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what it is
Intellicheck sells software that checks whether an ID is real before a bank, retailer, or base lets someone through.
how it gets paid
Last year Idn made $20M in revenue. Retail ID was the main engine at $8.0M, or 40% of sales.
what just happened
Revenue hit $16M with 90.0% gross margin, but EPS still came in at -$0.01.
At a glance
C++ balance sheet — some cracks in the foundation
40/100 earnings predictability — expect surprises
1354682767913045248.0x trailing p/e — you're paying up for this one
2.5% return on capital — nothing to write home about
-$0.05 fy2024 eps est
xvary composite: 41/100 — below average
What they do
Intellicheck sells software that checks whether an ID is real before a bank, retailer, or base lets someone through.
Its edge is the ID Check Authentication Engine and the pain of being wrong. If your store or bank approves one bad identity, you eat the fraud loss, so a tool that has validated more than 100 million identities a year gets your attention. Gross margin was 90.0% in the latest quarter, which means software revenue drops through far better than hardware or services.
How they make money
$20M
annual revenue
Retail ID
$8.0M
Banking fraud prevention
$5.0M
Age ID
$3.0M
Defense ID
$2.0M
Access control and other
$2.0M
The products that matter
mobile identity verification
MobileID
core SaaS engine · tied to $16.8M subscription revenue
it sits inside the 80% of company revenue that grew 26%, which is why this is still fundamentally a software-scaling story.
80% of revenue
retail and banking integrations
POS & API Integrations
supports enterprise workflows · tied to $4.2M services revenue
professional services are 20% of revenue and were flat, which means the growth burden is falling almost entirely on the software side.
20% of revenue
Key numbers
90.0%
gross margin
Gross margin → money left after direct costs → so what: the software economics are strong if management can keep overhead under control.
$20M
annual revenue
Revenue → total sales → so what: this is still a very small company, which makes every contract matter more.
5.8%
operating margin
Operating margin → profit after running the business → so what: the company still loses money even with software-like gross margins.
100M+
IDs validated
Volume → proof the system is used at scale → so what: customers are not testing this in a lab.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for IDN right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $16M with 90.0% gross margin, but EPS still came in at -$0.01.
Revenue rose 167% vs. prior year in the latest quarter from EDGAR. That is the good news. The less fun part is still expects a full-year FY2024 loss of $0.05 a share.
$16M
revenue
$0.01
eps
90.0%
gross margin
the number that mattered
90.0% gross margin is the tell. Gross margin → what is left after direct costs → so what: the product works like software, but overhead still decides whether shareholders get paid.
source: company earnings report, 2026
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What could go wrong
the top risk is failing to turn 90% gross margins into actual profitability.
med
breakeven keeps slipping
Analysts still expect about -$0.05 in EPS. That is close to breakeven, but close does not fund a public company forever.
With only $8.6M in cash and a C++ balance sheet grade, another delay would make the capital structure part of the story.
med
a few contracts matter too much
Recent momentum was driven by large customer contracts. In a business with roughly $20M of annual revenue, concentration risk is not a footnote.
If one large customer pauses, renews later, or spends less, the full-year growth rate can move sharply.
med
valuation compresses before profits arrive
The stock trades at about 4.4x sales while the consensus target sits at $4.13 versus a $4.70 share price.
That gap says the market already expects a lot from a company that is only barely near breakeven.
med
the stock stays wild even if the business improves
Price stability is just 5 / 100, and the 52-week range ran from $2 to $7.
That does not break the thesis by itself, but it does mean you can be directionally right and still hate the path.
A $95M market cap, $8.6M cash balance, and stock that swung from $2 to $7 in a year leaves very little margin for error.
source: institutional data · regulatory filings · risk analysis
Pay attention to
timeline
the breakeven clock
The market is already underwriting a near-breakeven business. If EPS stays below the current -$0.05 expectation, patience gets expensive.
metric
saaS mix versus company growth
SaaS is 80% of revenue and grew 26%, while the full company grew 5.8%. You want that gap to close because the right way, not because SaaS slowed down.
risk
large customer dependence
Management's recent growth was tied to large customer contracts. At a $20M revenue scale, a small number of accounts can swing the narrative.
trend
stock price versus street target
The stock is at $4.70 while the consensus target is $4.13. Same business. Two different opinions about how much future improvement is already priced in.
Analyst rankings
earnings predictability
40 / 100
in human-speak, analysts do not trust this company to deliver smooth quarterly numbers yet.
risk rank
3
middle of the pack on paper, but the 5 / 100 price stability score tells you the stock behaves riskier than that sounds.
source: institutional data
Institutional activity
institutional ownership data for IDN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$5
current price
n/a
target midpoint · n/a from current
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