Intellicheck, Inc.

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Gar Jackson, Investor Relations. Thank you, sir. You may begin.

Thank you, operator. Good afternoon, and thank you for joining us today for the IntelliCheck First Quarter 2025 earnings call. Before you get started, it will take a few minutes to read the forward-looking statement. Certain statements in this conference call constitute forward-looking statements within the meaning of the Private Security of the Litigation Reform Act of 1995 as amended. When used in this conference call, words such as will, believe, expect, anticipate, encourage, and similar expressions as they relate to the company or its management, as well as assumptions made by and information currently available to the company's management, identify forward-looking statements within the meaning of the Private Security of the Litigation Reform Act of 1995. 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 undertakes no obligation to and expressly disclaims any obligation to update or alter forward-looking statements, whether resulting from such changes, new information, subsequent events, or otherwise. Additional information concerning forward-looking statements is contained under the headings of State Harbor Statements and risk factors listed from time to time in the company's filings with the Securities and Exchange Commission. Statements made on today's call are as of today, May 13th, 2025. Management will use the financial term adjusted EBITDA and adjusted gross margin in today's call. Please refer to the company's press release issues this afternoon for further definition, reconciliation, and context for the use of these terms. We will begin today's call with Brian Luritz, IntelliTech's Chief Executive Officer, and then Adam Stragovitz, the Chief Financial Officer, who will discuss the first quarter financial results. Following their prepared remarks, we will take questions from our analysts and institutional investors. Today's call will be limited to one hour, and I will now turn the call over to Brian.

