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Index

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025
OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| For the transition period from ________________ to ________________

Commission File No.: 001-15465
Intellicheck, Inc.
(Exact name of Registrant as specified in its charter)

Delaware |  | 11-3234779
(State or Other Jurisdiction of Incorporation or Organization) |  | (I.R.S. Employer Identification No.)
200 Broadhollow Road, Suite 207, Melville, NY 11747
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (516) 992-1900

Title of each class |  | Trading symbol(s) |  | Name of each exchange on which registered
Common stock, $0.001 par value per share |  | IDN |  | The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files.) Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer ☒ | Smaller reporting company | ☒ | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 12, 2025, there were 20,204,907 shares of Common Stock, $0.001 par value, outstanding.

Index
INTELLICHECK, INC.
Index

| Page
PART I – FINANCIAL INFORMATION | 3
Item 1. Unaudited Condensed Financial Statements | 3
Condensed Balance Sheets – September 30, 2025 (Unaudited) and December 31, 2024 | 3
Unaudited Condensed Statements of Operations for the three and nine months ended September 30, 2025 and 2024 | 4
Unaudited Condensed Statements of Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024 | 6
Unaudited Condensed Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 | 7
Notes to Unaudited Condensed Financial Statements | 8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 22
Item 3. Quantitative and Qualitative Disclosures About Market Risk | 27
Item 4. Controls and Procedures | 27
Part II – OTHER INFORMATION | 28
Item 1. Legal Proceedings | 28
Item 1A. Risk Factors | 28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 28
Item 3. Defaults Upon Senior Securities | 28
Item 4. Mine Safety Disclosures | 28
Item 5. Other Information | 28
Item 6. Exhibits | 29
Signatures | 30

Exhibits

31.1 | Rule 13a-14(a) Certification of Chief Executive Officer |  |
31.2 | Rule 13a-14(a) Certification of Chief Financial Officer |  |
32 | U.S.C. Section 1350 Certifications |  |
101.INS | XBRL Instance Document |  |
101.SCH | XBRL Taxonomy Extension Schema |  |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase |  |
101.DEF | XBRL Taxonomy Extension Definition Linkbase |  |
101.LAB | XBRL Taxonomy Extension Label Linkbase |  |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |  |
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |  |

2

Index
PART I – FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
INTELLICHECK, INC.
CONDENSED BALANCE SHEETS
(In thousands, except share and per share amounts)

| September 30, 2025 |  | December 31, 2024
| (Unaudited) |  |
ASSETS |  |  |
CURRENT ASSETS: |  |  |
Cash and cash equivalents | $ | 7,223 |  |  | $ | 4,666 |
Accounts receivable, net of allowance for credit losses of $104 at September 30, 2025 and $100 at December 31, 2024 | 6,282 |  |  | 4,675 |
Other current assets | 995 |  |  | 571 |
Total current assets | 14,500 |  |  | 9,912 |
PROPERTY AND EQUIPMENT, NET | 436 |  |  | 536 |
GOODWILL | 8,102 |  |  | 8,102 |
INTANGIBLE ASSETS, NET | 2,218 |  |  | 2,374 |
OTHER ASSETS | 1 |  |  | 9 |
Total assets | $ | 25,257 |  |  | $ | 20,933 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
CURRENT LIABILITIES: |  |  |
Accounts payable | $ | 463 |  |  | $ | 443 |
Accrued expenses | 1,695 |  |  | 1,742 |
Deferred revenue | 4,192 |  |  | 1,001 |
Total current liabilities | 6,350 |  |  | 3,186 |
Total liabilities | 6,350 |  |  | 3,186 |
COMMITMENTS AND CONTINGENCIES (Note 10) |  |  |
STOCKHOLDERS’ EQUITY: |  |  |
Preferred stock - $0.01 par value; 30,000 shares authorized; Series A convertible preferred stock, zero shares issued and outstanding at September 30, 2025 and December 31, 2024 | — |  |  | — |
Common stock - $0.001 par value; 40,000,000 shares authorized; 20,195,772 and 19,782,311 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 20 |  |  | 19 |
Additional paid-in capital | 153,649 |  |  | 152,211 |
Accumulated deficit | (134,762) |  |  | (134,483) |
Total stockholders’ equity | 18,907 |  |  | 17,747 |
Total liabilities and stockholders’ equity | $ | 25,257 |  |  | $ | 20,933 |

See accompanying notes to unaudited condensed financial statements.
3

Index
INTELLICHECK, INC.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)

| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
REVENUES | $ | 6,014 |  |  | $ | 4,709 |  |  | $ | 16,031 |  |  | $ | 14,060 |
COST OF REVENUES | (571) |  |  | (424) |  |  | (1,596) |  |  | (1,303) |
Gross profit | 5,443 |  |  | 4,285 |  |  | 14,435 |  |  | 12,757 |
OPERATING EXPENSES |  |  |  |  |  |  |
Selling, general and administrative | 3,814 |  |  | 4,018 |  |  | 10,802 |  |  | 11,562 |
Research and development | 1,391 |  |  | 1,177 |  |  | 4,041 |  |  | 2,829 |
Total operating expenses | 5,205 |  |  | 5,195 |  |  | 14,843 |  |  | 14,391 |
Income (loss) from operations | 238 |  |  | (910) |  |  | (408) |  |  | (1,634) |
OTHER INCOME AND EXPENSE |  |  |  |  |  |  |
Other income, net | 52 |  |  | 73 |  |  | 129 |  |  | 230 |
Total other income, net | 52 |  |  | 73 |  |  | 129 |  |  | 230 |
Net income (loss) before provision for income taxes | 290 |  |  | (837) |  |  | (279) |  |  | (1,404) |
Provision for income taxes | — |  |  | — |  |  | — |  |  | 2 |
Net income (loss) | $ | 290 |  |  | $ | (837) |  |  | $ | (279) |  |  | $ | (1,406) |
PER SHARE INFORMATION |  |  |  |  |  |  |
Income (loss) per common share - |  |  |  |  |  |  |
Basic/Diluted | $ | 0.01 |  |  | $ | (0.04) |  |  | $ | (0.01) |  |  | $ | (0.07) |
Weighted average common shares used in computing per share amounts - |  |  |  |  |  |  |
Basic | 20,136,539 |  | 19,499,174 |  | 19,917,413 |  | 19,390,258
Diluted | 20,790,257 |  | 19,499,174 |  | 19,917,413 |  | 19,390,258

See accompanying notes to unaudited condensed financial statements.
4

Index
INTELLICHECK, INC.
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
(In thousands, except number of shares)
(Unaudited)

| Three months ended September 30, 2025
| Common Stock |  | Additional Paid-in Capital |  | Accumulated Deficit |  | Total Stockholders’ Equity
| Shares |  | Amount |  |
BALANCE, June 30, 2025 | 20,025,843 |  | $ | 20 |  |  | $ | 153,037 |  |  | $ | (135,052) |  |  | $ | 18,005 |
Stock-based compensation | – |  | – |  |  | 204 |  |  | – |  |  | 204 |
Stock option exercises, net of cashless exercises | 158,501 |  | – |  |  | 408 |  |  | – |  |  | 408 |
Issuance of shares for vested restricted stock grants | 11,428 |  | – |  |  | – |  |  | – |  |  | – |
Net income | – |  | – |  |  | – |  |  | 290 |  |  | 290 |
BALANCE, September 30, 2025 | 20,195,772 |  | $ | 20 |  |  | $ | 153,649 |  |  | $ | (134,762) |  |  | $ | 18,907 |

| Three months ended September 30, 2024
| Common Stock |  | Additional Paid-in Capital |  | Accumulated Deficit |  | Total Stockholders’ Equity
| Shares |  | Amount |  |
BALANCE, June 30, 2024 | 19,492,702 |  | $ | 19 |  |  | $ | 151,422 |  |  | $ | (134,134) |  |  | $ | 17,307 |
Stock-based compensation | – |  | – |  |  | 265 |  |  | – |  |  | 265 |
Stock option exercises, net of cashless exercises | 7,064 |  | – |  |  | – |  |  | – |  |  | – |
Issuance of shares for vested restricted stock grants | 51,199 |  |  | – |  |  | – |  |  | — |  |  | — |
Net loss | – |  | – |  |  | – |  |  | (837) |  |  | (837) |
BALANCE, September 30, 2024 | 19,550,965 |  | $ | 19 |  |  | $ | 151,687 |  |  | $ | (134,971) |  |  | $ | 16,735 |

