Intellicheck (IDN) 2026财年第二季度财报电话会议：主要客户审查影响展望

核心要点

• 2026财年第二季度营收为590万美元。管理层报告称，营收同比增长16%，环比增长7%，SaaS几乎贡献了全部营收。
• 毛利率为91%，营业利润达57.3万美元，净利润为63.3万美元。调整后EBITDA总计110万美元，连续第五个季度实现盈利。
• 某客户约占上半年营收的29%，该客户目前正在评估多供应商身份验证模式。该举措始于6月下旬至7月上旬，但未对上半年业绩产生重大影响。
• 管理层表示，该客户的交易量转移幅度明显小于最初沟通的水平。该客户还签署了另一份采购订单，并表示计划迁移至Intellicheck最新的API。
• Intellicheck在第二季度末拥有1180万美元的现金且无债务。公司近期没有融资计划。
• 假设该大客户按照沟通内容完成过渡，管理层预计2026财年营收将略低于2025财年。Intellicheck仍预计下半年调整后EBITDA为正，且2026全财年实现GAAP盈利。

重要财务数据

业务与运营表现

银行与信贷业务约占第二季度营收的48%，高于去年同期的约40%。Intellicheck为其免集成的桌面交付平台签约了三家新客户，并正在讨论更多合作机会。管理层正优先考虑中小型机构，因为相比大型客户，其部署速度更快，且交易经济效益可能更好。

零售业务约占第二季度营收的26%，同比下降约2%。管理层表示，宏观经济压力继续影响零售、汽车和产权保险业务。汽车领域的扫描量仍然较低，尽管公司预计该趋势将会扭转。

Intellicheck在产权市场的直接业务关系预计占该市场约43%的份额。管理层表示，随着第二季度房贷发放量同比增长14%，公司从中受益，并预计未来降息（一旦发生）将成为顺风因素。

在货物与货运领域，与一家食品制造商在全国范围内的推广已实现10多万美元的年合同价值，管理层预计该业务规模将进一步扩大。该客户还正在将Intellicheck介绍给其他制造和运输公司。

某大型全球社交媒体客户在解决图像采集问题后已恢复业务活动。Intellicheck表示，目前能够处理其提交的99%以上的数据。不过，管理层在当前预测中未包含来自该客户的任何营收，并表示目前尚无法估计未来的业务量。

管理层业绩指引

• 管理层预计Intellicheck将在2026财年下半年实现正调整后EBITDA。
• 公司预计2026全财年在GAAP准则下保持盈利。
• 如果该大客户的业务量转移按照最初沟通的水平推进，管理层预计2026财年总营收将略低于2025财年。
• Intellicheck计划在保持成本纪律的同时，继续投资于工程研发、客户拓展、现有客户深化以及渠道合作伙伴关系。
• 公司预计未来几个期间将使用部分经营现金，部分原因是历史上有部分客户费用是在使用前开具账单的，导致现金转化率在呈报的收入确认前有所下降。

风险与关注事项

核心不确定性在于贡献上半年约29%营收的该客户。该客户的审查涵盖了几乎所有高业务量的应用场景，旨在并购发生后进行更广泛的供应商审查，从而减少对单一供应商的依赖。

管理层强调，该客户的计划频繁变动，而Intellicheck尚未观察到最初沟通的业务量减少。任何保留或恢复业务的持续时间、最终交易份额分配以及经济效益仍存在不确定性。

因此，尽管公司努力推进多元化，但客户集中度仍是一项重大风险。零售、汽车和产权保险也继续面临宏观经济压力，同时回归的社交媒体客户带来的时间节点和业务量贡献尚无法预测。

分析师问答环节亮点

管理层表示，该大客户的评估原计划主要作为第三季度的项目，但推进速度慢于预期。对于业务量转移有限的原因，Intellicheck尚不明确。公司表示，如果发生重大不利进展，将提交8-K文件。

高管将该问题归因于特定客户的个别情况，而非重要客户普遍转向的信号。管理层表示，其他客户已表达了扩大使用Intellicheck的兴趣，不过尚未对这些潜在机会做出预测。

在竞争方面，管理层将Intellicheck的条形码级身份决策和DMV合作关系，与主要提供流程编排或文档模板核查的提供商区分开来。公司表示，其平台能够以99%的条形码级准确率提供亚秒级决策。

管理层还重申对区域性银行和中小型银行的关注。桌面平台无需重大集成，与大型金融机构的部署相比，可大幅缩短上线时间。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Greetings, and welcome to the Intellicheck Second Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kety Olson, Investor Relations Manager. Thank you. You may begin.

