# EDGAR Filing Document

**Accession Number:** 0001040896
**File Stem:** 0001040896-26-000020
**Filing Date:** 2026-5
**Character Count:** 99343
**Document Hash:** 746fb338419d5414d2063cbf1f3e0a6f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001040896-26-000020.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001040896-26-000020

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Intellicheck, Inc.
- **CENTRAL INDEX KEY:** 0001040896
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 113234779
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15465
- **FILM NUMBER:** 26968778

**BUSINESS ADDRESS:**
- **STREET 1:** 200 BROADHOLLOW ROAD
- **STREET 2:** SUITE 207
- **CITY:** MELVILLE
- **STATE:** NY
- **ZIP:** 11747
- **BUSINESS PHONE:** 516-992-1900

**MAIL ADDRESS:**
- **STREET 1:** 200 BROADHOLLOW ROAD
- **STREET 2:** SUITE 207
- **CITY:** MELVILLE
- **STATE:** NY
- **ZIP:** 11747

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Intellicheck Mobilisa, Inc.
- **DATE OF NAME CHANGE:** 20100527

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Intelli Check Mobilisa, Inc
- **DATE OF NAME CHANGE:** 20080319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTELLI CHECK INC
- **DATE OF NAME CHANGE:** 19990917

?xml version='1.0' encoding='ASCII'? idn-20260331

<u>[Index](#if9e2bec4e2d8468ba9a0440af13a22f0_7)</u>

**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 March 31, 2026

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.: <u>001-15465</u>

**<u>Intellicheck, Inc.</u>**

(Exact name of Registrant as specified in its charter)

---

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

---

Registrant's telephone number, including area code: (<u>516</u>) <u>992-1900</u>

---

| | | |
|:---|:---|:---|
| 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 May 12, 2026, there were 20,251,221 shares of Common Stock, $0.001 par value, outstanding.

------

<u>[Index](#if9e2bec4e2d8468ba9a0440af13a22f0_7)</u>

**INTELLICHECK, INC.**

Index

---

| | |
|:---|:---|
| | Page |
| <u>[PART I – FINANCIAL INFORMATION](#if9e2bec4e2d8468ba9a0440af13a22f0_10)</u> | [3](#if9e2bec4e2d8468ba9a0440af13a22f0_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1. Unaudited Condensed Financial Statements](#if9e2bec4e2d8468ba9a0440af13a22f0_13)</u> | [3](#if9e2bec4e2d8468ba9a0440af13a22f0_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Balance Sheets – March 31, 2026 (Unaudited) and December 31, 2025](#if9e2bec4e2d8468ba9a0440af13a22f0_16)</u> | [3](#if9e2bec4e2d8468ba9a0440af13a22f0_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Unaudited Condensed Statements of Operations for the three months ended March 31, 2026 and 2025](#if9e2bec4e2d8468ba9a0440af13a22f0_19)</u> | [4](#if9e2bec4e2d8468ba9a0440af13a22f0_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Unaudited Condensed Statements of Stockholders' Equity for the three months ended March 31, 2026 and 2025](#if9e2bec4e2d8468ba9a0440af13a22f0_22)</u> | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Unaudited Condensed Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#if9e2bec4e2d8468ba9a0440af13a22f0_25)</u> | [6](#if9e2bec4e2d8468ba9a0440af13a22f0_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Unaudited Condensed Financial Statements](#if9e2bec4e2d8468ba9a0440af13a22f0_28)</u> | [7](#if9e2bec4e2d8468ba9a0440af13a22f0_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#if9e2bec4e2d8468ba9a0440af13a22f0_64)</u> | [21](#if9e2bec4e2d8468ba9a0440af13a22f0_64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#if9e2bec4e2d8468ba9a0440af13a22f0_88)</u> | [25](#if9e2bec4e2d8468ba9a0440af13a22f0_88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 4. Controls and Procedures](#if9e2bec4e2d8468ba9a0440af13a22f0_91)</u> | [25](#if9e2bec4e2d8468ba9a0440af13a22f0_91) |
| <u>[Part II – OTHER INFORMATION](#if9e2bec4e2d8468ba9a0440af13a22f0_94)</u> | [26](#if9e2bec4e2d8468ba9a0440af13a22f0_94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1. Legal Proceedings](#if9e2bec4e2d8468ba9a0440af13a22f0_97)</u> | [26](#if9e2bec4e2d8468ba9a0440af13a22f0_97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1A. Risk Factors](#if9e2bec4e2d8468ba9a0440af13a22f0_100)</u> | [26](#if9e2bec4e2d8468ba9a0440af13a22f0_100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#if9e2bec4e2d8468ba9a0440af13a22f0_103)</u> | [26](#if9e2bec4e2d8468ba9a0440af13a22f0_103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 3. Defaults Upon Senior Securities](#if9e2bec4e2d8468ba9a0440af13a22f0_106)</u> | [26](#if9e2bec4e2d8468ba9a0440af13a22f0_106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 4. Mine Safety Disclosures](#if9e2bec4e2d8468ba9a0440af13a22f0_109)</u> | [26](#if9e2bec4e2d8468ba9a0440af13a22f0_109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 5. Other Information](#if9e2bec4e2d8468ba9a0440af13a22f0_112)</u> | [26](#if9e2bec4e2d8468ba9a0440af13a22f0_112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 6. Exhibits](#if9e2bec4e2d8468ba9a0440af13a22f0_115)</u> | [27](#if9e2bec4e2d8468ba9a0440af13a22f0_115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Signatures](#if9e2bec4e2d8468ba9a0440af13a22f0_118)</u> | [28](#if9e2bec4e2d8468ba9a0440af13a22f0_118) |