5

Index

| Nine months ended September 30, 2025
| Common Stock |  | Additional Paid-in Capital |  | Accumulated Deficit |  | Total Stockholders’ Equity
| Shares |  | Amount |  |
BALANCE, December 31, 2024 | 19,782,311 |  | $ | 19 |  |  | $ | 152,211 |  |  | $ | (134,483) |  |  | $ | 17,747 |
Stock-based compensation | – |  |  | – |  |  | 585 |  |  | – |  |  | 585 |
Stock option exercises, net of cashless exercises | 339,757 |  | 1 |  |  | 853 |  |  | – |  |  | 854 |
Issuance of shares for vested restricted stock grants | 73,704 |  | – |  |  | – |  |  | – |  |  | – |
Net loss | – |  |  | – |  |  | – |  |  | (279) |  |  | (279) |
BALANCE, September 30, 2025 | 20,195,772 |  | $ | 20 |  |  | $ | 153,649 |  |  | $ | (134,762) |  |  | $ | 18,907 |

| Nine months ended September 30, 2024
| Common Stock |  | Additional Paid-in Capital |  | Accumulated Deficit |  | Total Stockholders’ Equity
| Shares |  | Amount |  |
BALANCE, December 31, 2023 | 19,354,335 |  | $ | 19 |  |  | $ | 150,822 |  |  | $ | (133,565) |  |  | $ | 17,276 |
Stock-based compensation | – |  | – |  |  | 865 |  |  | – |  |  | 865 |
Stock option exercises, net of cashless exercises | 11,939 |  | – |  |  | – |  |  | – |  |  | – |
Issuance of shares for vested restricted stock grants | 184,691 |  |  | – |  |  | – |  |  | – |  |  | – |
Net loss | – |  | – |  |  | – |  |  | (1,406) |  |  | (1,406) |
BALANCE, September 30, 2024 | 19,550,965 |  | $ | 19 |  |  | $ | 151,687 |  |  | $ | (134,971) |  |  | $ | 16,735 |

See accompanying notes to unaudited condensed financial statements.
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INTELLICHECK, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

| Nine months ended September 30,
| 2025 |  | 2024
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
Net loss | $ | (279) |  |  | $ | (1,406) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |  |  |
Depreciation and amortization | 513 |  |  | 275 |
Stock-based compensation | 583 |  |  | 842 |
Allowance for credit losses | 63 |  |  | (31) |
Changes in assets and liabilities: |  |  |
(Increase) Decrease in accounts receivable | (1,670) |  |  | 1,360 |
(Increase) Decrease in other current assets and other assets | (229) |  |  | 167 |
(Decrease) in accounts payable and accrued expenses | (25) |  |  | (1,493) |
Increase (Decrease) in deferred revenue | 3,191 |  |  | (897) |
Net cash provided by (used in) operating activities | 2,147 |  |  | (1,373) |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
Purchases of property and equipment | (44) |  |  | (47) |
Proceeds from maturity of short-term investments | — |  |  | 5,000 |
Software development costs | (210) |  |  | (1,833) |
Net cash (used in) provided by investing activities | (254) |  |  | 3,120 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
Proceeds from exercises of stock options | 854 |  |  | 20 |
Repayment of insurance financing arrangements | (190) |  |  | — |
Net cash provided by financing activities | 664 |  |  | 20 |
Net increase in cash | 2,557 |  |  | 1,767 |
CASH, beginning of period | 4,666 |  |  | 3,980 |
CASH, end of period | $ | 7,223 |  |  | $ | 5,747 |
Supplemental disclosures of cash flow information: |  |  |
Cash paid for interest | $ | (4) |  |  | $ | — |
Cash paid for income taxes | $ | — |  |  | $ | — |

