The company has achieved operating profitability for two consecutive quarters (Q4 2025 and Q1 2026) with improving margins and cash balance. Monitor the upcoming earnings call for any FY2026 guidance — the lack of explicit forward-looking numbers in the release leaves room for upside if management provides a constructive outlook. The $149M market cap implies a ~27x run-rate revenue multiple, which is elevated for a sub-$25M revenue SaaS company.
Price Chart
Executive Summary
Intellicheck reported record Q1 2026 revenue of $5.524M (+13% YoY) and swung to net income of $636K ($0.03/diluted share) from a net loss of ($318K) in Q1 2025. The company achieved record Adjusted EBITDA of $935K, up from ($17K) a year ago, and ended the quarter with $10.1M cash and no debt. This is a clean beat vs the prior-year loss, but the filing lacks explicit guidance and the revenue slightly missed the $5.7M consensus estimate.
Key Financial Metrics
Key Facts
- Q1 2026 revenue grew 13% YoY to a record $5.524M (SaaS revenue $5.514M, +13%)
- Net income of $636K ($0.03/diluted) vs net loss of ($318K) ($0.02/diluted) in Q1 2025
- Record Adjusted EBITDA of $935K vs ($17K) in Q1 2025
- Gross margin improved to 91.0% from 89.7% YoY
- Operating expenses decreased 5.4% YoY to $4.483M
- Cash balance of $10.062M, up from $9.650M at year-end 2025; no debt
- No explicit forward guidance provided in the release
Financial Impact
Revenue $5.524M, net income $636K, Adjusted EBITDA $935K — all record Q1 levels
Risk Factors
- No explicit FY2026 guidance provided, creating uncertainty on sustainability of profitability
- Accounts receivable nearly doubled to $5.74M from $3.365M at year-end, potentially signaling collection risk or aggressive revenue recognition
- Operating cash flow declined to $445K from $750K in Q1 2025 despite improved net income
- Small-cap SaaS company with $149M market cap faces liquidity and volatility risks
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001040896-26-000019 |
| Document: idn-20260512.htm | 0001040896-26-000019 |
| Document: 0001040896-26-000019-index-headers.html | 0001040896-26-000019 |
| Document: 0001040896-26-000019-index.html | 0001040896-26-000019 |
| Document: 0001040896-26-000019.txt | 0001040896-26-000019 |
| 8-K Data (Synthetic) | 0001040896-26-000019 |
US Market Status
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