INTELLICHECK, INC.

Recommendation history

• Q1 2026HoldHold: Intellicheck delivered a strong profitability quarter—revenue rose 13% to $5.524 million, adjusted EBITDA reached $935,000 at a 17% margin, and cash was $10.1 million with no debt. However, analyst questioning exposed a near-term growth gap: management indicated Q2 could be closer to flat sequentially, retail and consumer-credit volumes remain weak, and the pipeline is weighted toward smaller deals and existing-customer expansion rather than another large contract.
• Q4 2025HoldHold: Intellicheck delivered a strong inflection—2025 revenue rose 13% to $22.7 million, adjusted EBITDA nearly quintupled to $2.6 million, and operating cash flow reached $4.5 million—but management provided no 2026 revenue or earnings guidance. The embedded bank rollout, 125% automotive growth, 90%–91% expected gross margins, and $9.65 million of cash support the upside, while retail weakness, implementation delays, uneven channel execution, and an unpredictable large customer keep this from being a clean buy.
• Q3 2025HoldIntellicheck delivered a strong Q3: revenue rose 28% to $6.0 million, adjusted EBITDA reached a record $631,000, adjusted gross margin was 92.8%, and cash was $7.2 million. The regional-bank rollout, larger bank volumes, pricing, and diversification are working, but the investment is not yet a clean buy because retail revenue still declined 5%, growth remains concentrated in a few accounts, and management provided no quantified 2026 outlook.
• Q2 2025HoldHold: Q2 revenue rose 10% to $5.1 million, adjusted EBITDA turned positive at $75,000, and adjusted gross margin reached 92.2%, supported by strong banking growth and multiyear renewals. However, retail revenue fell 20% year over year, the potentially transformative social-media deployment is effectively stalled by integration problems, and profitability remains thin despite the growth initiatives.
• Q1 2025HoldHold: Q1 revenue rose 5% to $4.894 million, SaaS revenue increased 6%, adjusted gross margin reached 91.8%, and adjusted EBITDA was approximately breakeven with a $17,000 loss. Diversification is working—retail revenue fell 26% while retail banking grew roughly 50% and title revenue rose about 350%—but management provided no quantified outlook, pipeline, or committed ARR, leaving the growth case insufficiently de-risked for a buy.
• Q3 2024HoldHold: Q3 revenue fell 1% year over year to $4.71 million despite SaaS revenue rising 1% to $4.66 million; gross margin remained an excellent 91%, and adjusted EBITDA loss improved to $168,000, but the company remains loss-making. The bull case is a stronger pipeline across banking, social media, title insurance, and employment verification, while the key tension is that most needle-moving opportunities remain in proof-of-concept, security review, or pre-launch stages.
• Q2 2024HoldHold. Q2 revenue declined 1% to $4.67 million and SaaS revenue fell 0.8% to $4.63 million, while retail scan volumes dropped 16% year over year; cost controls narrowed the net loss to $127,000, but adjusted EBITDA remained negative at $70,000. Diversification into title insurance, automotive, background checks and digital authentication is promising, yet management provided no revenue guidance and remains dependent on customer implementations and a retail recovery.