See accompanying notes to unaudited condensed financial statements.
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INTELLICHECK, INC.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
(All dollar amounts are rounded to thousands, except share and per share data)
(Unaudited)
1. NATURE OF BUSINESS
Business
Intellicheck, Inc. (the “Company” or “Intellicheck”) is a prominent technology company that is engaged in developing, integrating and marketing identity verification solutions to address challenges that include commercial retail and banking fraud prevention. Intellicheck’s products include solutions for preventing identity fraud across any industry delivered via smartphone, tablet, POS integration or other electronic devices. Intellicheck continues to develop and release innovative products based upon its rich patent portfolio consisting of ten (10) U.S. and one Canadian patent.
Liquidity
For the nine months ended September 30, 2025, the Company incurred a net loss of $(279) and generated cash from operations of $2,147. As of September 30, 2025, the Company had cash and cash equivalents of $7,223, working capital (defined as current assets minus current liabilities) of $8,150 and an accumulated deficit of $(134,762). Based on the Company’s business plan and cash resources, Intellicheck expects its existing cash and future resources and revenues generated from operations to satisfy its working capital requirements for at least the next 12 months from the date of this report.
Reclassifications
Certain prior year amounts have been reclassified for consistency with the current quarter presentation. There was no impact to the statement of operations as a result of the change in presentation.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim financial statements furnished herein include all adjustments necessary for a fair presentation of the Company’s financial position at September 30, 2025, the results of operations, and stockholders’ equity for the three and nine months ended September 30, 2025 and 2024 and cash flows for the nine months ended September 30, 2025 and 2024. All such adjustments are of a normal and recurring nature. Interim financial statements are prepared on a basis consistent with the Company’s annual financial statements. Results of operations for the three and nine month periods ended September 30, 2025, are not necessarily indicative of the operating results that may be expected for the year ending December 31, 2025.
The condensed balance sheet as of December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements.
References in this Quarterly Report on Form 10-Q to “authoritative guidance” is to the Accounting Standards Codification ("ASC") issued by the Financial Accounting Standards Board (“FASB”).
For further information, refer to the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
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Recently Issued Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Improvements to Income Tax Disclosures (Topic 740), which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The new guidance requires consistent categorization and greater disaggregation of information in the rate reconciliation, as well as further disaggregation of income taxes paid. This change is effective for annual periods beginning after December 15, 2024. This change will apply on a prospective basis to annual financial statements for periods beginning after the effective date. However, retrospective application in all prior periods presented is permitted. The Company is currently evaluating the impact of this ASU on its financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendment requires new financial statement disclosures to provide disaggregated information for certain types of expenses, including employee compensation, depreciation, and amortization in commonly presented expense captions such as cost of revenue, sales and marketing, and general and administrative expenses. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the effect that the adoption of these standards will have on its financial statements.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets." This standard allows entities to apply a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, Revenue from Contracts with Customers. The standard is effective for all the entities for fiscal years beginning after after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted, and the standard is to be applied prospectively. The Company is currently evaluating the impact of the adoption of this standard.
In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software by replacing the previous stage-based model and aligning the capitalization process with current development practices, especially agile and iterative methods. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and may be applied prospectively, retrospectively, or using a modified transition approach. The Company is in process of evaluating the impact of the adoption of this ASU on its financial statements.
Use of Estimates
The preparation of the Company’s unaudited condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s unaudited condensed financial statements and accompanying notes.
Significant estimates and assumptions that affect amounts reported in the unaudited condensed financial statements include impairment consideration and valuation of goodwill and intangible assets including software development costs, revenue recognition (including breakage revenue), and the fair value of stock options granted under the Company’s equity compensation plan. Due to the inherent uncertainties involved in making estimates, actual results reported in future periods may be different from those estimates.
Research and Development
Research and development expenses are expensed as incurred and consist primarily of employee-related expenses (such as salaries, taxes, benefits and stock-based compensation), allocated overhead costs and outside services costs related to the development and improvement of the Company's SaaS applications.
Cash and Cash Equivalents
The Company classifies time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents. Our cash and cash equivalents consist primarily of both cash on deposits with banks, which are maintained with major financial institutions in the United States, and money market funds. These money market funds are invested in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to
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principal and interest by the U.S. Treasury, and repurchase agreements secured by such obligations or cash. These money market funds are rated AAAm by S&P Global Ratings. Deposit accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000, however amounts may exceed FDIC insured limits. The Company has not experienced any losses with regard to its bank accounts and other investments and believes it is not exposed to any risk of loss on its cash bank accounts or other investments.
Accounts Receivable, Net
Accounts receivable are reported on the balance sheets at the outstanding principal amount adjusted for an allowance for credit losses and any charge offs. Effective January 1, 2023, Intellicheck adopted ASU 2016-13, codified as ASC 326. This impacts how the allowance for credit losses is calculated. The Company has applied a loss rate method which takes historical data as the basis for calculating the allowance amount, along with the aging out outstanding receivables and other factors like current and forecasted market conditions, and potential future impacts to the industry. In estimating whether accounts receivable will be collected, the Company performs evaluations of customers and continuously monitors collections and payments and estimates an allowance for credit losses.
Property and Equipment, Net
Property and equipment are recorded at cost and are depreciated over their estimated useful lives ranging from three to seven years using the straight-line method. See Note 4.
Goodwill
Goodwill represents the excess of purchase price over the fair value of net assets acquired in business combinations. Pursuant to ASC 350, Intangibles - Goodwill and Other, the Company tests goodwill for impairment on an annual basis in the fourth quarter on December 31, or between annual tests, in certain circumstances. Under authoritative guidance, the Company first assesses qualitative factors to determine whether it is necessary to perform step one of the quantitative goodwill impairment test. An entity is not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. Events or changes in circumstances which could trigger an impairment review include macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, other entity specific events and sustained decreases in share price.
The Company performed its annual impairment test of goodwill in the fourth quarter for the year ended December 31, 2024. For the three and nine months ended September 30, 2025 and 2024, the Company determined no triggering events existed and as such no impairment charge was required.
Intangible Assets, net
Intangible assets include patents, copyrights, developed technology and capitalized software development costs. The Company amortizes these assets on a straight-line basis over their estimated useful lives, as it represents the pattern of economic benefits consumed. There were no impairment charges recognized during the three and nine months ended September 30, 2025 and 2024. See Note 5.
The Company capitalizes internal-use software costs which includes costs incurred in connection with the development of new software solutions and enhancements to existing software solutions that are expected to result in increased functionality. The costs incurred in the preliminary stages of development are expensed as incurred. Once the software has reached the application development stage, internal and external costs, if direct and incremental, are capitalized until the software is complete and available for its intended use. The Company evaluates the useful lives of these assets and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.
Long-Lived Assets and Impairment of Long-Lived Assets
The Company’s long-lived assets include property and equipment and intangible assets.
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets may not be fully recoverable in accordance with ASC 350, Intangibles – Goodwill and Other, and ASC 360, Property, Plant and Equipment. To determine recoverability of its long-lived assets, the
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Company evaluates the probability that future undiscounted net cash flows, without interest charges, will be less than the carrying amount of the assets. Impairment is measured at fair value. There were no impairments of long-lived assets for the periods presented.
Advertising Costs
Advertising costs, which are expensed as incurred, were $78 and $327 for the nine months ended September 30, 2025 and 2024, respectively. Advertising costs were $32 and $99 for the three months ended September 30, 2025 and 2024, respectively. These costs are recorded as a component of selling, general and administrative expenses within the condensed Statements of Operations.
Retirement Plan
The Company has a retirement savings 401(k) plan ("Retirement Plan"). The Retirement Plan permits eligible employees to make voluntary contributions to a trust, up to a maximum of 35% of compensation, subject to certain limitations. The Company has elected to contribute a matching contribution equal to 50% of the first 6% of an eligible employee’s deferral election. The Company’s matching contributions were $65 and $0 for the nine months ended September 30, 2025 and 2024, respectively. The Company’s matching contributions were $36 and $0 for the three months ended September 30, 2025 and 2024, respectively. During the three and nine months ended September 30, 2025 and 2024, funds from the Retirement Plan's forfeiture account were used to fund matching contributions in accordance with the terms of the Retirement Plan and as such, the Company recorded no expense in certain periods related to its retirement plans. These costs are recorded as a component of selling, general and administrative expenses within the condensed Statements of Operations.
Shipping Costs
The Company’s shipping and handling costs related to sales are included in cost of revenues for all periods presented. All other shipping and handling costs are included as a component of selling, general and administrative expenses within the condensed Statements of Operations.
Sales Taxes
Sales and other taxes collected from customers and remitted to governmental authorities are presented on a net basis and thus excluded from revenues.
Income Taxes
The Company accounts for income taxes in accordance with ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss carryforwards. Deferred tax assets and liabilities are measured using expected tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. The Company has recorded a full valuation allowance against its net deferred tax assets as of September 30, 2025 and December 31, 2024, as it is more likely than not these assets may not be fully realized due to the uncertainty of the realizability of those assets.
Fair Value of Financial Instruments
The Company adheres to the provisions of ASC 820, Fair Value Measurement, which requires the Company to calculate the fair value of financial instruments and include this additional information in the notes to financial statements when the fair value of those financial instruments is different than the book value. The Company’s financial instruments include cash and cash equivalents, accounts receivable, other current assets, accounts payable and accrued expenses. At September 30, 2025 and December 31, 2024, the carrying value of the Company’s financial instruments approximated fair value, due to their short-term nature.
FASB guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in
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active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement).
The three levels of the fair value hierarchy are as follows:

•Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities. The Company's Level 1 assets consisted primarily of cash and cash equivalents totaling $7,223 and $4,666 as of September 30, 2025 and December 31, 2024, respectively.
•Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active). Level 2 includes financial instruments that are valued using models or other valuation methodologies. The Company had no Level 2 assets or liabilities as of September 30, 2025 and December 31, 2024.
•Level 3—Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when the fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable. The Company had no Level 3 assets or liabilities as of September 30, 2025 and December 31, 2024.