Thanks, Gar, and good afternoon, everyone, and thank you for joining us for our first quarter 2025 earnings call. Although it has been less than two months since we last spoke, a lot of things have happened over that span of time. Before I get started with the discussion about our recent achievements, I would like to put some things into perspective. We've heard from a number of people that said, yeah, I've looked at this company, and there's nothing to see. I usually quickly respond by saying, you looked at the old IntelliTech, right? Since I joined the company, you've grown our recurring revenue stream from under two million per year to almost 20 million last year, so quite a difference. In fact, already in two-one of this year, including upsells and price increases, we renewed 10 million in annual contract value, demonstrating how sticky we are with our customers. On the technology front, we completely retooled our tech stack over the course of the past couple of years, taking advantage of AI and data science analysis because we see the information on about 100 million people in North America every year. We are also making terrific progress on our platform migration program. We are well underway with migrating our clients from Azure platform to AWS, which will result in cloud savings. Just as important, it will allow for quicker and easier onboarding of new clients and gives us improved data fees for additional analytics. As we move forward with the implementation of our strategic indicators, we continue to diversify our client base. As you know, we used to be very tied to retail credit cards. Now we're growing very quickly in retail banking, title insurance, auto, email account security, and background checks, which I am very, very excited about. We're also making progress in the logistics and shipping market vertical. The amount of theft and fraud that happens there is shocking and large. I just want to preface our discussion of two-one with that background because we believe our progress in achieving diverse market adoption lies in the fact that we're different and relevant. We leverage the proprietary barcode on a driver's license, the back of the license, versus all of our competition that complements the front of the license. Gartner in their last report said that we are unique in what we do, and we're the only ones with what they call privileged access to information to accurately identify a fake or fraudulent ID based on the proprietary nature of these barcodes. So that brings you up to speed about some of our growth opportunities that we believe people don't fully recognize. Before I continue talking about recent deals and achievements, this is the appropriate time to share some more exciting news, the appointment of Tim Coolin to the role of Senior Vice President of Sales. Tim brings extensive experience in sales leadership, staff development, and business development through his demonstrated ability to drive revenue and foster long-term client relationships. He's a solid track record of building high-performing teams that consistently exceed targets. Most recently, he contributed into 10 identities, nearly 10-fold growth from 85 million to over 800 million as Senior Director of Sales strategic accounts. Like the other new members of our senior leadership team, Tim has hit the ground running. Tim has already added three additional sales associates bringing the total to 18 members under his leadership who are focused on new logos. Tim started his career as a sales engineer and quickly rose to become a top-performing sales professional, earning number one worldwide sales representative accolades at three different, primarily early-stage companies. Transitioning into leadership, he has hired, scaled, and coached execution-focused teams that have delivered significant results and forged deep client and team loyalty. Here's Tim's career highlights include being part of three successful IPOs so he's familiar with rapid growth and we are very excited to have him join the team. Now for some sales updates. A provider of a variety of revolving credit products originated through banks, as well as private label and their own brand new credit cards went live in Q1. This is an initial smaller release to work out any kinks in their system. They are now satisfied that all is working as planned and we anticipate that they will be rolling out the full release in the second quarter. The client that uses us for package resets on email accounts, which started using us in the US and then moved to Europe, is now rolling us out to Canada. I will remind you that they looked at us and our competitors. They were seeking proven, robust technology because they understood what can happen when a crook gains control of an email account thanks to your banking, investment, and credit card accounts. They knew they knew the most accurate solution, which I believe is IntelliCheck. Also, one of the largest title companies we spoke about on our last call has gone live using our no integration portal delivery method. They are now using our technology in all three of their divisions and they will be doing a full integration into their systems with our direct API. In addition, they will be adding passports to the documents we authenticate for them. Title insurance continues to be a strong area of interest for us. We estimate that we are now working with the title insurance companies that handle approximately 40% of all the title insurance volume in the country. This is another important area where we quickly and effectively stop fraud, and in this case, on a very high dollar transaction. As we continue to build on our efforts to advance our market penetration in this vertical, I can share with you that we are working with another one of the top title insurance companies on finalizing an agreement. Currently, we have a proof of concept underway with them so that they can have a firsthand experience with our cutting edge technology. We believe this will ultimately lead to adoption of our technology on a national scale. Now for an upgrade on our AWS migration. In April, we migrated three large clients, including one of our top three from Azure to AWS, all with great success. This quarter, we have scheduled 11 additional large clients, including another of our top three to move. By the end of the quarter, we expect all of our no integration portal clients will be moved over as well. The changes to marketing are also having an impact. Here are a couple of examples. Since we've made the changes to our marketing team in focus, LinkedIn followers are up 16%. YouTube video views, which have become an important part of selling, are up 141% versus Q4. Website visitors are up 34%, and more importantly, visitors are staying 10% longer versus Q4. I attribute this to better outreach, content, and execution. On the IR front, we continue to remain active. In March, we presented at and attended the iAccess virtual conference. There we had a full day of -on-one meetings with potential investors. That was followed by the Planet MicroCast conference late last month. I did an interview with the Planet MicroCast podcast host and a featured presentation. Take a look at the investor relations page on the IntelliShack website to access the link to the presentation and the investor deck. There we also had two full days of meetings with interested investors. These forums also provided us with the opportunity to network with other potential business prospects. What we saw at these conferences tells us investors' interest is certainly there and it is being strengthened by key data points. We are the market differentiator in digital and physical ID validations. Our product and process are different and more effective than our competitors. Our gross margins are around 90% and are very scalable. And the value proposition we offer speaks to the reality. Fraud isn't going away, it is escalating. These developments are outgrowth of the implications of our strategic plan and its emphasis on a diversification strategy. Economic data underscores just how important our move away from a retail first emphasis has proven. The latest WalletHub economic index released less than a month ago shows consumer confidence is down nearly 8% from the same time last year. This represents the fourth lowest point for consumer sentiment in the past five years. Consumers are putting off retail purchases in the face of economic disruption and uncertainty. As we move forward, we will continue to make adjustments to the implementation of our strategic initiatives where we believe they are needed as market changes and economic conditions evolve. I will now turn the call over to Adam to prepare the discussion of our Q1 results.