Unknown Executive

Thank you, operator. Good afternoon, everyone, and thank you for joining us today for Intellicheck Second Quarter 2026 Earnings Call. Before we get started, I'll take a moment to read our forward-looking statement. Certain statements on this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended. When used in this call, words such as will, believe, expect, anticipate, encourage and similar expressions as they relate to the company or its management identify forward-looking statements. This includes statements regarding the customer transition we will discuss today, the pace, extent and duration of the resulting volume reductions, whether any volumes are retained or restored and the economics of any retained or restored business, our expectations regarding future revenue, profitability and adjusted EBITDA and our ability to recover or replace affected revenue.

These statements are based on management's current expectations and beliefs about future events. As with any projection or forecast, they are inherently susceptible to uncertainty and changes in circumstances, and the company undertakes no obligation to update or alter its forward-looking statements, whether resulting from new information, subsequent events or otherwise. Additional information concerning forward-looking statements is contained in the company's filings with the SEC. Throughout this call, we may reference certain financial metrics that have been rounded for ease of discussion. Statements made today are as of August 13, 2026. Management will use the financial term adjusted EBITDA and adjusted gross margin. Please refer to our press release issued this afternoon for further definition, reconciliation and context for the use of these terms. We will begin today's call with Bryan Lewis, Intellicheck's President and Chief Executive Officer; and he will be followed by Adam Sragovicz, Chief Financial Officer. Following their prepared remarks, we will take questions. I'll now turn it over to Bryan.

Bryan Lewis

Thanks, Ketan, and good afternoon, everyone. I will say this for the first time we are doing this call live. I don't know how many people know that you can actually prerecord these things and make yourself sound pretty smart because you don't mess up. So if I stumble I hope you all will understand why I like just talking. So a couple of things. Our diversification strategy now in its second plus year of execution, continues to produce results in the second quarter. It's the operating discipline behind that strategy has generated 4 consecutive quarters of profitability Revenue for the second quarter was up 7% versus last year and up 16% year-over-year. Gross margin came in at 91% and adjusted EBITDA was positive for the fifth consecutive quarter. These results were generated despite the same macro challenges we described last quarter, persisting through the second quarter and continuing to weigh on our retail automotive and title insurance verticals.

So let me start with the hard things, and then I can move on to a great things. As you all know from our historical filings, we often talk about customer concentration, question I get all the time. A customer that represents about 29% of our revenue in the first half of the year recently informed us that as part of a broader vendor review looking across all vendors, departments and use cases, not just IDV so they can evaluate redundancy, ensure there is no single point of failure internally and as a result, they are currently evaluating a multi-vendor IDV approach that is expected to negatively affect our transaction levels with this customer. I want to emphasize the word of valuation that is their word, not mine. As of today, I can say that the traffic shift is nowhere near the extent they said it would be. And additionally, to use the client's own words, this is being driven by not being single threaded to any 1 vendor. And this is their words. This is what they told me, not driven by a flaw in our system and on a sentence on how we perform.

I can also say they recently signed another purchase order. They have also indicated the intention to transition to our newest API, which will give them access to many more of our risk signals to detect fraud, but we believe this reflects recognition of the broader capabilities we can provide and the opportunity to further expand our support of their needs in the longer term. Again, we believe if you add all the things we do in the digital world to what I believe is a gold standard in document verification, great things happen. So I want to be direct, and I remember my very first earnings call as a CEO when I was direct and reset expectations. I got a lot of angry calls. But one of my favorite quotes from the bible is the truth shelf set you free, the truth is this is an evaluation in their words, an evaluation, a new purchase order has been signed.