Revenue Recognition and Deferred Revenue
General
Most license fees and services revenue are generated from a combination of fixed-price and per-scan contracts. Under the per-scan revenue model, customers are charged a fee each time the customer scans an identity document, such as a driver’s license, with the Company’s software. Under the fixed-price revenue model customers are charged a fixed monthly fee either per device or physical business location to access the Company’s software. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company measures revenue based on the consideration specified in a customer arrangement, and revenue is recognized when the performance obligations in an arrangement are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when, or as, the customer receives the benefit of the performance obligation. Customers typically receive the benefit of the Company’s services as they are performed. The Company's performance obligations are satisfied over time, and as a result, we follow the right to invoice practical expedient meaning we may recognize revenue monthly as invoiced based on its contract terms.
The Company has an additional revenue model where customers purchase a predetermined number of transactions for the term of the contract. Customers are charged a fixed monthly fee for a set number of scans (fixed consideration), with any overages charged on a per scan basis (variable consideration). The Company estimates the amount of unused transactions at the end of each contract period and recognizes a portion of that revenue as breakage revenue each reporting period. If the Company expects the customer to use all transactions in the specified service period, the Company will recognize the transaction price as revenue in the specified service period as the promised units of service are transferred to the customer. Alternatively, if the Company expects that the customer cannot or will not use all transactions in the specified service period (referred to as “breakage”), the Company will recognize the estimated breakage amount as revenue ratably over the service period in proportion to the revenue that the Company will recognize for actual transactions used by the customer in the service period. We do not estimate the variable consideration at any point; rather we calculate and recognize the variable portion at the end of the contract term since these contracts are considered monthly due to the termination clauses included within them. The fixed and variable performance obligations are recognized monthly based on the contract terms.
The Company has an additional revenue model where customers purchase access to the Company's platform that includes a fixed, non-refundable annual access fee associated with a spend commitment that grants the customers stand-ready access to the platform. Revenue for this access is recognized ratably over the contract term, consistent with the nature of the stand-ready service.
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Invoicing is based on schedules established in customer contracts. Payment terms are generally established from 30 to 60 days from the invoice date. Accordingly, the Company has determined that its contracts do not include a significant financing component. Product returns are estimated and recorded as a reduction to revenue, however, such amounts have been immaterial.
The Company has not capitalized any costs to obtain a contract as the period of amortization for these associated costs would have been recognized over a period that is one year or less and the Company elected the practical expedient to expense those costs as incurred.
Nature of goods and services
The following is a description of the products and services from which the Company generates revenue, as well as the nature, timing of satisfaction of performance obligations, and significant payment terms for each:
Software-as-a-Service (SaaS)
SaaS for hosted subscription services requires the Company to provide a stand-ready obligation and allows customers to access a set of data for a predetermined period of time. As the customer obtains access at a point in time but continues to have access for the remainder of the subscription period, the customer is considered to simultaneously receive and consume the benefits provided by the entity’s performance as the entity performs. Accordingly, the revenue should be recognized over time, under the fixed pricing model, based on the usage of the hosted subscription services, which can vary from month to month. Under the per-scan revenue model, the customer requires access to the Company's hosted subscription service but revenue is recognized over time as the customer scans an identity document.
Equipment Revenue
Revenue from the sale of equipment is recognized at a point in time. The point in time that the revenue is recognized is when the customer has control of the equipment, which is when the customer receives the benefit and the Company’s performance obligation has been satisfied. Depending on the contract terms, that could either be at the time the equipment is shipped or at the time the equipment is received.
Other Revenue
Other Revenues, which historically have not been material, consist primarily of revenues from other subscription and support services, and extended warranties. The Company’s revenues from other subscription and support services includes jurisdictional updates to certain commercial customers and support services. These subscriptions require continuing service or post contractual customer support and performance. As the customer obtains access at a point in time but continues to have access for the remainder of the subscription period, the customer is considered to simultaneously receive and consume the benefits provided by the Company’s performance as the Company performs. Accordingly, the revenue is recognized over time based on usage, which can vary from month to month. The revenue is typically based on a formula such as number of locations in a given month multiplied by a fee per location.
Extended warranty revenues are generated when a warranty is provided to the customer separately of other performance obligations when the equipment is sold. As the customer obtains access at a point in time and continues to have access for the remainder of the warranty term, the customer is considered to simultaneously receive and consume the benefits provided by the Company’s performance as the Company performs. The related revenue is recognized ratably over the specified term of the warranty period. The extended warranty is separate from the Company’s standard warranty that it receives from its vendor, which is typically one year.
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Disaggregation of revenue
In the following tables, revenue is disaggregated by product and service and the timing of revenue recognition.

| For the Three Months Ended September 30,
| 2025 |  | 2024
Products and services |  |  |
SaaS | $ | 5,868 |  |  | $ | 4,661 |
Equipment | 7 |  |  | 13 |
Other | 139 |  |  | 35 |
| $ | 6,014 |  |  | $ | 4,709 |
Timing of revenue recognition |  |  |
Products transferred at a point in time | $ | 7 |  |  | $ | 13 |
Services transferred over time | 6,007 |  |  | 4,696 |
| $ | 6,014 |  |  | $ | 4,709 |

| For the Nine Months Ended September 30,
| 2025 |  | 2024
Products and services |  |  |
SaaS | $ | 15,816 |  |  | $ | 13,896 |
Equipment | 13 |  |  | 109 |
Other | 202 |  |  | 55 |
| $ | 16,031 |  |  | $ | 14,060 |
Timing of revenue recognition |  |  |
Products transferred at a point in time | $ | 13 |  |  | $ | 109 |
Services transferred over time | 16,018 |  |  | 13,951 |
| $ | 16,031 |  |  | $ | 14,060 |

Contract balances
The current portion of deferred revenue at September 30, 2025 and December 31, 2024 was $4,192 and $1,001, respectively, and primarily consists of revenue recognized over time for software license contracts and hosted subscription services. The changes in these balances are related to purchases of a predetermined number of transactions, partially offset by the satisfaction or partial satisfaction of these contracts. Of the December 31, 2024 balance, $1,001 was recognized as revenue in the nine months ended September 30, 2025. Of the December 31, 2023 balance, $2,106 was recognized as revenue in the nine months ended September 30, 2024. Accounts receivable, net of allowance for credit losses, at September 30, 2025 and December 31, 2024 was $6,282 and $4,675, respectively. The allowance for credit losses at September 30, 2025 and December 31, 2024 was $104 and $100, respectively.
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Transaction price allocated to the remaining performance obligations
The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period:

| Remainder 2025 |  | 2026 |  | 2027 |  | Total
SaaS | $ | 1,210 |  |  | $ | 2,981 |  |  | $ | — |  |  | $ | 4,191 |
Other | 1 |  |  | — |  |  | — |  |  | 1 |
| $ | 1,211 |  |  | $ | 2,981 |  |  | $ | — |  |  | $ | 4,192 |

All consideration from contracts with customers is included in the amounts presented above and are classified as a short term liability.
Business Concentrations and Credit Risk
Financial instruments, which subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents. The Company maintains cash with three financial institutions. The Company performs periodic evaluations of the relative credit standing of these institutions.
The Company’s sales are principally made to large retail customers, financial institutions concentrated in the United States of America and to U.S. government entities. The Company performs ongoing credit evaluations, generally does not require collateral, and establishes an allowance for credit losses based upon factors surrounding the credit risk of customers, historical trends, and other market and economic information.
During the nine-month period ended September 30, 2025, the Company made sales to three customers that accounted for approximately 55% of total revenues, 29%, 17% and 9%, respectively, for each customer. The revenue was primarily associated with commercial identity sales customers. These three customers represented 62% of total accounts receivable at September 30, 2025, 41%, 16%, and 5%, respectively, for each customer. During the nine-month period ended September 30, 2024, the Company made sales to the same three customers that accounted for approximately 46% of total revenues, 19%, 15% and 12%, respectively for each customer. These three customers, in addition with one other customer, represented 47% of total accounts receivable at September 30, 2024, 30%, 1%, 6%, and 10%, respectively, for each customer.
Net Income (Loss) Per Share
Basic net income (loss) per share is computed by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock equivalents outstanding during the period. The dilutive effect of outstanding options and restricted stock is
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reflected in diluted earnings per share by application of the treasury stock method. The calculation of diluted net loss per share excludes all anti-dilutive shares. In periods of a net loss, all common stock equivalents are considered anti-dilutive.