Thank you, Brian. We are pleased to give you more information about the numbers of our first quarter of 2025 in more detail. Our first quarter revenues were 5% higher versus the prior year, even in this challenging macro environment. We also saw pricing firmer across the board, up 9% for new business versus the fourth quarter of 2024, which partly reflects pricing count and is partly due to pursuing verticals such as auto and title insurance that typically carry higher costs per scan. Adjusted eases are also improved by $100,000 versus 2024, putting us at roughly break even with only a very small $17,000 loss for the quarter. Revenue for the first quarter of 2025 increased 5% to a first quarter record of ,894,000 compared to ,680,000 in the same period of 2024. Our SAS revenue for the first quarter of 2025 was 6% to ,868,000 from ,609,000 during the same period of 2024 and represented over 99% of our first quarter revenue. Most profit as a percentage of revenues was .7% for the quarter, which included 210 basis points of amortization expense related to the software development projects previously discussed. This compares to .7% that includes 50 basis points of amortization expense in the first quarter of 2024. And now we will be introducing a new metric for evaluating our business performance, our adjusted gross margin that excludes the software amortization expense. Our adjusted gross margin improves to .8% in Q1 of 2025 compared to .2% in Q1 of 2024. This is the first time in our conversation with you today and in our press release and financials project before this call with the SEC, we are reporting this new metric. We believe that this is a useful way to view our business since gap gross margin shows a lower number for Q1 of 2025 only because of the non-cash amortization of software development costs. When removing this non-cash item as many software companies do, we see continued strong margins even as revenue grows. We did capitalize $166,000 this quarter and expected to roughly the same in the second quarter of 2025. These capitalization costs are related to the customer migration to AWS, which as you heard is well underway and we expect to complete around the middle of 2025. We should now see more capitalization with costs related to this migration after it is complete. Operating expenses which consist of selling, general and administrative marketing and research and development expenses decreased $28,000 or 1% to ,740,000 for the first quarter of 2025 compared to ,768,000 for the same period of 2024. You can see the reduction specifically in SG&A of about $500,000 compared to the first quarter of last year notably due to more efficient marketing. On an accounting basis, R&D expenses are $468,000 higher in Q1 of 2025 driven largely by the fact that we have put many of our projects into production and are now capitalizing very few of our ongoing engineering expense. The weighted average diluted common shares was $19.8 million for the first quarter of 2025 compared to $19.4 million for the same period of 2024. After the company's recruiting the capital resources at March 31, 2025, the company had cashed and passed the equivalent of $5.1 million. As a practice, we don't provide guidance, but we do try to read all of the reports written as products and couldn't help but note the consensus for Q1 2025 cash was $3.4 million. This is a whole $1.7 million lower than where we ended up. We expect the cash number to be even higher for the second quarter and to end the 2025 year at a level higher than Q1 as well. This will put discipline on the operating expense side as well as revenue that continues to grow. This is a byproduct of the positive capital that we expect to show for the 2025 year. At quarter end, there was working capital, which is defined as current assets minus current liabilities of $6.6 million. Total assets of $24.5 million and stockholders' equity of $17.6 million. One final liquidity note, the company has a $2 million evolving credit line with Citibank. That line may be secured by accounts receivable. There are no amounts outstanding under this facility and the facility was not legalized during 2025. On past earnings call, we've shared our progress in marketing and customer satisfaction as well as our systems migration and development. Today, you heard about a very important piece of the puzzle coming together on the sales side, which should pave the way for even greater growth, especially through the development of channel and partner opportunities. We look forward to sharing our Q2 results with you in August. I'll now turn the call over to the operator who will take your questions.

Thank you. We will now be conducting a question answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate that you're aligned as in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before testing the star key. One moment please, while we poll for questions. Our first question comes from Mike Grendal with Northland Security. Please proceed with your question.

Hey guys, thanks. How much, the 40% of the title market that you have a exposure to, roughly what's your penetration of that market and where do you think it goes?