Volumes have not been down to the level they indicated sometimes corporate strategies call for an evaluation. I look forward to this evaluation. And I want to frame this correctly. This reflects a change in the customer's strategy, not a verdict on the accuracy of our results. Intellicheck remains the gold standard in identity verification, sub-second 99% barcode level decisioning that no competitor can replicate because of our exclusive long-standing DMB relationships. Some customers may choose a valuation or adopt other products based on their own goals. That's their prerogative. It does not change the accuracy gap between our platform in any alternative.

So let's move on to what I would call great. Q2 revenues grew by 7% sequentially, and we expect that underlying growth continue, thanks to the consistent and deliberate customer diversification we've built and our strengthened balance sheet with $11.8 million in cash and no debt. Let me now walk through progress that we're seeing across each 1 of our verticals. The banking and lending vertical remains 1 of our core focus areas, particularly with medium and smaller organizations. They are far easier to integrate and get running the large organization. I'm very happy with the delivery mechanism of our platform that we call desktop. It is a no integration required method. We've signed 3 new clients and are in discussion with several others.

It is our belief that this will add significant growth at a faster pace than landing the whales. I will also point out that we continue to wallet. I also believe there was some confusion about hardware during the Q&A on our last call. If our clients choose to upgrade their scanners, they may have a sourcing problem not us. I will say we have helped our clients find sources for scanners and have sped up the acquisition for them. So retail remained about 26% of Q2 revenue. This quarter, retail revenues were down approximately 2% compared to the same period last year. Any improvement here is consumer sentiment as it stabilizes, will be an incremental upside for us.

In the title market, our direct client relationships still represent an estimated 43% of the market. Mortgage loan origination in Q2 were up 14% year-over-year, and we benefited from this trend. When interest rates will, and I hope we all agree, eventually fall this market should become in our belief, a significant tailwind. Momentum has continued across our emerging and adjacent verticals as well in cargo and freight, our nationwide rollout with our food manufacturer client already in a low 6-figure annual contract value is expected to grow. The roughly $300,000 average loss per truck stolen proves this is a good market for us.

I'm also excited that this client continues to introduce us to other manufacturing and shipping companies. In manufacturing, we continue to see major clients who use us to keep their assembly lines rolling. Our age in stadium and venue concessions, we see somewhat increased revenue over the same period last year. Most of that again is in college and university stadiums. Our age verification verticals in our background check verticals saw some volatility on their smaller basis of revenue. In automotive, scanning volumes at our dealer clients and via our channel partners have been trending lower, but we anticipate that trend reversing. Car sales figures for the quarter overall were roughly flat nationwide.. One consistent question I get a lot relates to the social media vertical and the activity of a large global customer within that vertical. And again, in the interest of full disclosure, I will tell you, they are back.

They have fixed their image capture issues, and we can process from the data we are seeing over 99% of the data they are sending us. They are actively engaged and I will be meeting with them in person in the coming weeks. What this means in terms of volumes, I cannot forecast. But the recent discussions, even the ones I was having over this weekend have me excited. I will reiterate that we have no revenue from them in our current forecast. As I learn more, and I hope you will all understand my honesty. I will keep you informed. Before I hand the call over to Adam, I want to emphasize that rising fraud activity makes our differentiation more valuable, not less. Synthetic identity fraud overall is up 300%, and deep fake driven fraud is up over 1,000% according to multiple studies and it shows no sign of slowing down. Fraud prevention is not optional, spending for any industry, which is why I like where the company sits.

We are seeing new markets come to us as fraudsters increasingly target new channels, creating additional opportunities for us to address. What many companies rely on a visual review of a license or a template check, which is what our competitors offer does not adequately address these sophisticated fakes. That is where our technology stands apart. We want to assure our employees, customers, shareholders and all stakeholders that Intellicheck is dedicated to exceeding expectations and expanding our leadership position in the rapidly evolving industry of fraud prevention. With that, I'm going to hand it over to Adam to walk you through the quarter and financial details.

Adam Sragovicz

Thanks, Bryan. The vendor resiliency initiative at our customer that Bryan mentioned, commenced in late June and early July and did not materially affect our results for the 3 or 6 months ended June 30. We Revenue for the second quarter was $5.9 million and SaaS revenue comprised substantially all of total revenue. Operating expenses were $4.9 million, down 1% from a year ago. We earned $573,000 from operations and $633,000 of net income. Adjusted EBITDA was $1.1 million, our fifth consecutive positive quarter.

