Detailed financial statements for Intellicheck, Inc. (IDN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Intellicheck, Inc., a technology company, provides on-demand digital identity validation solutions for KYC, fraud, and age verification needs in North America. It validates both digital and physical identities for financial services, fintech companies, BNPL providers, e-commerce and retail commerce businesses, and law enforcement and government agencies.
Analysis Summary
Intellicheck, Inc. reported revenue of $22.7M in the most recent fiscal year, growing at a 5-year CAGR of 16.1%.
Trailing-twelve-month margins: gross margin 90.2%, operating margin 11.8%, net margin 13.0%.
At the current price of $2.38, IDN trades at a P/E of 15.75 and an ROE of 15.02%. Market capitalisation stands at $48M.
Balance sheet quality for IDN: current ratio of 3.7. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $4.5M represents 353% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.8M | $3.6M | $4.4M | $7.7M | $10.7M | $16.4M | $16.0M | $18.9M | $20.0M | $22.7M |
| Cost of Revenue | $769048 | $521835 | $386617 | $995791 | $1.4M | $3.5M | $1.3M | $1.4M | $1.8M | $2.4M |
| Gross Profit | $3.1M | $3.1M | $4.0M | $6.7M | $9.3M | $12.9M | $14.7M | $17.5M | $18.2M | $20.3M |
| Research & Development | $2.4M | $1.9M | $2.9M | $3.7M | $3.7M | $5.5M | $6.0M | $4.7M | $3.9M | $5.3M |
| Selling, General & Admin | $6.4M | $5.9M | $5.2M | 0 | 0 | $14.9M | $12.3M | $15.1M | $15.5M | $13.9M |
| Operating Expenses | $8.8M | $7.8M | $8.1M | $9.3M | $12.6M | $20.4M | $18.7M | $19.8M | $19.3M | $19.2M |
| Operating Income | -$5.7M | -$6.1M | -$4.1M | -$2.6M | -$3.3M | -$7.5M | -$4.0M | -$2.3M | -$1.2M | $1.1M |
| EBITDA | -$5.3M | -$4.3M | -$3.8M | -$2.4M | -$3.2M | -$7.3M | -$3.7M | -$1.8M | -$449000 | $2.0M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | $5000 | 0 | 0 | 0 |
| Pre-tax Income | -$5.7M | -$6.0M | -$4.0M | -$2.5M | -$2.5M | -$7.5M | -$4.0M | -$2.0M | -$885000 | $1.3M |
| Income Tax | $14930 | 0 | 0 | 0 | 0 | 0 | $124000 | -$62000 | $33000 | $58000 |
| Net Income | -$5.7M | -$6.0M | -$4.0M | -$2.5M | -$2.5M | -$7.5M | -$4.2M | -$2.0M | -$918000 | $1.3M |
| EPS | $-0.58 | $-0.48 | $-0.26 | $-0.16 | $-0.14 | $-0.40 | $-0.22 | $-0.10 | $-0.05 | $0.07 |
| EPS (Diluted) | $-0.58 | $-0.48 | $-0.26 | $-0.16 | $-0.14 | $-0.40 | $-0.22 | $-0.10 | $-0.05 | $0.06 |
| Shares Outstanding (Diluted) | $9.9M | $12.4M | $15.5M | $15.8M | $17.3M | $18.6M | $18.8M | $19.2M | $19.3M | $20.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $6.0M | $6.6M | $5.5M | $5.9M |
| Gross Profit | $5.4M | $5.9M | $5.0M | $5.4M |
| Operating Income | $238000 | $1.5M | $542000 | $573000 |
| EBITDA | $479000 | $1.8M | $829000 | $483000 |
| Net Income | $290000 | $1.6M | $636000 | $663000 |
| EPS | $0.01 | $0.08 | $0.03 | $0.03 |