So, I look at the market, Mike, in sort of two things. That 40% is if you look at the market share, there's plenty of people to do studies on this. You Google who are the top guys and they get what percent that they have. Now, I look at the one we talked about today, that very, very large one. I always think that when we're not integrated into their systems, we're not seeing all the business, but that's why we're doing an integration to our API. And then the other half of it is all those small guys. And what I say is, and those are the resellers that we're dealing with. And what I really like is I was looking at the numbers and if I look at the transaction volumes, actually I'm sorry, the revenue volume, in Q1 of this year, the revenue from Tidal is up about 350%. And it's almost equally split between us going direct to the large folks, the revenue in Q1, us going direct to the large folks, and the resellers, the partners that we picked to hit all the small folks. So, I think it's paying off. People are certainly talking about us. We have a ton of inbound needs, but they tend to be smaller guys, which we then just turn over to our partners.

Got it. And then, outside credit cards,

what

would you say your next three largest verticals are?

Banking,

and auto, and then, quite honestly, age restricted. If I just look at the numbers with banking, kind of dorking that. Again, just to talk about numbers and things, the revenue from retail banking is up about 50% versus Q1 of last year. So, we're growing in that space. On the retail branch

side,

okay. On the retail branches and digital, right, because either the bank starts in the digital world and then moves us into the bank branches. Oftentimes, they do that because it's easier to stop at least part of the front, because they don't have to build anything. They're using our tools, our capture delivery method while they figure out how to get us in the branches, or they go the other way around. But, by and large, every bank that we have, we are in, like one of the banks that we've been dealing with for a while just moved us into their call center and their health desk. So, they figure out, oh, we can use it everywhere. So, everything digital and then everything in that branch.

Got it, and last one, historically, your exposure to retail has been about, and not retail branch banking, but just retail shopping has been about 70%, roughly. What would you describe that exposure as today? And is that still acting as a small drag, and kind of what was that drag, if it was a drag in one queue, and how do you see it playing out the rest of the year?

Yeah, if I look at the same type of thing, between the companies that went out of business, so our customers, customers that went out of business, and then just regular retail malaise, revenue from retail was down 26% from Q1 2024. So, as a percentage, it's certainly dropping. Now, we've got customers who are adding, and we've got retailers right still. But it's just right now, I think people are kind of maxed out on their cards and other things, so it's not, it's not one of our growth drivers at the moment. It's certainly the way that I would put it. Again, I think, should the economy turn around, it becomes a really nice tailwind. But I just think it also points to the fact that getting into other markets has been really good for us. And again, I always stress that we, we focus on the market where it really hurts if you're not right. And I look at a lot of things in terms of age restricted products and other stuff like that. People look at us as a revenue limiter versus any other problem because they'll just go by insurance instead of cutting their sales. So we target where it really hurts if you're not sure that you know who you're dealing with.

Great, well, I just say that 6% staff year over year growth, you had to grow through that down 26 in retail.

Yeah,

yeah. And that's great.

Yeah, I'm glad you picked up on that because it seems like a lot don't. And even last year, we didn't grow a lot in revenue, but that was overcoming a giant drop in retail revenue. If you look at the amount of retailers that are closed down stores or completely went bankrupt, I think the diversification strategy has really worked.

Cool, hey, thanks a lot guys.

Thanks, thanks.

Our next question comes from Reed Tessinger with DA Davidson, please proceed with your question.

Hey, great, thanks for taking my questions guys. Hi, here. Following up on retail, down 26% year over year in Q1, can you tell me what percentage of revenue retail was in Q1 just so maybe we can cut it back into what the rest of the business is growing, ex-retail, because obviously it's gotta be growing pretty nicely.

Yeah, if I look at, and it's either kind of back of the envelope, so you really gotta, you know, because sometimes it is as clean as I like, but I'd say that at this point in time, retail and banking were about equal. Let

me just pull up that spreadsheet. Yeah, I mean, retail and retail banking,

I'm gonna consider about equal in terms of revenue, so it shows you again how the growth is sort of prosthetic. You know, age-restricted is gonna be, you know, say 8% of revenue, auto,

around the same.