---

Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 31.1 | <u>[Rule 13a-14(a) Certification of Chief Executive Officer](idn-20260331xexx311.htm)</u> |
| 31.2 | <u>[Rule 13a-14(a) Certification of Chief Financial Officer](idn-20260331xexx312.htm)</u> |
| 32 | <u>[U.S.C. Section 1350 Certifications](idn-20260331xexx32.htm)</u> |
| 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) |

---

------

<u>[Index](#if9e2bec4e2d8468ba9a0440af13a22f0_7)</u>

**PART I – FINANCIAL INFORMATION**

**Item 1. FINANCIAL STATEMENTS**

**INTELLICHECK, INC.** 

**CONDENSED BALANCE SHEETS** 

(In thousands, except share and per share amounts)

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| | (Unaudited) | |
| ASSETS |  |  |
| CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $10062 | $9650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $157 at March 31, 2026 and December 31, 2025 | 5740 | 3365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 893 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 16695 | 13907 |
| PROPERTY AND EQUIPMENT, NET | 374 | 394 |
| GOODWILL | 8102 | 8102 |
| INTANGIBLE ASSETS, NET | 1937 | 2077 |
| OTHER ASSETS | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $27109 | $24481 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| CURRENT LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $425 | $226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 2229 | 1897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 2922 | 1661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 5576 | 3784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5576 | 3784 |
| COMMITMENTS AND CONTINGENCIES (Note 10) |  |  |
| STOCKHOLDERS' EQUITY: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock - $0.01 par value; 30,000 shares authorized; Series A convertible preferred stock, zero shares issued and outstanding at March 31, 2026 and December 31, 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock - $0.001 par value; 40,000,000 shares authorized; 20,239,060 and 20,225,323 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 154087 | 153887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (132574) | (133210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 21533 | 20697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $27109 | $24481 |

---

See accompanying notes to unaudited condensed financial statements.

------

<u>[Index](#if9e2bec4e2d8468ba9a0440af13a22f0_7)</u>

**INTELLICHECK, INC.**

**CONDENSED STATEMENTS OF OPERATIONS**

(In thousands, except share and per share amounts)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | Three months ended March 31, | Three months ended March 31, |
| | 2026 | 2025 |
| REVENUES | $5524 | $4894 |
| COST OF REVENUES | (499) | (502) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 5025 | 4392 |
| OPERATING EXPENSES |  |  |
| Selling, general and administrative | 3242 | 3453 |
| Research and development | 1241 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 4483 | 4740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | 542 | (348) |
| OTHER INCOME AND EXPENSE |  |  |
| Other income, net | 94 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income, net | 94 | 30 |
| Net income (loss) before provision for income taxes | 636 | (318) |
| Provision for income taxes |  |  |
| Net income (loss) | $636 | $(318) |
| PER SHARE INFORMATION |  |  |
| Income (loss) per common share - |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.03 | $(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.03 | $(0.02) |
| Weighted average common shares used in computing per share amounts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 20236880 | 19816043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 20850957 | 19816043 |

---

See accompanying notes to unaudited condensed financial statements.

