I
Intellicheck
👤 Bryan Lewis (CEO since Feb 2018, not the 1994 founder. Ex-COO of Third Bridge, with 30 years in financial services - the exact buyer.)🌐 site
Laws force businesses to check IDs. Intellicheck sells the check - 99% recurring, 90.4% gross margin.
Will it work? · our read
Forced demand. Laws make the buying non-optional, and 90.4% margins make it lucrative. But 31 years and $133M of losses bought that position, and 77% of revenue sits in ten accounts.
01How the money moves
A law makes the ID check mandatory
→
Bank or retailer scans the license barcode
→
Intellicheck bills per scan, on subscription
02The numbers
$22.67MFiledFY2025 revenue (10-K)
2025-12-31source:
$22,666K for the year ended December 31, 2025 (FY2025 10-K, amounts in thousands)
That is about $596K of revenue per employee [our read, from $22,666K over 38 staff]. The 10-K puts headquarters at 135 square feet; everyone else works from home. FY2025 10-K
Net income $1,273K in FY2025 - the first profit since 2020, against a $133,210K accumulated deficit.
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You have the verdict. Members get the work behind it.
- The CENTS scorecard — where it's strong, where it's soft
- The founder's key move, and the counter-move
- How it could die — the evidence, and how sure we are
- The case against our own call
- A 🚀 launchpad prompt — the case, as a plan for your business
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Intellicheck FY2025 Form 10-K (filed 19 Mar 2026) - revenue $22,666K, SaaS $22,436K, gross margin 90.4%, net income $1,273K, accumulated deficit $133,210K, top 10 customers 77%, 38 employees, 135 sq ft HQ, AI/deepfake risk factor.SEC XBRL company concept - Intellicheck revenue - annual series: $4,433,454 (2018) rising to $22,666,000 (2025).Intellicheck 2026 proxy statement (DEF 14A) - Bryan Lewis appointed President and CEO in February 2018; previously COO of Third Bridge.Intellicheck FY2004 Form 10-K - early framing: fraudulent IDs expose retailers to fines, criminal penalties and licence revocation for age-restricted sales.SEC XBRL - Mitek Systems revenue - $179,691,000 for the year ended 30 Sep 2025 (rival anchor).
Revenue is graded FILED: $22,666K is the revenue line in Intellicheck's own FY2025 Form 10-K, filed with the SEC on 19 March 2026 and tagged in XBRL. Every figure on this card (gross margin, net income, accumulated deficit, customer concentration, headcount, patents) was read out of that filing or the SEC XBRL API, not from a search snippet. Two things are our arithmetic, not the company's words: revenue per employee (about $596K, from $22,666K over 38 staff) and the '5x its 2018 level' growth figure (from $4,433,454 in 2018). One correction we made while researching: 2025 is NOT Intellicheck's first profitable year - the XBRL net income series shows a $558K profit in 2020, so we describe 2025 as the first profit since 2020. We could not confirm who founded the company in 1994; the 2005 filing shows Frank Mandelbaum as Chairman and CEO from July 1996, and it does not call him the founder, so we name Bryan Lewis and state plainly that he is the 2018 CEO rather than the founder. No verified personal links for Lewis were reachable, so only the product site is listed. Socure's scale is not disclosed and is described only as private. We never score you.