Okay, got it. And then I saw you referred revenue and staff RPOs were up three and a half million quarters each, both are the highest sales of the day. Was that from the renewal signed last quarter with that large Mid-Atlantic Bank, or what grows is the big increase? Is there any new deals in there that brought that?

Yeah, a lot of it is we've begun moving a lot of our customers to a pricing model where they either pay us, they'll sign a contract, like let's take some of our big banks, they sign a contract for three years, and they'll either pay us a year upfront or at least a quarter upfront. So we're moving very much off of that billing in arrears, to you know what you're gonna do, you're gonna pay us for it. And you know, we give a slight discount if you pay a year ahead than if you pay a quarter ahead. You know, it just sort of makes it a lot easier for us to do our billing and all that kind of stuff.

Okay, got it. And then any updates on the large social media customer in their anticipated rollout as well as the large regional bank that I believe last quarter you said you were in pricing discussions with for a multi-year seven figure deal with Accused Free Expectable. After any update on those.

Yeah, they just had a great conversation with social media and they're like, yeah, no, you're doing everything you want me to do, you just gotta be patient with us because we're kind of strange and volumes go where we're really worried and interested in things and they're like, it could be this and then it could be massive next month and then we say we don't care about that anymore. The large regional bank, you know, all the terms and everything are done. We're now going through procurement. Everything's been agreed to but now it's got to do with bank's deal with procurement and anybody that's ever dealt with that knows that it can take a bit. But we are actively developing to the new middleware that they built. They continue to use us and pay for everything in the digital world because that's where they started. So, you know, everything looks good and as soon as we get everything finalized and the paperwork's signed, we certainly will be putting that in an aspect.

Great, perfect. Thank

you. Our next question comes from Scott Buck with HEC Wainwright. Please proceed to this here question.

Hi, good afternoon guys. Thanks for taking my questions. Brian, you brought up shipping and logistics. Can you give us a little color on how you guys are helping out there and maybe how you guys find that opportunity?

I think it's going to be larger than I initially thought. There's actually a conference being held of shipping and logistics people to talk about fraud. The main way that we're used in this space is many truckers are hired remotely. You know, long haul truckers, you know, they don't work for, you know, say the company whose stuff they're moving. And it is organized crime and they show up with a fake license. They back up, they hook up to that truck or trailer, full of everything from coffee to chocolate to electronics and they never see that truck again. So you're talking, you know, upwards of, you know, quarter million so many dollars in loss per truck. So it is a big concern. So they want to know, you know, a couple of things. One, the person actually does have a TEL, the license is real, this person does exist. So that's where we're playing in space. We started off with one company. The thing I like about this space is they all talk and that's how we're now in two others. Our first customer was a reference without even asking and called up, invited the two other companies and said, you got to purchase in place. Great, that's helpful. And then we'll be checking and seeing where you are with resellers. Have you matured that sort of market strategy or is there a lot more room there to improve? I like it, there's plenty of room to improve. One of the people that Tim hired is somebody to come in and sort of, I'd say, light up the resellers after we get them. Because I think that you need to be making sure the reseller salespeople know about us, how to present us, all those types of things. And there's certainly a lot of other resellers that we're in, now I'd say detox, and particularly in banking, where there are a lot of small community banks and credit unions who want to use us but don't build their own back end. They outsource that. So getting into that outsource stack is really important to us. But it's very interesting, it's sort of like every time I kind of look around and I'm doing some research, I'm like, oh, there's another interesting space we should get to for a reseller. Because again, any time I see a large market made up of small companies, I'd rather get to that through a reseller. And again, I like them because since their volume each is lower, the price per transaction is higher, and that makes it much more interesting to us and the reseller. Yeah, no, that makes sense. And then last one, it looks like you tried to see if a little balance has been climbing the last few quarters. Do you make changes to your payment terms or is there something else mechanical going on there or just you have to implode the business? No, that's mostly changes to our pricing model and how we're working it so that, now instead of always building our veers, we're making people commit to a number of transactions and then they prepay that either quarterly. So they'll commit to an annual number of transactions and they either prepay it annually or quarterly as opposed to us saying, okay, we'll see what you did every month and then go bill you. Yeah, okay, that makes sense. I appreciate the time, guys. Thank you very much.