------

<u>[Index](#if9e2bec4e2d8468ba9a0440af13a22f0_7)</u>

**INTELLICHECK, INC.**

**CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY**

(In thousands, except number of shares)

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three months ended March 31, 2026 | Three months ended March 31, 2026 | Three months ended March 31, 2026 | Three months ended March 31, 2026 | Three months ended March 31, 2026 |
| | Common Stock | Common Stock | Additional<br>Paid-in<br>Capital | Accumulated<br>Deficit | Total<br>Stockholders'<br>Equity |
| | Shares | Amount | Additional<br>Paid-in<br>Capital | Accumulated<br>Deficit | Total<br>Stockholders'<br>Equity |
| BALANCE, December 31, 2025 | 20225323 | $20 | $153887 | $(133210) | $20697 |
| Stock-based compensation | – | – | 200 | – | 200 |
| Issuance of shares for vested<br>&nbsp;&nbsp;&nbsp;&nbsp; restricted stock grants | 13737 | – | – | – | – |
| Net income | – | – | – | 636 | 636 |
| BALANCE, March 31, 2026 | 20239060 | $20 | $154087 | $(132574) | $21533 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three months ended March 31, 2025 | Three months ended March 31, 2025 | Three months ended March 31, 2025 | Three months ended March 31, 2025 | Three months ended March 31, 2025 |
| | Common Stock | Common Stock | Additional<br>Paid-in<br>Capital | Accumulated<br>Deficit | Total<br>Stockholders'<br>Equity |
| | Shares | Amount | Additional<br>Paid-in<br>Capital | Accumulated<br>Deficit | Total<br>Stockholders'<br>Equity |
| BALANCE, December 31, 2024 | 19782311 | $19 | $152211 | $(134483) | $17747 |
| Stock-based compensation | – | – | 179 | – | 179 |
| Issuance of shares for vested<br>&nbsp;&nbsp;&nbsp;&nbsp; restricted stock grants | 33732 | – | – | – | – |
| Net loss | – | – | – | (318) | (318) |
| BALANCE, March 31, 2025 | 19816043 | $19 | $152390 | $(134801) | $17608 |

---

See accompanying notes to unaudited condensed financial statements.

------

<u>[Index](#if9e2bec4e2d8468ba9a0440af13a22f0_7)</u>

**INTELLICHECK, INC.**

**CONDENSED STATEMENTS OF CASH FLOWS**

(In thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | Three months ended March 31, | Three months ended March 31, |
| | 2026 | 2025 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $636 | $(318) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 193 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 200 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit loss expense | 16 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) in accounts receivable | (2391) | (2846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) in other current assets and other assets | (2) | (200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accounts payable and accrued expenses | 532 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in deferred revenue | 1261 | 3518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 445 | 750 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (33) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Software development costs |  | (164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (33) | (173) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of insurance financing arrangements |  | (95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities |  | (95) |
| Net increase in cash | 412 | 482 |
| CASH AND CASH EQUIVALENTS, beginning of period | 9650 | 4666 |
| CASH AND CASH EQUIVALENTS, end of period | $10062 | $5148 |
| Supplemental disclosures of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $— | $(3) |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes | $— | $— |

---

See accompanying notes to unaudited condensed financial statements.

------

<u>[Index](#if9e2bec4e2d8468ba9a0440af13a22f0_7)</u>

**INTELLICHECK, INC.**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

(All dollar amounts are rounded to thousands, except share and per share data)

(Unaudited)

1. <u>NATURE OF BUSINESS</u>

<u>Business</u>

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 (1) Canadian patent.

<u>Liquidity</u>

For the three months ended March 31, 2026, the Company realized a net income of $636 and generated cash from operations of $445. As of March 31, 2026, the Company had cash and cash equivalents of $10,062, working capital (defined as current assets minus current liabilities) of $11,119 and an accumulated deficit of $(132,574). 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 issuance of these audited condensed financial statements.

2. <u>SIGNIFICANT ACCOUNTING POLICIES</u>

<u>Basis of Presentation</u>

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 March 31, 2026, the results of operations, and stockholders' equity for the three months ended March 31, 2026 and 2025 and cash flows for the three months ended March 31, 2026 and 2025. 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 month periods ended March 31, 2026, are not necessarily indicative of the operating results that may be expected for the year ending December 31, 2026.

The condensed balance sheet as of December 31, 2025 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, 2025.