For the 6-month period, revenue was $11.5 million, net income was $1.3 million and adjusted EBITDA was $2 million. Cash from operations for the first half was $2.2 million, Accounts receivable was $2.7 million, down from $3.4 million at year-end 2025. Deferred revenue was $1.2 million. We will be disciplined on cost while continuing to invest in engineering to enhance our offerings and maintain industry-leading accuracy. We will also invest in go-to-market initiatives to increase market share, expand within existing customers, win new customers and grow through channel partnerships. We ended the quarter with a strong balance sheet with $11.8 million in cash and no debt, no plans to raise capital in the near term.

We expect cash generated from operations to decline slightly in 2025 and we expect to use some cash in operations in future periods. Some of that is timing rather than performance. A portion of our customers' fees have historically been invoiced ahead of usage. So the cash conversion declined faster than the reported results. as we recognize that balance. We expect that we'll generate positive EBITDA in the second half of this year. We also expect to be profitable for the 2026 fiscal year on a GAAP basis. Assuming the customer that Bryan reference completes its plan as communicated and as we noted in the 10-Q, we have not seen that level of volume reduction. We would expect total revenue for 2026 to be slightly lower than 2025. With that, I'll hand the call back to Bryan.

Bryan Lewis

So before we go to questions, let me leave you with this. Our pipeline in desktop in our channel partners across multiple industries and among smaller institutions is where I'm very happy to see growth come from. We've rebuilt this revenue base before. Retail went from 55% of our revenue, and it's peaked about 26%, and banking continues to grow and that does not change. Our core differentiator of gold standard barcode level decisioning is durable and it gets more valuable, not less as AI gets more intelligent. So I stand behind this business, our people, our product -- what we do, and I will say this every single day, I love looking at the number of people that I stopped being -- and I shouldn't say I, we, as a company, stop being victims of crime. So with that, operator, I'll turn it over for questions.

Operator

[Operator Instructions] Our first question comes from the line of Rudy Kessinger with D.A. Davidson.

分析师问答

Rudy Kessinger

And appreciate the candor on the call and obviously the pro situation with your largest customer. What it, Bryan, like with this customer where they are evaluating alternatives, is that across all use cases you currently serve them for? Or is it for some use cases? I'm trying to get a sense like is that full 29% of revenue potentially going to be disrupted or at risk? Or is it only certain use cases?

Bryan Lewis

I'm going to tell you this. It is cross not just us, it's everything that they do. And I will also say that they are changing what they say, almost minute by minute in terms of what we expect. So it puts me in a way in a hard spot because I can't give like I don't know. The -- we got an update from them literally an hour ago. So I don't know. -- when a company has a merger, things happen. And I can't say, yes, no or to anything. So it puts me in a tough spot, you in a tough spot. And I'm just saying that I believe and I'll use all those terms, right? I believe, we believe they understand we're the best at stop in their fraud. So that's about as much as I could say Rudy .

Rudy Kessinger

Okay. Got it. Okay. And I guess you had mentioned they had just signed a new purchase order that indicate you're very much so going to be in the mix. I guess with respect to what they did communicate to you as far as how much you should expect to see transaction with down. Did they indicate they might go down 25%, 50%? Like what's the kind of range that they communicated.

Bryan Lewis

Honestly, like the honest way I can answer that question is that it's nowhere they gave us, I'll say, this kind of like a doomsday scenario and they are nowhere, and it is -- and Adam, please jump in here, but the purchase order they gave us will not support them for very long in a way, it's like 1 of their normal purchase orders because their volume is still so high that unless something drastically changes, they're going to have to do another purchase order. Adam, would you agree?