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Numerator: |  |  |  |  |  |  |
Net income (loss) | $ | 290 |  |  | $ | (837) |  |  | $ | (279) |  |  | $ | (1,406) |
Denominator: |  |  |  |  |  |  |
Weighted average common shares – |  |  |  |  |  |  |
Basic | 20,136,539 |  | 19,499,174 |  | 19,917,413 |  | 19,390,258
Diluted | 20,790,257 |  | 19,499,174 |  | 19,917,413 |  | 19,390,258
Income (loss) per common share |  |  |  |  |  |  |
Basic/Diluted | $ | 0.01 |  |  | $ | (0.04) |  |  | $ | (0.01) |  |  | $ | (0.07) |

The following table summarizes the common stock equivalents excluded from net income (loss) per diluted share because their effect would be anti-dilutive:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Stock options | 70,127 |  | 1,483,007 |  | 1,295,752 |  | 1,483,007
Restricted stock units | — |  | 77,869 |  | 9,135 |  | 77,869
| 70,127 |  | 1,560,876 |  | 1,304,887 |  | 1,560,876

Segment Information
The Company adheres to the provisions of ASC 280, “Segment Reporting”. The Chief Executive Officer, as the chief operating decision maker ("CODM"), reviews the financial information presented for purposes of allocating resources and evaluating its financial performance. The key measure that the CODM uses to allocate resources and in assessing performance is the Company's net loss. Accordingly, the Company has determined that it operates in a single reportable segment. All of the Company’s assets are located in the United States. Since the Company operates in one operating segment, all required financial segment information can be found in the financial statements.
3. CASH EQUIVALENTS
Short-term investments include investments in U.S. treasury notes. Short-term investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents. Debt investments with original maturities at the date of purchase greater than approximately three months but less than one year
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are classified as short-term investments, as they represent the investment of cash available for current operations. All short-term investments that the Company holds are classified as "held-to-maturity".

| As of September 30, 2025
Amortized cost |  | Gross unrealized holding gains |  | Gross unrealized holding losses |  | Estimated fair value
Cash and cash equivalents | $ | 7,223 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,223 |
Total cash and cash equivalents | $ | 7,223 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,223 |

| As of December 31, 2024
Amortized cost |  | Gross unrealized holding gains |  | Gross unrealized holding losses |  | Estimated fair value
Cash and cash equivalents | $ | 4,666 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,666 |
Total cash and cash equivalents | $ | 4,666 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,666 |

The Company did not hold any securities that were in an unrealized loss position for more than 12 months as of September 30, 2025. There were no material realized gains or losses on these specific short-term investments during the three months ended September 30, 2025.
4. PROPERTY AND EQUIPMENT, NET
Property and equipment, net is summarized as follows:

| September 30, 2025 |  | December 31, 2024
Computer equipment and software | $ | 1,970 |  |  | $ | 1,930 |
Furniture and fixtures | 139 |  |  | 139 |
Office equipment | 634 |  |  | 631 |
| 2,743 |  |  | 2,700 |
Less – Accumulated depreciation | (2,307) |  |  | (2,164) |
| $ | 436 |  |  | $ | 536 |

Depreciation expense for the nine months ended September 30, 2025 and 2024 amounted to $144 and $139, respectively. Depreciation expense for the three months ended September 30, 2025 and 2024 amounted to $49 and $47, respectively.
5. INTANGIBLE ASSETS, NET
The changes in the carrying amount of intangible assets, net for the nine months ended September 30, 2025 were as follows:

Net balance at December 31, 2024 | $ | 2,374 |
Addition: Capitalized software costs | 213 |
Deduction: Amortization expense | (369) |
Net balance at September 30, 2025 | $ | 2,218 |

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The following tables set forth the components of intangible assets as of September 30, 2025 and December 31, 2024:

|  |  | As of September 30, 2025
| Estimated Useful Life |  | Adjusted Carrying Amount |  | Accumulated Amortization |  | Net
Patents and copyrights | 2-17 years |  | $ | 375 |  |  | $ | (344) |  |  | $ | 31 |
Developed technology | 5 years |  | 400 |  |  | (400) |  |  | — |
Software development | 5 years |  | $ | 2,667 |  |  | $ | (480) |  |  | $ | 2,187 |
|  |  | $ | 3,442 |  |  | $ | (1,224) |  |  | $ | 2,218 |

The Company has capitalized $210 in software development costs for the nine months ended September 30, 2025.

|  |  | As of December 31, 2024
| Estimated Useful Life |  | Adjusted Carrying Amount |  | Accumulated Amortization |  | Net
Patents and copyrights | 2-17 years |  | $ | 375 |  |  | $ | (325) |  |  | $ | 50 |
Developed technology | 5 years |  | 400 |  |  | (387) |  |  | 13 |
Software development | 5 years |  | $ | 2,455 |  |  | $ | (144) |  |  | 2,311 |
|  |  | $ | 3,230 |  |  | $ | (856) |  |  | $ | 2,374 |

The Company has capitalized $2,048 in software development costs for the year ended December 31, 2024.
The following summarizes amortization of intangible assets included in the accompanying condensed statements of operations:

| Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenues | $ | 137 |  |  | $ | 24 |  |  | $ | 362 |  |  | $ | 71 |
Selling, general and administrative | 3 |  |  | 3 |  |  | 7 |  |  | 8 |
Research and development | — |  |  | 57 |  |  | — |  |  | 57 |
| 140 |  |  | 84 |  |  | 369 |  |  | 136 |

The Company's estimated future amortization expense for intangible assets as of September 30, 2025 was as follows:

2025 | $ | 140 |
2026 | 549 |
2027 | 539 |
2028 | 534 |
2029 | 390 |
2030 | 66 |
| $ | 2,218 |

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6. DEBT
Revolving Line of Credit
On February 6, 2019, the Company entered into a revolving credit facility with Citi Personal Wealth Management that allows for borrowings up to the lesser of (i) $2,000 or (ii) the collateralized balance in the Company’s existing fixed income investment account with Citi Personal Wealth Management subject to certain limitations. The facility bears interest at a rate consistent with Citi Personal Wealth Management’s Base Rate (8.75% at September 30, 2025 and 9.00% at December 31, 2024) minus 2%. Interest is payable monthly and as of September 30, 2025 and December 31, 2024, there were no amounts outstanding and unused availability under this facility was $2,000. The Company is not subject to any financial covenants related to this revolving line of credit. This line will remain open as long as the Company keeps a depository relationship with the financial institution.
7. ACCRUED EXPENSES
Accrued expenses are comprised of the following:

| September 30, 2025 |  | December 31, 2024
Professional fees | $ | — |  |  | $ | 84 |
Payroll and related | 545 |  |  | 764 |
Incentive bonuses | 997 |  |  | 465 |
Sales tax accrual | 114 |  |  | 251 |
Insurance financing | — |  |  | 178 |
Other | 39 |  |  | — |
| $ | 1,695 |  |  | $ | 1,742 |

8. INCOME TAXES
Our available net operating loss (“NOL”) as of December 31, 2024 was approximately $28,500, of which $10,900 expires between 2035 and 2037. In accordance with the Tax Cuts and Jobs Act of 2017 (the "Tax Act"), U.S. NOLs arising in a tax year ending after 2017 in the amount of $17,600 will not expire, but are subject to 80% limitation on utilization. In addition to the NOLs, the Company has approximately $700 of research and development credits.
ASC 740 requires evaluation of uncertain tax positions and as of September 30, 2025 and December 31, 2024, the Company had no material uncertain tax positions.
9. STOCKHOLDERS' EQUITY
Stock-based Compensation
To retain and attract qualified personnel necessary for the success of the Company, the Company adopted the 2025 Omnibus Incentive Plan (the “Plan”) covering up to 2,000,000 of the Company’s common shares, pursuant to which officers, directors, key employees and consultants to the Company are eligible to receive incentive stock options, nonqualified stock options and restricted stock units. All the equity compensation plans prior to the Company’s 2025 Omnibus Incentive Plan have been closed. The Compensation Committee of the Board of Directors administers this Plan and determines the terms and conditions of stock options granted, including the exercise price. This Plan generally provides that all stock options will expire within ten years of the date of grant. Incentive stock options granted under this Plan must be granted at an exercise price that is not less than the fair market value per share at the date of the grant and the exercise price must not be less than 110% of the fair market value per share at the date of the grant for grants to persons owning more than 10% of the voting stock of the Company. This Plan also entitles non-employee directors to receive grants of non-qualified stock options as approved by the Board of Directors.
The Company accounts for the issuance of stock-based awards to employees in accordance with ASC Topic 718, Compensation - Stock Compensation, which requires that the cost resulting from all stock-based compensation payment transactions be recognized in the financial statements. This pronouncement establishes fair value as the measurement
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objective in accounting for stock-based compensation payment arrangements and requires all companies to apply a fair value based measurement method in accounting for all stock-based compensation payment transactions with employees. All stock-based compensation is included in operating expenses as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Compensation cost recognized: |  |  |  |  |  |  |
Selling, general and administrative | $ | 170 |  |  | $ | 220 |  |  | $ | 505 |  |  | $ | 601 |
Research and development | 34 |  |  | 17 |  |  | 78 |  |  | 41 |
| $ | 204 |  |  | $ | 237 |  |  | $ | 583 |  |  | $ | 642 |