<u>Recently Adopted Accounting Pronouncements</u>

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 December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted, and the standard is to be applied prospectively. We adopted ASU 2025-05 in the first quarter of 2026

------

<u>[Index](#if9e2bec4e2d8468ba9a0440af13a22f0_7)</u>

and elected to apply the practical expedient provided in ASC 326-20-30-10C. The adoption did not have a material impact on our consolidated financial statements and related disclosures.

<u>Recently Issued Accounting Pronouncements</u>

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 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.

<u>Use of Estimates</u>

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), the fair value of stock options granted under the Company's equity compensation plan, and the valuation allowance of our deferred tax assets . Due to the inherent uncertainties involved in making estimates, actual results reported in future periods may be different from those estimates.

<u>Research and Development</u>

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.

<u>Cash and Cash Equivalents</u>

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 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.

<u>Accounts Receivable, Net</u>

Accounts receivable are reported on the balance sheets at the outstanding principal amount adjusted for an allowance for credit losses and any charge offs. 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. In estimating whether

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accounts receivable will be collected, the Company performs evaluations of customers and continuously monitors collections and payments and estimates an allowance for credit losses.

<u>Property and Equipment, Net</u>

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.

<u>Goodwill</u>

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, 2025. For the three months ended March 31, 2026 and 2025, the Company did not recognize any impairment charges.

<u>Intangible assets, net</u>

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 months ended March 31, 2026 and 2025. 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.

<u>Long-Lived Assets and Impairment of Long-Lived Assets</u>

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 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.

<u>Advertising Costs</u>

Advertising costs, which are expensed as incurred, were $64 and $25 for the three months ended March 31, 2026 and 2025, respectively. These costs are recorded as a component of selling, general and administrative expenses within the condensed Statements of Operations.

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<u>Retirement Plan</u>

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 100% of the first 3% and 50% of the next 2% of an eligible employee's deferral election. The Company's matching contributions were $48 and $0 for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2025, 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.

<u>Shipping Costs</u>

The Company's shipping and handling costs related to equipment 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.

<u>Sales Taxes</u>

Sales and other taxes collected from customers and remitted to governmental authorities are presented on a net basis and thus excluded from revenues.

<u>Income Taxes</u>

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 March 31, 2026 and December 31, 2025, as it is more likely than not these assets may not be fully realized due to the uncertainty of the realizability of those assets. Management continues to evaluate positive and negative evidence related to the realizability of deferred tax assets, including recent operating results and forecasts of future taxable income.

<u>Fair Value of Financial Instruments</u>

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 March 31, 2026 and December 31, 2025, 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 active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement).

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The three levels of the fair value hierarchy are as follows:

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 $10,062 and $9,650 as of March 31, 2026 and December 31, 2025, respectively. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 March 31, 2026 and December 31, 2025. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 March 31, 2026 and December 31, 2025. |

---

<u>Revenue Recognition and Deferred Revenue</u>

*<u>General</u>*

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.

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

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significant financing component. Product returns are estimated and recorded as a reduction to revenue, however, such amounts have been immaterial.

*<u>Nature of goods and services</u>*

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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*<u>Disaggregation of revenue</u>*

In the following tables, revenue is disaggregated by product and service and the timing of revenue recognition.

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Products and services** |  |  |
| SaaS | $5514 | $4868 |
| Equipment | 6 | 6 |
| Other | 4 | 20 |
|  | $5524 | $4894 |
| **Timing of revenue recognition** |  |  |
| Products transferred at a point in time | $6 | $6 |
| Services transferred over time | 5518 | 4888 |
|  | $5524 | $4894 |

---

*<u>Contract balances</u>*

The deferred revenue at March 31, 2026 and December 31, 2025 was $2,922 and $1,661, respectively, and primarily consists of revenue to be earned that is 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, 2025 balance, $1,224 was recognized as revenue in the three months ended March 31, 2026. Accounts receivable, net of allowance for credit losses, at March 31, 2026 and December 31, 2025 was $5,740 and $3,365, respectively. The allowance for credit losses at March 31, 2026 and December 31, 2025 was $157.

*<u>Transaction price allocated to the remaining performance obligations</u>*

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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Remainder<br>2026** | **2027** | **2028** | **Total** |
| SaaS | $2658 | $263 | $— | $2921 |
| Other | 1 |  |  | 1 |
|  | $2659 | $263 | $— | $2922 |

---

All consideration from contracts with customers is included in the amounts presented above and is classified as a short term liability.

<u>Business Concentrations and Credit Risk</u> 

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.