Adam Sragovicz

Yes, I would agree and I just sympathize with Rudy and our other folks following because if you look in our Q, and I know you guys haven't had a lot of time to look at it, but if you look in the notes, and -- we do talk about what the customer said would happen. We are on this call today halfway through the quarter and 6 weeks after the June 30 date, not seeing what they told us right? So we're in this never Nomad plan. of trying to tell you guys what we see and what we expect. What do we expect? We probably expect if it continues in the way that it is right now, that, that revenue in 2026 would be higher than 2025, but it's early days, and it's very volatile. And it is substantially all the use cases. It's not all of them, but it's substantially all where the volume is. And we just -- we wish we had more details to share with you.

Bryan Lewis

Adam and I were talking about how we need higher blood pressure medication because these guys are up and down and up and down in terms of what they're telling us Yes.

Rudy Kessinger

Got it. Okay. And last 1 for me. I know there's going to be a lot more questions on this specific customer. So I want to maybe ask this is something else. The Banking and lending 48% of revenue -- what was the growth rate on that total vertical year-over-year? And then you also mentioned the rest of your customer base, excluding this 1 customer, 19% revenue growth in the first half. I just wondered again house cleaning clarify, was that 19% year-over-year growth first half '26 versus first half '25 for the rest of the base ex that customer? Or just if you could clarify that, that would be great. .

Adam Sragovicz

I think the first 1 there, really with the banking being about 40% of revenue in the second quarter in 2025. So it's a shift of the pie from, let's say, 40-ish percent to about 48%. And then growth of 19%, I'm assuming, is -- I mean I think, Bryan, it's fair to say that that's pretty broad across

Bryan Lewis

Yes, -- it's across Yes, all verticals. .

Operator

Our next question comes from the line of Jeff Van Rhee with Craig Hallum. .

Unknown Analyst

This is Vijay on for Jeff. First kind of question here, just as I'm trying to think about this large customer, in general, you kind of have 2 other large customers that you call out in the Q. Is there any sense that those customers are using you in a sole source capacity and they might eventually take on more vendors? Or is this kind of a one-off situation?

Bryan Lewis

In my opinion, it is a one-off that I'm not quite sure people are happy with where they're at, and I think it has to do with the merger. The rest of our customers I have been at 1 of what I think will end up being 1 of our largest customers in their offices 4 times in the last month. And they tell us that their goal is to do more with us. And so I look at this as companies will do what companies do when they want to put strategies in place. Our other customers are telling us they want to do more with us. Now what does that mean? I can't say, I am not going to put out any projections or any of that kind of stuff. But when you've got some pretty cool regional banks wanting us to come visit them every week to talk about how we can do more and help them I think that's telling about what our company does. .

Unknown Analyst

Yes. Absolutely. And kind of on those -- that banking and lending section, you said, I think it was 48% of Q2 revenue. Just based on the current kind of growth rates, what could that get to as a percentage of total revenue? And do you at all worry maybe less about customer concentration, but a little bit more about industry concentration, maybe being beholden to some of the macro trends there? Or does that not really worry you?

Bryan Lewis

I'm not so worried about macro trends when it comes to banking because people have to bank, right? So the way that I'm looking at this and particularly where I live. There's 10 banks I never heard of in my life. They all have fraud right? And I guarantee almost everybody on this call will have some little bank they never heard of outside their area. They all need us. And that's kind of the cool thing that we're going after because they're simple to install. And they might have 10 branches where they might have 177. And so that's why I really like going after the banking sector because -- and like just weird stuff that I learned as I'm going along -- in South Carolina, if you have a HELOC, it's public information, South Carolina and Georgia. And people are going in and know you have a HELOC that you've not taken money out of and they're going to try and steal your identity to get like $45,000 out of a bank. We stopped that. So like that's -- I think that's the cool stuff that we do.

Unknown Analyst

Yes. Absolutely. And then just kind of last 1 for me. I was wondering, moving to kind of the competitive landscape, if you might provide some of the kind of nuances between you guys and Socar, I've seen their name kind of popping up a little bit. And I was wondering just if you could provide what you do to be better or what the differences are?

Bryan Lewis

In my opinion, -- so cure is much more an orchestration layer than they are doing IDB. So cure, in my opinion, is doing what I would call templating. So does it look like the real ID and I want to be careful on how I use that word real ID because real ID just means you have a star in the upper right-hand corner, of the license. So what I'm saying is, does it look like an authentic license. We do something very, very different. And I tell everybody on the planet don't believe me, go Google dl/idcard verification program. and you will see what we do with the DMVs. And it's a very, very different thing. .