| EPS (Diluted) | $0.01 | $0.08 | $0.03 | $0.03 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.1M | $8.0M | $4.4M | $3.4M | $13.1M | $13.7M | $5.2M | $4.0M | $4.7M | $9.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | $4.9M | $5.0M | 0 | 0 |
| Receivables | $655793 | $652627 | $1.0M | $1.7M | $2.1M | $2.2M | $2.6M | $4.7M | $4.7M | $3.4M |
| Inventory | $70547 | $85321 | $82337 | $6113 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $3.8M | $9.0M | $5.7M | $5.4M | $15.6M | $16.5M | $13.3M | $14.4M | $9.9M | $13.9M |
| Property, Plant & Equipment | $270776 | $211602 | $264583 | $333399 | $170000 | $737000 | $749000 | $666000 | $536000 | $394000 |
| Goodwill | $8.1M | $8.1M | $8.1M | $8.1M | $8.1M | $8.1M | $8.1M | $8.1M | $8.1M | $8.1M |
| Intangible Assets | $2.2M | $463578 | $306575 | $174237 | $483000 | $378000 | $273000 | $575000 | $2.4M | $2.1M |
| Total Assets | $14.5M | $17.9M | $14.5M | $14.0M | $24.3M | $25.7M | $22.5M | $23.8M | $20.9M | $24.5M |
| Accounts Payable | $14140 | $71578 | $73334 | $95388 | $46000 | $368000 | $358000 | $884000 | $443000 | $226000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.4M | $1.6M | $1.5M | $2.2M | $2.1M | $6.1M | $3.9M | $6.5M | $3.2M | $3.8M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.6M | $1.9M | $1.5M | $2.2M | $2.1M | $6.1M | $3.9M | $6.5M | $3.2M | $3.8M |
| Retained Earnings | -$104.4M | -$110.4M | -$114.4M | -$116.9M | -$119.4M | -$126.9M | -$130.7M | -$133.6M | -$134.5M | -$133.2M |
| Total Equity | $12.9M | $16.0M | $12.9M | $11.7M | $22.2M | $19.6M | $18.5M | $17.3M | $17.7M | $20.7M |
| Total Debt | 0 | 0 | 0 | $158471 | $33000 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -$3.1M | -$8.0M | -$4.4M | -$3.2M | -$13.1M | -$13.7M | -$10.1M | -$9.0M | -$4.7M | -$9.7M |
| Working Capital | $2.5M | $7.3M | $4.2M | $3.2M | $13.5M | $10.4M | $9.4M | $7.8M | $6.7M | $10.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $7.2M | $9.7M | $10.1M | $11.8M |
| Total Assets | $25.3M | $24.5M | $27.1M | $25.6M |
| Total Liabilities | $6.3M | $3.8M | $5.6M | $3.1M |
| Total Equity | $18.9M | $20.7M | $21.5M | $22.5M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$5.7M | -$6.0M | -$4.0M | -$2.5M | -$2.5M | -$7.5M | -$4.2M | -$2.0M | -$918000 | $1.3M |
| Depreciation & Amortization | $434291 | $412351 | $245548 | $249895 | $179405 | $169000 | $285000 | $282000 | $436000 | $703000 |
| Stock-based Compensation | $935899 | $435679 | $186707 | $584865 | $3.5M | $6.4M | $2.5M | $1.6M | $876000 | $777000 |
| Change in Working Capital | $87941 | $99396 | -$690013 | -$144279 | -$371120 | $2.0M | -$2.1M | -$388000 | -$3.3M | $1.6M |
| Operating Cash Flow | -$4.2M | -$3.7M | -$4.2M | -$1.8M | -$19022 | $1.1M | -$3.5M | -$647000 | -$2.7M | $4.5M |