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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 three-month period ended March 31, 2026, the Company made sales to three customers that accounted for approximately 55% of total revenues, 27%, 17% and 11%, respectively, for each customer. The revenue was primarily associated with commercial identity sales customers. These three customers represented 74% of total accounts receivable at March 31, 2026, 50%, 17%, and 7%, respectively, for each customer. During the three-month period ended March 31, 2025, the Company made sales to three customers that accounted for approximately 56% of total revenues, 28%, 19% and 9%, respectively for each customer. These three customers represented 81% of total accounts receivable at March 31, 2025, 64%, 13%, and 4%, respectively, for each customer.

<u>Net Income (Loss) Per Share</u>

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 income (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 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 <br>March 31,** | **Three Months Ended <br>March 31,** |
| | **2026** | **2025** |
| Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $636 | $(318) |
| Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average common shares – |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 20236880 | 19816043 |
| &nbsp;&nbsp;&nbsp;Diluted | 20850957 | 19816043 |
| &nbsp;&nbsp;&nbsp;Income (loss) per common share |  |  |
| &nbsp;&nbsp;&nbsp;Basic/Diluted | $0.03 | $(0.02) |

---

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

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Stock options | 552651 | 1136854 |
| Restricted stock units | 12161 | 28544 |
|  | 564812 | 1165398 |

---

<u>Segment Information</u>

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 income (loss). Accordingly, the Company has determined that it operates in a single

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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.&nbsp;&nbsp;&nbsp;&nbsp;<u>CASH EQUIVALENTS</u>

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 are classified as short-term investments, as they represent the investment of cash available for current operations.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Amortized cost** | **Gross unrealized holding gains** | **Gross unrealized holding losses** | **Estimated fair value** |
| Cash and cash equivalents | $10062 | $— | $— | $10062 |
| Total cash and cash equivalents | $10062 | $— | $— | $10062 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Amortized cost** | **Gross unrealized holding gains** | **Gross unrealized holding losses** | **Estimated fair value** |
| Cash and cash equivalents | $9650 | $— | $— | $9650 |
| Total cash and cash equivalents | $9650 | $— | $— | $9650 |

---

The Company did not hold any securities that were in an unrealized loss position for more than 12 months as of March 31, 2026. There were no material realized gains or losses on these specific short-term investments during the three months ended March 31, 2026.

4. <u>PROPERTY AND EQUIPMENT, NET</u>

Property and equipment, net is summarized as follows:

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| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| Computer equipment and software | $2010 | $1977 |
| Furniture and fixtures | 139 | 139 |
| Office equipment | 636 | 636 |
|  | 2785 | 2752 |
| Less – Accumulated depreciation | (2411) | (2358) |
|  | $374 | $394 |

---

Depreciation expense for the three months ended March 31, 2026 and 2025 amounted to $53 and $47, respectively.

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5. <u>INTANGIBLE ASSETS, NET</u>

The changes in the carrying amount of intangible assets, net for the three months ended March 31, 2026 were as follows:

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| | |
|:---|:---|
| Net balance at December 31, 2025 | $2077 |
| Addition |  |
| Deduction: Amortization expense | (140) |
| Net balance at March 31, 2026 | $1937 |

---

The following tables set forth the components of intangible assets as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| |<br>**Estimated<br>Useful<br>Life** | **Adjusted<br>Carrying<br>Amount** | **Accumulated <br>Amortization** | **Net** |
| Patents and copyrights | 2-17 years | $375 | $(357) | $18 |
| Developed technology | 5 years | 400 | (400) |  |
| Software development | 5 years | $2667 | $(748) | $1919 |
|  |  | $3442 | $(1505) | $1937 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| |<br>**Estimated<br>Useful<br>Life** | **Adjusted<br>Carrying<br>Amount** | **Accumulated <br>Amortization** | **Net** |
| Patents and copyrights | 2-17 years | $375 | $(351) | $24 |
| Developed technology | 5 years | 400 | (400) |  |
| Software development | 5 years | $2667 | $(614) | 2053 |
|  |  | $3442 | $(1365) | $2077 |

---

The following summarizes amortization of intangible assets included in the accompanying condensed statements of operations:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Cost of revenues | $137 | $103 |
| Selling, general and administrative | 3 | 3 |
|  | 140 | 106 |

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<u>[Index](#if9e2bec4e2d8468ba9a0440af13a22f0_7)</u>

The Company's estimated future amortization expense for intangible assets as of March 31, 2026 was as follows:

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| | |
|:---|:---|
| 2026 | 409 |
| 2027 | 539 |
| 2028 | 533 |
| 2029 | 389 |
| 2030 | 67 |
|  | $1937 |

---

6. <u>DEBT</u>

As of March 31, 2026 and December 31, 2025, the Company had no outstanding debt, borrowings, or credit facilities. The Company has not entered into any credit agreements, revolving credit facilities, term loans, or other debt arrangements.