Stock Options
The Company uses the Black-Scholes option pricing model to value the options on the grant date. The table below presents the weighted average expected life of the stock options in years. The Company uses the simplified method for all restricted stock units ("RSUs") and stock options to estimate the expected life of the option and assumes that stock options will be exercised evenly over the period from vesting until the awards expire. Volatility is determined using changes in historical stock prices. The interest rate for periods within the expected life of the award is based on U.S. Treasury yield curve in effect on the grant date. Options, generally, vest from one year to four years. The compensation expense is recognized over the requisite service period on a straight-line basis, reduced by forfeitures as they occur.
Stock option activity under the 2025 Plan during the period indicated below is as follows:

| Number of Shares Subject to Issuance |  | Weighted- average Exercise Price |  | Weighted- average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding at December 31, 2024 | 1,153,104 |  | $ | 2.94 |  |  | 3.88 years |  | $ | 536 |
Granted | 589,151 |  | 2.58 |  |  | – |  |  | – |
Forfeited, cancelled, or expired | (106,746) |  | 2.26 |  |  | – |  |  | – |
Exercised | (339,757) |  | $ | 2.51 |  |  | — |  | — |
Outstanding at September 30, 2025 | 1,295,752 |  | $ | 2.94 |  |  | 4.67 years |  | $ | 3,364 |
Exercisable at September 30, 2025 | 579,044 |  | $ | 3.53 |  |  | 2.76 years |  | $ | 1,407 |

The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had they all exercised their options on September 30, 2025. This amount changes based upon the fair market value of the Company’s stock.
Restricted Stock Units
The Company periodically issues RSUs which are equity-based instruments that are settled in shares of common stock of the Company. The Company issues RSUs to certain directors as compensation which vest with the passage of time. The vesting of all RSUs is contingent on continued board and employment services.
The compensation expense incurred by the Company for RSUs is based on the closing market price of the Company’s common stock on the date of grant, is amortized on a straight-line basis over the requisite service period and
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charged to operating expenses with a corresponding increase to additional paid-in capital, reduced by forfeitures when they occur.
RSU activity during the period indicated below is as follows:

| Number of RSUs |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024 | 37,957 |  | $ | 2.51 |
Granted | 45,139 |  | 3.99 |
Vested and settled in shares | (73,961) |  | 3.08 |
Outstanding at September 30, 2025 | 9,135 |  | $ | 5.20 |

