20,697 
Stock-based compensation– – 489 – 489 
Stock option exercises, net of
     cashless exercises		1,6674 – 4 
Issuance of shares for vested
     restricted stock grants		25,898– – – – 
Net income– – – 1,299 1,299 
BALANCE, June 30, 202620,252,888$20 $154,380 $(131,911)$22,489 


Six months ended June 30, 2025
Common StockAdditional
Paid-in
Capital		Accumulated
Deficit		Total
Stockholders’
Equity
SharesAmount
BALANCE, December 31, 202419,782,311$19 $152,211 $(134,483)$17,747 
Stock-based compensation–– 381 – 381 
Stock option exercises, net of
     cashless exercises		181,2561 445 – 446 
Issuance of shares for vested
     restricted stock grants		62,276 – – – – 
Net loss–– – (569)(569)
BALANCE, June 30, 202520,025,843$20 $153,037 $(135,052)$18,005 


INTELLICHECK, INC.

UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Six months ended June 30,
20262025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$1,299 $(569)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization381 325 
Stock-based compensation489 379 
Credit loss expense43 47 
Changes in assets and liabilities:
Decrease in accounts receivable663 1,920 
Decrease (Increase) in other current assets and other assets75 (94)
(Decrease) in accounts payable and accrued expenses(242)(161)
(Decrease) Increase in deferred revenue(466)2,037 
Net cash provided by operating activities2,242 3,884 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment(59)(22)
Software development costs— (210)
Net cash used in investing activities(59)(232)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercises of stock options4 445 
Repayment of insurance financing arrangements— (190)
Net cash provided by financing activities4 255 
Net increase in cash2,187 3,907 
CASH AND CASH EQUIVALENTS, beginning of period9,650 4,666 
CASH AND CASH EQUIVALENTS, end of period$11,837 $8,573 
Supplemental disclosures of cash flow information:
Cash paid for interest$— $(4)
Cash paid for income taxes$— $— 


Adjusted EBITDA

We use Adjusted EBITDA as a non-GAAP financial performance measurement. Adjusted EBITDA is calculated by adjusting net income (loss) for certain reductions such as restructuring severance expenses, interest and other income, provisions for income taxes, 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 amortization, depreciation and stock-based compensation, as well as non-operating charges for interest and provisions for 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 that 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 restructuring severance expenses, interest and other income, provisions for income taxes, 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 income (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 income (loss) presented in accordance with GAAP. Adjusted EBITDA as defined by us may not be comparable with similarly named measures provided by other companies.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income (loss)$663 $(251)$1,299 $(569)
Reconciling items:
Other income, net
(90)(47)(184)(77)
Depreciation and amortization188 171 381 325 
Stock-based compensation289 202 489 379 
Adjusted EBITDA$1,050 $75 $1,985 $58 

Adjusted Gross Profit
We use Adjusted Gross Profit as a non-GAAP financial performance measurement. Adjusted Gross Profit is calculated by adjusting gross profit for the reduction of amortization expense. Adjusted Gross Profit is provided to investors to supplement the results of operations reported in accordance with GAAP. We believe Adjusted Gross Profit is important because it focuses on the current operating performance, as amortization expense does not accurately reflect the current costs required to maintain the operational usage of our service. Rather, amortization expense reflects the allocation of historical software development costs over their estimated useful lives.
As an indicator of our operating performance, Adjusted Gross Profit should not be considered an alternative to, or more meaningful than, gross profit as determined in accordance with GAAP. Our Adjusted Gross Profit may not be comparable to a similarly titled measure of another company because other entities may not calculate Adjusted Gross Profit in the same manner.


Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues
$5,941 $5,123 $11,465 $10,017 
Cost of revenues, exclusive of amortization
380 402 742 800 
Amortization allocable to cost of revenues137 121 274 225 
Gross profit
5,424 4,600 10,449 8,992 
Add:
Amortization allocable to cost of revenues137 121 274 225 
Adjusted gross profit
5,561 4,721 10,723 9,217 
Gross profit as a percentage of revenues91.3 %89.8 %91.1 %89.8 %
Adjusted gross profit as a percentage of revenues
93.6 %92.2 %93.5 %92.0 %




































Contact
Investor Relations:
Keaton Olsen
IntellicheckIR@AllianceAdvisors.com

Media and Public Relations:
Sharon Schultz (302) 539-3747
sschultz@intellicheck.com

About Intellicheck
Intellicheck (Nasdaq: IDN), the industry leader in identity verification management, prevents the use of unauthorized IDs to stop identity-based fraud. Intellicheck is the only SaaS-based validation and proofing service that uses a unique and proprietary analysis of DMV-issued IDs to create trusted, real-time customer identity verification experiences across a wide variety of sectors, both in-person and digitally. Intellicheck is processing identity transactions for almost half the adult population in the United States and Canada annually with state-of-the-art technology solutions that are providing a seamless, invisible ID verification experience while delivering 99.975% decisioning in under a second when a customer is using our tools to capture the document. For more information on Intellicheck, visit us on the web and follow us on LinkedIn, X, Facebook, and YouTube.

Safe Harbor Statement
Statements in this news release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). These include statements regarding our customer's vendor transition and multi-vendor architecture; the pace, extent and duration of the resulting volume reductions; whether any volumes are retained or restored and the economics of any retained or restored business; and our ability to recover or replace affected revenue. They also include statements regarding future demand for our products and services; our expectations for future revenue, profitability, Adjusted EBITDA, cash flow and other financial metrics; our growth strategy and ability to scale the business; expansion into new vertical markets and customer segments; the anticipated impact of artificial intelligence on identity fraud and on demand for our products; and our ability to leverage existing partnerships or enter into new ones. These statements express management's current views and use words like "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "target," "will," "would" and similar terms. This statement is included for the express purpose of availing Intellicheck, Inc. of the protections of the safe harbor provisions of the PSLRA.

Actual results could differ materially due to factors including: customer concentration; market acceptance and adoption of our SaaS offerings; competition, including from providers with greater resources; the rapid evolution of artificial intelligence, including the use of generative AI to create synthetic identities and deepfakes, and our ability to maintain technological advantages; cybersecurity incidents, data breaches or service interruptions; changes in privacy, biometric, data protection and AI laws and regulations; pending or future litigation and regulatory inquiries; our ability to attract and retain key personnel; macroeconomic and geopolitical conditions and the effect on the economy of the ongoing conflict in the Middle East, including effects to consumer sentiment and inflationary pressures; our ability to utilize net operating loss carryforwards, including limitations under Section 382; and risks associated with being a smaller reporting and micro-cap company. Other risks are described in our filings with the Securities and Exchange Commission, including under "Risk Factors" in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. We do not assume any obligation to update the forward-looking information contained in this release.






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