7. <u>ACCRUED EXPENSES</u>

Accrued expenses are comprised of the following:

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| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| Professional fees | $50 | $37 |
| Payroll and related | 499 | 524 |
| Incentive bonuses | 1557 | 1171 |
| Sales tax accrual and other | 123 | 165 |
|  | $2229 | $1897 |

---

8. <u>INCOME TAXES</u>

The Company maintains a full valuation allowance against its deferred tax assets, as management has concluded that it is not more-likely-than-not that such assets will be realized. Although the Company generated pretax income during the current quarter, no income tax expense has been recognized, as the tax effect of current-period taxable income is fully offset by the valuation allowance. Our available net operating loss ("NOL") as of December 31, 2025 was approximately $30,520, of which $10,892 expires between 2035 and 2037. The remaining $19,628 was generated after 2017 and may be carried forward indefinitely, subject to an annual limitation of 80% of taxable income under the Tax Cuts and Jobs Act of 2017.

The Company also had state NOL carryforwards of approximately $3,670 as of December 31, 2025, which expire at various dates depending on the jurisdiction.

The Company had federal research and development tax credit carryforwards of approximately $682 as of December 31, 2025, which expire at various dates through 2041 if not utilized.

ASC 740 requires evaluation of uncertain tax positions and as of March 31, 2026, there were no material changes to the uncertain tax positions in the quarter.

9. <u>STOCKHOLDERS' EQUITY</u>

<u>Stock-based Compensation</u>

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 Plan have been closed. The Compensation Committee of the Board of Directors administers this Plan and determines the terms and conditions of

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stock options granted, including the exercise price. The Plan generally provides that all stock options will expire within ten years of the date of grant. Incentive stock options granted under the 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. The Plan also entitles non-employee directors to receive grants of non-qualified stock options and restricted stock units as approved by the Board of Directors.

The Company accounts for the issuance of stock-based awards to employees and non-employee directors 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 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:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Compensation cost recognized: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | $169 | $167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 31 | 10 |
|  | $200 | $177 |

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<u>Stock Options</u>

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 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 Plan during the period indicated below is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares<br>Subject to<br>Issuance** | **Weighted-<br>average<br>Exercise<br>Price** | **Weighted-<br>average<br>Remaining Contractual<br>Term** | **Aggregate<br>Intrinsic<br>Value** |
| Outstanding at December 31, 2025 | 1176420 | $3.00 | 4.44 years | $4663 |
| Granted | 552651 | 5.60 | – | – |
| Forfeited, cancelled, or expired | (70127) | 11.50 | – | – |
| Exercised |  |  |  |  |
| Outstanding at March 31, 2026 | 1658944 | $3.51 | 5.31 years | $5774 |
| Exercisable at March 31, 2026 | 566875 | $2.44 | 2.68 years | $2580 |

---

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 March 31, 2026. This amount changes based upon the fair market value of the Company's stock.

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<u>Restricted Stock Units (RSUs)</u>

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. The vesting of all RSUs is contingent on continued board 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 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<br>RSUs** | **Weighted<br>Average<br>Grant Date<br>Fair Value** |
| Outstanding at December 31, 2025 | 13737 | $6.37 |
| &nbsp;&nbsp;&nbsp;Granted | 12161 | 6.99 |
| &nbsp;&nbsp;&nbsp;Vested and settled in shares | (13737) | 6.37 |
| Outstanding at March 31, 2026 | 12161 | $6.99 |

---

As of March 31, 2026, there was approximately $2,755 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 2.59 years.

The Company had 1,412,316 shares available for future grants under the Company's equity compensation plans at March 31, 2026.

10. <u>COMMITMENTS AND CONTINGENCIES</u>

<u>Leases</u>

The Company leases an office in Melville, New York, on a month-to-month basis. Rent expense, which includes utilities, was $6 and $7 for the three months ended March 31, 2026 and 2025, respectively, and is included in selling, general and administrative expenses on the condensed Statements of Operations.