Operator

Our next question comes from the line of Mike Grondahl with Northland.

Logan Hennen

This is Logan on for Mike. Brian, I really appreciate the color and being straightforward in the prepared remarks. First 1 from us. Could you maybe just provide us some insight into this evaluation process as you called it, if it started, when it started and any insight into how long we could expect it to last.

Bryan Lewis

They're trying to set up a call with me and Sandra in just a couple of weeks. .

Logan Hennen

And that will begin the evaluation process?

Bryan Lewis

No, no, no. Look, the evaluation process was supposed to start, didn't go didn't go in my mind as fast as they thought it would. Again, my opinion. And Adam jump in if I'm saying things I probably shouldn't say, but in my opinion, yes. In my opinion, and I'm sure the lawyers have love that I said my opinion, it isn't working. So we don't know. But we will know in short order. And I think I think that most people who know me and Adam will know that if something significant comes out that is negative, we will 8-K it.

Adam Sragovicz

Just answer correctly, we did disclose in the Q, we talked about how we heard about this sort of at the very end of in the second quarter, and it's basically supposed to be a third quarter evaluation project. It has not gone as quickly as they said, and it has not resulted in as much volume shift, as they said, the reason for that are opaque and mysterious to us. We can sort of only guess, but we certainly see them in an environment where the merger weighs heavy on them. then the resiliency as we laid out a lot of that stuff in the queue, but there's a lot of factors and a lot of things going on. So we're doing our best to try to keep you guys informed.

Logan Hennen

That's very helpful. We appreciate that color. Then 1 more from us. Just looking at the other side of operations. Can you maybe provide some more color on the 3 new banking and lending clients you guys signed and the several additional opportunities currently in discussion that you mentioned in the paired remarks. Just trying to think through about how do growth balance growth between existing and new logos, that's what we're thinking about.

Bryan Lewis

Well, look, my thing is like I don't want to say beat my team up, but I do like new logos. And what I believe is that with this new delivery mechanism that doesn't require major integration, we will get a lot more of the smaller banks, right? And when I say smaller banks, like 1 of the things I said earlier, it could be 15 or could be 170 branches -- there are fraud rates. I look at the fraud rate between some of our very small saving and loan customers and the fraud rate across our largest banks, the percentage fraud is the exact same. So they need us as much as anybody else. And they generally don't have the same issues of 80 million people, people needing to be on the call, right?

I laugh -- and I've said this probably on some of these calls, and I'd certainly tell it to clients. But when we were integrating 1 of our largest customers, we would have a weekly phone call with them. They had 102 people on that call. So you understand how it's like almost dealing with the federal government. It takes a really long time. But when you get a bank that maybe only has 100 branches, and they're going to pay more per transaction than somebody who's doing a ton more branches, a ton more transactions like I'd rather get them. And sort of that's where we want to make sure that we are looking at where do we go.

Operator

And we have reached the end of the question-and-answer session. And therefore, I will now turn the call back over to CEO, Bryan Lewis, for closing remarks.

Bryan Lewis

No. All right. Thank you all. And thank you all for your time today. I truly appreciate people wanting to be on the call. I want to hear what we have to say. And so I'll say this in closing. We are laser-focused on execution. All right? And here's what I want to leave you all with. We are a fraud prevention company that also speeds up the acquisition of good customers, right operating in a world where fraud is exploding and the fraud is getting more sophisticated by the quarter. And AI, everybody asked me about AI. I think AI is going to hurt the folks, the people believe we compete with more than us, right? We changed our customer mix. .

We've rebuilt before when I started, this place was a bit of a mess. And the other thing is we've got $11.8 million in the bank and no debt. That gives us the room to go out and grow revenue on our own terms, funded by our own balance sheet, and we're going to do just that. So we look forward to updating you on the progress I'm looking forward to meeting with additional clients and seeing what we can do with some of the folks you've always been asking me about. And I think we've got good sunny days ahead of us. So thank you all. Have a great evening

Operator

Thank you. And this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.