Well, thanks.

Our next question comes from Jeff and Ray with Craig Hallam. Please proceed with your questions.

Great, thanks for taking the questions. I've got a few. So first, on the metrics front, anything you can share that's a leading indicator here that you might be able to quantify for us, whether it's pipeline value, maybe pending ARR, you've got a lot of lead time on these things. So visibility into the dollar value of ARR that is to go live. I know you're not getting annual revenue guidance, but something to broadly frame a trajectory.

Greg, I think we've got, I look at the value of the ARR which we know that we've got committed, if you will. And again, some of the ARR, one customer would put them into a top three, top three or four of our customers who all are very large customers. So that's how I'm looking at it. That's how Adam can say they expect us to be generating more cash each quarter. Pipeline, that's the reason I got Tim around. I want to make sure that we do have a real and true pipeline. But I'm looking at more of what we have in committed or near committed customers or contracts. And that's all looking very good and very robust for us.

Okay, and on the, congrats on the addition of Tim and curious in the interview process, what was it specifically, he's got obviously a very accomplished history, but what stood out to you as most supportable? What gets you excited about hiring him?

One is, if you remember, I started off in sales and ran sales teams and went in and grew productivity and all that kind of stuff. And speaking with him, I realized that we were very much of the same mindset and how we manage people, how much rope do we give them before we say there's not going to make it. A couple of things like that. And then I had a couple of psychologists who do this for a living for companies, give them some assessments and things. And they're like, this guy's perfect for your company and the way that you need to grow out your sales team. So the team, I would say, the professional like-mindedness and then having that being confirmed by outside sources worked out very well. I've been doing a search for a bit. And what I liked about Tim also was came through from a reference from somebody that I highly respect.

And I think you referenced in the script that Tim brought three sales reps already. I think if I recall you, it's a higher three in last quarter as well. But I'm particularly interested in these three. I think you said the prior three were more, I took it to be junior, more tele-sales historically, but wanted their own names on some accounts. Curious with the make and model of the three folks you just brought in.

Much more senior. Guys who have been doing enterprise sales and understand the long-term cycle of it. So I think we've got the right, getting the right blend of a team of young, hungry kids who are not afraid to work the phone and learn how to do everything that needs to be done to close enterprise sales. And then folks that have significant enterprise sales experience. And honestly, look at what it is we have to sell and sort of set the same thing that I've heard from investors and it's like, why isn't everybody buying this? I could sell this to anyone. I'm like, you're the type of people that I need on board.

Great, and two last numbers questions. Resellers, just in terms of, I don't know if you want to take it to like ARR that's in the pipe. What percent of that ARR in the pipe has come through resellers versus direct? And then just the last one, the numbers question, the digital data point. I don't know if we've heard that in a while. You used to break it out. I think you're trying to grow digital as a percent of revenue, just where that is now.

That one I don't have right in front of me, but digital is a much larger and certainly growing portion of our business. Because if you think about so much of what we're doing in title and automotive and other things is really digital because most of it is a lot of it's remote. People buy cars remotely or close on your house remotely. And then also the retail banking, again, we've got almost every bank, but one is we're in the call center or we're in their website or we're part of their mobile app. So digital certainly has grown and it's almost to the point that I don't even think about it because it's just one of the many ways that we sell our product. It's just one of the tools that's out there. Oh, you want digital? Okay, here's our capture, right, and we go. But I'll certainly make sure we have that number for the next time or that we see. In terms of the resellers, in almost every market where I'm comfortable with what we have in terms of resellers, I'm just looking at some numbers on my markup here, it's almost 50-50. So again, if I look at automotive, the big folks come direct to us, but everybody else we're dealing with are resellers. Same thing with title. But again, I think that there are some other markets where it's gonna be almost all resellers, like the whole background check space, which I'm very excited about. I don't wanna go hit. Certainly there's like two big guys, we'll go get them, but everybody else wanna be done to a reseller, which is why we brought in this person to work under him to really light these accounts up.

