Intellicheck received $2.86 million from its biometrics and authentication solutions in the first fiscal quarter of 2021, down 8% from the previous year’s Q1, but saw a 24 percent rise in SaaS revenue to $2.78 million.
SaaS sales increased to 97 percent of overall revenue, resulting in a gross profit of 92.3 percent of revenue, up from 77.8 percent in the first quarter of 2020. A year earlier, the company had a net loss of just over $1 million, or $0.06 per diluted share, compared to a net income of $27,000, or $0.00 per diluted share.
“We are seeing current clients use a range of new applications for our powerful identity platform, in addition to continued growth in our client base,” says Intellicheck CEO Bryan Lewis. “At the same time, we’re making rapid progress in the digital world by providing new and current clients with additional fraud indicators to increase the certainty of person-not-present transactions.”
As it extends its biometric authentication services to new business verticals, Intellicheck has hired two vice presidents and a new president in the last few months.