As of September 30, 2025, there was approximately $3,442 of total unrecognized compensation costs, related to all unvested stock options and RSUs. These costs are expected to be recognized as compensation expense over a weighted-average period of approximately 2.19 years.
The Company had 1,990,865 shares available for future grants under the Company's equity compensation plans at September 30, 2025.
10. COMMITMENTS AND CONTINGENCIES
Leases
The Company leases an office in Melville, New York, on a month-to-month basis. Rent expense, which includes utilities, was $4 and $8 for the three months ended September 30, 2025 and 2024, respectively, and $18 and $23 for the nine months ended September 30, 2025 and 2024, respectively, and is included in selling, general and administrative expenses on the condensed Statements of Operations.
Loss Contingencies and Legal Costs
The Company accrues loss contingencies that are believed to be probable and can be reasonably estimated. As events evolve during the administration and litigation process and additional information becomes known, the Company reassesses its estimates related to loss contingencies. Legal costs are expensed in the period in which the costs are incurred.
Legal Proceedings
The Company is not aware of any infringement by our products or technology on the proprietary rights of others.
From time to time, the Company may be involved in lawsuits, claims, investigations and proceedings, consisting of intellectual property, commercial, employment and other matters, which arise in the ordinary course of business. In accordance with GAAP, the Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, ruling, advice of legal counsel and other information and events pertaining to a particular case. Litigation is inherently unpredictable. If any unfavorable ruling was to occur in any specific period or if a loss becomes probable and estimable, there exists the possibility of a material adverse impact on the Company’s results of operations, financial position or cash flows. As of September 30, 2025, no material amounts are recorded related to legal proceedings on the balance sheets.
Subsequent Events
The Company has evaluated subsequent events through the date these financial statements were issued and determined there are no subsequent events that require disclosure.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (All dollar amounts are rounded to thousands, except shares and per share data)
Forward Looking Statements
This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, particularly statements anticipating future growth in revenues, loss from operations and cash flow. Words such as “anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans,” “believes” and words and terms of similar substance used in connection with any discussion of future operating or financial performance identify forward-looking statements. These forward-looking 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 is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise. References made in this Quarterly Report on Form 10-Q to “we,” “our,” “us,” “Intellicheck,” or the “Company,” refer to Intellicheck, Inc.
The following discussion and analysis of our financial condition and results of operations constitutes management’s review of the factors that affected our financial and operating performance for the three months and nine months ended September 30, 2025. This discussion should be read in conjunction with the financial statements and notes thereto contained elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2024.
Overview
We are a prominent technology company engaged in developing, integrating and marketing identity verification solutions to address challenges that include commercial retail and banking fraud prevention. Our products include solutions for preventing identity fraud across any industry delivered via smartphone, tablet, POS integration or other electronic devices.
Critical Accounting Policies and the Use of Estimates
The preparation of our financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Significant estimates and assumptions that affect amounts reported in the financial statements include impairment consideration and valuation of goodwill and intangible assets including software development costs, revenue recognition (including breakage revenue), and the fair value of stock options under our stock-based compensation plans. Due to the inherent uncertainties involved in making estimates, actual results reported in future periods may be different from those estimates.
Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740), which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The new guidance requires consistent categorization and greater disaggregation of information in the rate reconciliation, as well as further disaggregation of income taxes paid. This change is effective for annual periods beginning after December 15, 2024. This change will apply on a prospective basis to annual financial statements for periods beginning after the effective date. However, retrospective application in all prior periods presented is permitted. The Company is currently evaluating the impact of this ASU on its financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendment requires new financial statement disclosures to provide disaggregated information for certain types of expenses, including employee compensation, depreciation, and amortization in commonly presented expense captions such as cost of revenue, sales and marketing, and general and administrative expenses. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the effect that the adoption of these standards will have on its financial statements.
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In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets." This standard allows entities to apply a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, Revenue from Contracts with Customers. The standard is effective for all the entities for fiscal years beginning after after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted, and the standard is to be applied prospectively. The Company is currently evaluating the impact of the adoption of this standard.
In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software by replacing the previous stage-based model and aligning the capitalization process with current development practices, especially agile and iterative methods. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and may be applied prospectively, retrospectively, or using a modified transition approach. The Company is in process of evaluating the impact of the adoption of this ASU on its financial statements.
Revenue Recognition and Deferred Revenue
SaaS fees and service revenue are generated from a combination of fixed-price and per-scan contracts. Under the per-scan revenue model, customers are charged a fee each time the customer scans an identity document, such as a driver’s license, with the Company’s software. Under the fixed-price revenue model customers are charged a fixed monthly fee either per device or physical business location to access the Company’s software. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company measures revenue based on the consideration specified in a customer arrangement, and revenue is recognized when the performance obligations in an arrangement are satisfied. A performance obligation is a promise in a contract to transfer a distinct service to the customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when, or as, the customer receives the benefit of the performance obligation. Customers typically receive the benefit of the Company’s services as they are performed. The Company's performance obligations are satisfied over time, and as a result, we may follow the right to invoice practical expedient meaning we recognize revenue monthly as invoiced based on our contract terms. Reference Note 2, “Significant Accounting Policies,” in the Notes to Unaudited Condensed Financial Statements for additional details on the Company’s recognized and deferred revenue.
Stock-Based Compensation
We account for the issuance of stock-based compensation awards to employees in accordance with ASC 718, Compensation – Stock Compensation, which requires that the cost resulting from all stock-based compensation payment transactions be recognized in the financial statements. This pronouncement establishes fair value as the measurement objective in accounting for stock-based compensation payment arrangements and requires all companies to apply a fair value-based measurement method in accounting for all stock-based compensation payment transactions with employees. Reference Note 9, “Stockholders' Equity,” in the Notes to Unaudited Condensed Financial Statements for details on the Company’s stock-based compensation plans.
Valuation of long-lived assets
Our long-lived assets include property and equipment, goodwill, and intangible assets. As of September 30, 2025, the balances of property and equipment, goodwill and intangible assets, all net of accumulated depreciation and amortization, were $436, $8,102 and $2,218, respectively. As of December 31, 2024, the balances of property and equipment, goodwill and intangible assets, all net of accumulated depreciation and amortization, were $536, $8,102 and 2,374, respectively. Reference Note 2, “Significant Accounting Policies”; Note 4, “Property and Equipment, Net”; and Note 5, “Goodwill and Intangible Assets” in the Notes to Financial Statements of the December 31, 2024 audited financial statements for details on the Company’s valuations of our long-lived assets.
Internal Use Capitalized Software
We capitalize certain costs related to the development of our platform and other software applications for internal use. In accordance with authoritative guidance, we begin to capitalize our costs to develop software when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. We stop capitalizing these costs when the software is substantially complete and ready for its intended use, including the completion of all significant
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testing. These costs are amortized on a straight-line basis over the estimated useful life of the related asset. We also capitalize costs related to specific upgrades and enhancements when it is probable the expenditure will result in additional functionality and expense costs incurred for maintenance and minor upgrades and enhancements. Costs incurred prior to meeting these criteria together with costs incurred for training and maintenance are expensed as incurred and recorded within research and development expenses in the statements of operations. We exercise judgment in determining the point at which various projects may be capitalized, in assessing the ongoing value of the capitalized costs and in determining the estimated useful lives over which the costs are amortized.
The above listing is not intended to be a comprehensive list of all of our accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by generally accepted accounting principles, with no need for management’s judgment in their application. There are also areas in which management’s judgment in selecting any available alternative would not produce a materially different result.
Results of Operations
(All dollar amounts are rounded to thousands, except share and per share data)
COMPARISON OF THE THREE MONTHS ENDED SEPTEMBER 30, 2025
TO THE THREE MONTHS ENDED SEPTEMBER 30, 2024
Revenues for the three months ended September 30, 2025 increased $1,305, or 28%, to approximately $6,014 compared to $4,709 for the same period of 2024. The increase in revenues is primarily the result of higher SaaS revenue for the current period. SaaS revenue, which consists of software licensed on a subscription basis, increased $1,207 or 26% to $5,868 for the three months ended September 30, 2025 compared to $4,661 for the same period of 2024.
Gross profit increased $1,158, or 27%, to $5,443 for three months ended September 30, 2025 from $4,285 for the same period of 2024. Our gross profit, as a percentage of revenues, was 91% for the three months ended September 30, 2025 and 2024.
Operating expenses, which consist of selling, general and administrative and research and development expenses, increased $10, or 0.2%, to $5,205 for the three months ended September 30, 2025 compared to $5,195 for the same period of 2024. The increase in operating expenses is primarily the result of less capitalization of research and development costs related to software development.
As a result of the factors noted above, the Company had a net income of $290 for the three months ended September 30, 2025 as compared to a net loss of $(837) for the three months ended September 30, 2024.
COMPARISON OF THE NINE MONTHS ENDED SEPTEMBER 30, 2025
TO THE NINE MONTHS ENDED SEPTEMBER 30, 2024
Revenues for the nine months ended September 30, 2025 increased $1,971, or 14%, to approximately $16,031 compared to $14,060 for the same period of 2024. The increase in revenues is primarily the result of higher SaaS revenue for the current period. SaaS revenue, which consists of software licensed as a service on a subscription basis, increased $1,920 or 14% to $15,816 for the nine months ended September 30, 2025 compared to $13,896 for the same period of 2024.
Gross profit increased $1,678, or 13%, to $14,435 for the nine months ended September 30, 2025 from $12,757 for the same period of 2024. Our gross profit, as a percentage of revenues, was 90% and 91% for the nine months ended September 30, 2025 and 2024, respectively.
Operating expenses, which consist of selling, general and administrative and research and development expenses, increased $452, or 3%, to $14,843 for the nine months ended September 30, 2025 compared to $14,391 for the same period of 2024. The increase in operating expenses is primarily the result of less capitalization of research and development costs related to software development.
As a result of the factors noted above, the Company had an improved net loss of $(279) for the nine months ended September 30, 2025 as compared to a net loss of $(1,406) for the nine months ended September 30, 2024.
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As the Company strategically transitions customers from existing usage-based contracts to access based contracts we expect that our balance sheet accounts related to accounts receivable and deferred revenue will fluctuate with the related contract conversions. This transition may also influence revenue trends, such as seasonality.
Liquidity and Capital Resources
As of September 30, 2025, we had cash and cash equivalents of $7,223, working capital (defined as current assets minus current liabilities) of $8,150, total assets of $25,257 and stockholders’ equity of $18,907.
During the nine months ended September 30, 2025, we generated cash of $2,147 in operating activities as compared to net cash of $(1,373) used in operating activities in the nine months ended September 30, 2024. Cash used in investing activities was $(254) for the nine months ended September 30, 2025 compared to cash provided by investing activities of $3,120 for the nine months ended September 30, 2024. Cash provided by financing activities was $664 for the nine months ended September 30, 2025 compared to net cash of $20 provided by financing activities for the nine months ended September 30, 2024.
We currently anticipate that our available cash, expected cash from operations and availability under the revolving line of credit, will be sufficient to meet our anticipated working capital and capital expenditure requirements for at least the next 12 months from the date of this report. Reference Note 6, “Debt,” in the Notes to Unaudited Condensed Financial Statements for details on the Company’s revolving line of credit.
We keep the option open to raise additional funds to respond to business contingencies which may include the need to fund more rapid expansion, fund additional marketing expenditures, develop new markets for our technology, enhance our operating infrastructure, respond to competitive pressures, or acquire complementary businesses or necessary technologies. There can be no assurance that we will be able to secure the additional funds when needed or obtain such on terms satisfactory to us, if at all.
The specific terms of any future offering, including the prices and use of proceeds, will be determined at the time of any such offering and will be described in detail in a prospectus supplement which will be filed with the SEC at the time of the offering.
We are not currently involved in any legal or regulatory proceeding, or arbitration, the outcome of which is expected to have a material effect on our business.
Net Operating Loss Carry Forwards
Our available net operating loss (“NOL”) as of December 31, 2024 was approximately $28,500, of which $10,900 expires between 2035 and 2037. In accordance with the Tax Cuts and Jobs Act of 2017 (the "Tax Act"), U.S. NOLs arising in a tax year ending after 2017 in the amount of $17,600 will not expire, but are subject to 80% limitation on utilization. In addition to the NOLs, the Company has approximately $700 of research and development credits.
Use of Non-GAAP Measures
Adjusted Gross Profit
We use Adjusted Gross Profit as a non-GAAP financial performance measurement. Adjusted Gross Profit is calculated by adjusting gross profit for the reduction of amortization expense. Adjusted Gross Profit is provided to investors to supplement the results of operations reported in accordance with GAAP. We believe Adjusted Gross Profit is important because it focuses on the current operating performance, as amortization expense does not accurately reflect the current costs required to maintain the operational usage of our service. Rather, amortization expense reflects the allocation of historical software development costs over their estimated useful lives.
As an indicator of our operating performance, Adjusted Gross Profit should not be considered an alternative to, or more meaningful than, gross profit as determined in accordance with GAAP. Our Adjusted Gross Profit may not be comparable to a similarly titled measure of another company because other entities may not calculate Adjusted Gross Profit in the same manner.
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The reconciliation of GAAP gross profit to Non-GAAP Adjusted Gross Profit is as follows:

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues | $ | 6,014 |  |  | $ | 4,709 |  |  | $ | 16,031 |  |  | $ | 14,060 |
Cost of revenues, exclusive of amortization | 434 |  |  | 400 |  |  | 1,234 |  |  | 1,232 |
Amortization allocable to cost of revenues | 137 |  |  | 24 |  |  | 362 |  |  | 71 |
Gross profit | 5,443 |  |  | 4,285 |  |  | 14,435 |  |  | 12,757 |
Add: |  |  |  |  |  |  |
Amortization allocable to cost of revenues | 137 |  |  | 24 |  |  | 362 |  |  | 71 |
Adjusted gross profit | 5,580 |  |  | 4,309 |  |  | 14,797 |  |  | 12,828 |
Gross profit as a percentage of revenues | 90.5 | % |  | 91.0 | % |  | 90.0 | % |  | 90.7 | %
Adjusted gross profit as a percentage of revenues | 92.8 | % |  | 91.5 | % |  | 92.3 | % |  | 91.2 | %

Adjusted EBITDA
We use Adjusted EBITDA as a non-GAAP financial performance measurement. Adjusted EBITDA is calculated by adjusting net loss for certain reductions such as restructuring severance expenses, interest and other income, provisions for income taxes, depreciation, amortization and stock-based compensation expense. Adjusted EBITDA is provided to investors to supplement the results of operations reported in accordance with GAAP. Management believes that Adjusted EBITDA provides an additional tool for investors to use in comparing our financial results with other companies that also use Adjusted EBITDA in their communications to investors. By excluding non-cash charges such as amortization, depreciation and stock-based compensation, as well as non-operating charges for interest and provisions for income taxes, investors can evaluate our operations and can compare the results on a more consistent basis to the results of other companies. In addition, Adjusted EBITDA is one of the primary measures management uses to monitor and evaluate financial and operating results.
We consider Adjusted EBITDA to be an important indicator of our operational strength and performance of our business and a useful measure of our historical operating trends. However, there are significant limitations to the use of Adjusted EBITDA since it excludes restructuring severance expenses, interest and other income, provisions for income taxes, stock-based compensation expense, all of which impact our profitability, as well as depreciation and amortization related to the use of long-term assets which benefit multiple periods. We believe that these limitations are compensated by providing Adjusted EBITDA only with GAAP net loss and clearly identifying the difference between the two measures. Consequently, Adjusted EBITDA should not be considered in isolation or as a substitute for net loss presented in accordance with GAAP. Adjusted EBITDA as defined by us may not be comparable with similarly named measures provided by other companies.
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The reconciliation of GAAP net income (loss) to Non-GAAP Adjusted EBITDA is as follows:

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income (loss) | $ | 290 |  |  | $ | (837) |  |  | $ | (279) |  |  | $ | (1,406) |
Reconciling items: |  |  |  |  |  |  |
Restructuring severance expenses | — |  |  | 376 |  |  | — |  |  | 376 |
Provision for income taxes | — |  |  | — |  |  | — |  |  | 2 |
Other income, net | (52) |  |  | (73) |  |  | (129) |  |  | (230) |
Depreciation and amortization | 189 |  |  | 130 |  |  | 513 |  |  | 275 |
Stock-based compensation, including liability classified awards | 204 |  |  | 237 |  |  | 583 |  |  | 642 |
Adjusted EBITDA | $ | 631 |  |  | $ | (167) |  |  | $ | 688 |  |  | $ | (341) |

Off-Balance Sheet Arrangements
We have not entered into any off-balance sheet financing arrangements and have not established any special purpose entities. We have not guaranteed any debt or commitments of other entities or entered into any options on non-financial assets.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Not applicable to smaller reporting companies.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of September 30, 2025 based on the guidelines established in the "Internal Control—Integrated Framework" (2013 framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). We maintain disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act that are designed to ensure that information required to be disclosed in our reports filed or submitted to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms, and that information is accumulated and communicated to management, including the principal executive and financial officer as appropriate, to allow timely decisions regarding required disclosures. Based on its assessment, management concluded that the Company's internal control over financial reporting was effective as of September 30, 2025.
Limitations on Effectiveness of Controls.
A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all controls systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving its objectives.
Changes in Internal Control over Financial Reporting
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There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2025 that has materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Part II - Other Information
Item 1. LEGAL PROCEEDINGS
While we are not currently involved in any material legal proceedings, from time-to-time we are, and we anticipate that we will be, involved in legal proceedings, claims, and litigation arising in the ordinary course of our business and otherwise. The ultimate costs to resolve any such matters could have a material adverse effect on our financial statements. The Company’s management believes, based on current information, matters currently pending or threatened are not expected to have a material adverse effect on the Company’s consolidated financial position or results of operations.
Item 1A. RISK FACTORS
In addition to the other information set forth in this report, investors should carefully consider the factors discussed under Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2024 (the “2024 Annual Report”). These factors could have a material adverse effect on our business, financial condition, liquidity, results of operations and capital position, and could cause our actual results to differ materially from our historical results or the results contemplated by the forward-looking statements contained in this report.
There have been no material changes to the risk factors described in Part I, Item 1A, “Risk Factors,” included in our 2024 Annual Report.
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None
Item 3. DEFAULTS UPON SENIOR SECURITIES
None
Item 4. MINE SAFETY DISCLOSURES
Not applicable.
Item 5. OTHER INFORMATION
Insider Adoption or Termination of Trading Arrangements:
During the three-months ended September 30, 2025, none of our directors or officers informed us of the adoption, modification or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.
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Item 6. EXHIBITS
(a)The following exhibits are filed as part of the Quarterly Report on Form 10-Q:

Exhibit No. |  | Description
31.1* |  | Rule 13a-14(a) Certification of Chief Executive Officer
31.2* |  | Rule 13a-14(a) Certification of Chief Financial Officer
32* |  | 18 U.S.C. Section 1350 Certifications
101.INS* |  | XBRL Instance Document
101.SCH* |  | XBRL Taxonomy Extension Schema
101.CAL* |  | XBRL Taxonomy Extension Calculation Linkbase
101.DEF* |  | XBRL Taxonomy Extension Definition Linkbase
101.LAB* |  | XBRL Taxonomy Extension Label Linkbase
101.PRE* |  | XBRL Taxonomy Extension Presentation Linkbase
104* |  | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

*Filed herewith.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: | November 12, 2025 | INTELLICHECK, INC.
|  | By: | /s/ Bryan Lewis
|  |  | Bryan Lewis
|  |  | President and Chief Executive Officer
|  |  | (Principal Executive Officer)
|  | By: | /s/ Adam Sragovicz
|  |  | Adam Sragovicz
|  |  | Chief Financial Officer

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