<u>Loss Contingencies and Legal Costs</u>

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.

<u>Legal Proceedings</u>

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

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operations, financial position or cash flows. As of March 31, 2026, no material amounts are recorded related to legal proceedings on the balance sheets.

The Company received a class action complaint on January 8, 2026 alleging that the Company collected biometric information from users in Illinois in violation of the Illinois Biometric Information Privacy Act, 740 ILCS 14/1 et seq. ("BIPA"). The Company is not able to fully assess the probability and outcome of the matter due to the need to conduct further investigation. However, the Company does not currently believe that a material loss is probable nor estimable. As such, the Company has not recognized a liability and intends to fully defend the matter.

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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, income (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 ended March 31, 2026. 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, 2025.

**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), the fair value of stock options under our stock-based compensation plans and the valuation allowance of our deferred tax assets. 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 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 December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted, and the standard is to be applied prospectively. We adopted ASU 2025-05 in the first quarter of 2026. The adoption did not have a material impact on our consolidated financial statements and related disclosures.

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 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 March 31, 2026, the balances of property and equipment, goodwill and intangible assets, all net of accumulated depreciation and amortization, were $374, $8,102 and $1,937, respectively. As of December 31, 2025, the balances of property and equipment, goodwill and intangible assets, all net of accumulated depreciation and amortization, were $394, $8,102 and 2,077, 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, 2025 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 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.

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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)

**<u>COMPARISON OF THE THREE MONTHS ENDED MARCH 31, 2026</u>**

**<u>TO THE THREE MONTHS ENDED MARCH 31, 2025</u>**

Revenues for the three months ended March 31, 2026 increased $630, or 13%, to approximately $5,524 compared to $4,894 for the same period of 2025. 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 $646 or 13% to $5,514 for the three months ended March 31, 2026 compared to $4,868 for the same period of 2025.

Gross profit increased $633, or 14%, to $5,025 for three months ended March 31, 2026 from $4,392 for the same period of 2025. Our gross profit, as a percentage of revenues, was 91% and 90% for the three months ended March 31, 2026 and 2025, respectively.

Operating expenses, which consist of selling, general and administrative and research and development expenses, decreased $257, or 5%, to $4,483 for the three months ended March 31, 2026 compared to $4,740 for the same period of 2025. The decrease in operating expenses is primarily the result of a lower headcount in the three-month period ended March 31, 2026.

As a result of the factors noted above, the Company had a net income of $636 for the three months ended March 31, 2026 as compared to a net loss of $(318) for the three months ended March 31, 2025.

**Liquidity and Capital Resources**

As of March 31, 2026, we had cash and cash equivalents of $10,062, working capital (defined as current assets minus current liabilities) of $11,119, total assets of $27,109 and stockholders' equity of $21,533.

During the three months ended March 31, 2026, we generated cash of $445 in operating activities as compared to net cash of $750 generated from operating activities in the three months ended March 31, 2025. Cash used in investing activities was $(33) for the three months ended March 31, 2026 compared to cash used in investing activities of $(173) for the three months ended March 31, 2025. Cash provided by financing activities was $0 for the three months ended March 31, 2026 compared to net cash of $(95) used in financing activities for the three months ended March 31, 2025.

We currently anticipate that our available cash and expected cash from operations 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.

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.

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**Net Operating Loss Carry Forwards** 

Our available net operating loss ("NOL") as of December 31, 2025 was approximately $30,520, of which $10,892 expires between 2035 and 2037. The remaining $19,628 was generated after 2017 and may be carried forward indefinitely, subject to an annual limitation of 80% of taxable income under the Tax Cuts and Jobs Act of 2017.

**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.

The reconciliation of GAAP gross profit to Non-GAAP Adjusted Gross Profit is as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Revenues | $5524 | $4894 |
| Cost of revenues, exclusive of amortization | 362 | 399 |
| Amortization allocable to cost of revenues | 137 | 103 |
| Gross profit | 5025 | 4392 |
| Add: |  |  |
| Amortization allocable to cost of revenues | 137 | 103 |
| Adjusted gross profit | 5162 | 4495 |
| Gross profit as a percentage of revenues | 91.0% | 89.7% |
| Adjusted gross profit as a percentage of revenues | 93.4% | 91.8% |

---

**Adjusted EBITDA**

We use Adjusted EBITDA as a non-GAAP financial performance measurement. Adjusted EBITDA is calculated by adjusting net income (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

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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 income (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 income (loss) presented in accordance with GAAP. Adjusted EBITDA as defined by us may not be comparable with similarly named measures provided by other companies.