| Capital Expenditure | -$64075 | -$37614 | -$141526 | -$20090 | -$444900 | -$662000 | -$192000 | -$500000 | -$57000 | -$52000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$1.1M | 0 | 0 | 0 | 0 | 0 | 0 | -$57000 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$4.3M | -$3.8M | -$4.4M | -$1.9M | -$463922 | $454000 | -$3.7M | -$1.1M | -$2.8M | $4.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$1.7M | $2.4M | $445000 | $1.8M |
| Capital Expenditure | -$22000 | -$8000 | -$33000 | -$26000 |
| Free Cash Flow | -$1.8M | $2.4M | $412000 | $1.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $194000 | 0 | $289000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -6.3% | +23.2% | +72.9% | +40.1% | +52.7% | -2.6% | +18.4% | +5.8% | +13.3% | |
| Net Income Growth (YoY) | -5.0% | +34.2% | +35.7% | +2.5% | -201.0% | +44.4% | +52.4% | +53.6% | +238.7% | |
| EPS Growth (YoY) | +17.2% | +45.8% | +38.5% | +12.5% | -185.7% | +45.0% | +54.5% | +52.5% | +237.1% | |
| Shares Change (YoY) | +25.4% | +25.1% | +1.6% | +9.7% | +7.4% | +1.3% | +2.1% | +0.4% | +4.3% | |
| FCF Growth (YoY) | +12.1% | -15.3% | +57.3% | +75.1% | +197.9% | -908.8% | +68.8% | -139.8% | +263.2% | |
| Gross Margin | 80.0% | 85.5% | 91.3% | 87.0% | 86.7% | 78.6% | 92.0% | 92.7% | 90.8% | 89.5% |
| Operating Margin | -149.8% | -169.0% | -92.3% | -34.5% | -30.8% | -45.7% | -25.2% | -12.0% | -5.8% | 4.8% |
| EBITDA Margin | -138.5% | -119.3% | -86.8% | -31.3% | -29.7% | -44.6% | -23.1% | -9.3% | -2.2% | 9.0% |
| Net Margin | -149.4% | -167.3% | -89.4% | -33.3% | -23.1% | -45.6% | -26.0% | -10.5% | -4.6% | 5.6% |
| FCF Margin | -112.1% | -105.1% | -98.4% | -24.3% | -4.3% | 2.8% | -23.0% | -6.1% | -13.8% | 19.8% |
| Effective Tax Rate | -0.3% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -3.1% | 3.0% | -3.7% | 4.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.43 | $-0.30 | $-0.28 | $-0.12 | $-0.03 | $0.02 | $-0.19 | $-0.06 | $-0.14 | $0.22 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $9.9M | $12.4M | $15.2M | $15.8M | $17.3M | $18.6M | $18.8M | $19.2M | $19.3M | $19.5M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 15.02% |
| Return on Invested Capital | 12.43% |
| Return on Assets | 12.29% |
| Gross Margin | 90.19% |
| Operating Margin | 11.81% |
| Net Margin | 13.03% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 4.98 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -4.74 | -5.33 | -8.23 | -46.81 | -81.46 | -11.55 | -9.09 | -19.00 | -58.95 | 102.61 |
| P/B | 2.10 | 1.99 | 2.53 | 10.07 | 8.90 | 4.39 | 2.04 | 2.12 | 3.05 | 6.31 |
| P/S | 7.08 | 8.84 | 7.36 | 15.43 | 18.41 | 5.24 | 2.36 | 1.93 | 2.71 | 5.76 |
| Gross Margin | 80.0% | 85.5% | 91.3% | 87.0% | 86.7% | 78.6% | 92.0% | 92.7% | 90.8% | 89.5% |
| Operating Margin | -149.8% | -169.0% | -92.3% | -34.5% | -30.8% | -45.7% | -25.2% | -12.0% | -5.8% | 4.8% |
| Net Margin | -149.4% | -167.3% | -89.4% | -33.3% | -23.1% | -45.6% | -26.0% | -10.5% | -4.6% | 5.6% |
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Explore sector: Technology · Software - Application
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