The reconciliation of GAAP net income (loss) to Non-GAAP Adjusted EBITDA is as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net income (loss) | $636 | $(318) |
| Reconciling items: |  |  |
| Other income, net | (94) | (30) |
| Depreciation and amortization | 193 | 154 |
| Stock-based compensation | 200 | 177 |
| Adjusted EBITDA | $935 | $(17) |

---

**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 March 31, 2026 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 March 31, 2026.

**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 March 31, 2026 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 legal proceedings that we believe will have a material adverse effect on our financial position or results of operations, 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, 2025 (the "2025 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 2025 Annual Report, except as set forth below.

**Geopolitical instability, sanctions regimes, energy market volatility, and resulting macroeconomic pressures could increase our operating costs and adversely affect demand for our services.**

While we do not operate internationally or maintain direct exposure to conflict zones, our business may be indirectly affected by geopolitical instability through several channels. Export controls, trade restrictions, and economic sanctions imposed in response to international conflicts could limit our ability to procure hardware, software components, or services from affected vendors or geographies, potentially increasing our costs or requiring us to qualify alternative suppliers. In addition, geopolitical disruptions have contributed to volatility in energy markets and data-center operating costs, which may affect the pricing and availability of the cloud infrastructure on which our platform depends.

Beyond our own cost structure, geopolitical instability and the inflationary pressures it can generate may adversely affect the businesses of our customers. Our revenue is driven in part by transaction volumes — the number of identity verifications our customers perform in connection with their own commercial activity. If inflationary conditions reduce consumer spending, tighten credit availability, or otherwise slow the business activity of our retail, financial services, or other commercial customers, the volume of transactions processed through our platform could decline, which would negatively affect our revenues. Although we do not currently anticipate material near-term impacts from these conditions, there can be no assurance that future geopolitical developments or sustained inflationary pressures will not adversely affect our vendor relationships, operating costs, customer transaction volumes, or ability to deliver services.

**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:**

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During the three-months ended March 31, 2026, 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.

**Item 6. EXHIBITS**

(a)The following exhibits are filed as part of the Quarterly Report on Form 10-Q:

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| | |
|:---|:---|
| Exhibit No. | Description |
| 31.1\* | <u>[Rule 13a-14(a) Certification of Chief Executive Officer](idn-20260331xexx311.htm)</u> |
| 31.2\* | <u>[Rule 13a-14(a) Certification of Chief Financial Officer](idn-20260331xexx312.htm)</u> |
| 32\* | <u>[18 U.S.C. Section 1350 Certifications](idn-20260331xexx32.htm)</u> |
| 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: | May 12, 2026 | INTELLICHECK, INC. | 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 |

---

## Exhibit 31.1

**<u>Exhibit 31.1</u>**

**CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Bryan Lewis, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Intellicheck, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15I and 15d-15I) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | May 12, 2026 | */s/ Bryan Lewis* | */s/ Bryan Lewis* |
| | | Name: | Bryan Lewis |
| | | Title: | President and Chief Executive Officer |
| | | | (Principal Executive Officer) |

---

## Exhibit 31.2

**<u>Exhibit 31.2</u>**

**CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Adam Sragovicz, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Intellicheck, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15I and 15d-15I) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | May 12, 2026 | */s/ Adam Sragovicz* | */s/ Adam Sragovicz* |
| | | Name: | Adam Sragovicz |
| | | Title: | Chief Financial Officer |

---

## Ex-32

**<u>Exhibit 32</u>**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), each of the undersigned officers of Intellicheck, Inc. (the "Company"), does hereby certify, to such officer's knowledge, that:

The Quarterly Report on Form 10-Q for the period ended March 31, 2026 of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | | |
|:---|:---|:---|:---|
| Dated: | May 12, 2026 | */s/ Bryan Lewis* | */s/ Bryan Lewis* |
| | | Name: | Bryan Lewis |
| | | Title: | President and Chief Executive Officer |
| | | | (Principal Executive Officer) |
| Dated: | May 12, 2026 | */s/ Adam Sragovicz* | */s/ Adam Sragovicz* |
| | | Name: | Adam Sragovicz |
| | | Title: | Chief Financial Officer |

---

**The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and is not being filed as part of the Form 10-Q or as a separate disclosure document.**

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