Okay, great, thanks Mark, appreciate it. Thank

you. Okay, there are no further questions at this time. I would now like to turn the floor back over to Brian Lose for closing comments.

Oh, I'm so sorry. Oh.

Sorry, we do have one more question, my apologies. We have Neil Kotelby with the Blueprint Capital Management. Please proceed with your question.

Hey Brian, great job on the call today. Lost the information to digest here. You mentioned background check a couple times and you said you were really excited about that vertical. No one asked about it. I was wondering if you could help us. How can you think about it? How to size it? Where are they doing these background checks? I know you announced, again in that space, is it just that one or are there others? Maybe help us map that out a little bit.

Yeah, sure, so we're talking to a couple. My goal is, again, there's two big guys that wanna get them direct. And then there are, I think we use two background check companies. They're small, I'd never wanna go sell to them directly. And the folks that we are dealing with, the resellers, are looking at, and their existing customers are a lot of the big box stores. Where they're hiring people all the time. And that's why I see it meaning a large, a potentially very large market. It's just look at the number of people. I mean, that's how I decided I think this is something that we should go after, and I wish I had it in front of me, but I don't. I went in and looked at what are the number of background checks done every year. And they're all divided up into either firearms or hiring. Both were very large numbers. And that's why I figured, let's go find the right partner to get to them. So that's the thing that I like. For the most part, there's always people getting jobs, there's always people moving around. It doesn't have to be big box stores. We need to, our customers require it, everyone. Background checks on everybody. For everything from criminal history to are they lying about 30 great. And it does happen a lot. So like it even happened to our CTO's niece, who is a nurse. Somebody stole her identity to pretend to be a nurse. Like that's kind of scary. You know, you think about, you know, saving those damage done, if somebody's identity is stolen and you get a credit card, but somebody practicing medicine, that's even scarier to me. So it seems to be, you know, that's why I'm excited about the market, you know, and you know, we're still view to it. We're playing with these folks. They're very excited. We're looking forward to doing a big joint announcement when we get there, you know, I should say they get there for as customer and we're a part of that.

Okay, and that's the announcement that you had in December of last year with, I don't know if I'm saying it right, but OCHIO data, is that right?

Yep, yep. And then it just took down a bit to, you know, get integrated, you know, that's the funny thing. It's like, you know, retail was like, we're not touching our point of sale systems in Q4, but everything else kind of flows down to, because everybody takes, you know, holiday vacations and all that kind of stuff. So anything you sign in Q4, you know, isn't going to get anywhere near live, it seems, until into Q1. So they got it live, they got it selling. I think we've got a bunch of other really interesting, you know, reseller opportunities too, by the way, in everything from folks who sell hardware to banks that we can be incorporated in, to again, this background space. So that's why restarting is a big portion

of our strategy going forward. Okay, thanks a lot. All right. There are no further questions.

Yeah,

I'm sorry, Maria.

No, it's okay, I was just going to pass it over to you, Brian, for closing comments.

Okay, all right. So thanks everybody for being on the call. I just want to share another conference opportunity note with you all. I'm going to be presenting at the Labenberg Thalman Technology Expo 25 in New York City on Wednesday, May 21st. Adam's going to be on hand as well, if you want a -on-one meeting. I think we still have a few dances left, and our dance cards. You can go to their website at ladenberg.com. So just in concluding our call today, my message is this, watch this space and the runway for IntelliTrack to grow. We believe that our anticipated growth will be driven by our new senior vice president sales and a newly revitalized team. Partnered with real progress in our customer relations program, driven by our relatively new VP of customer success. I've re-advigorated marketing, the numbers I think speak for themselves, this new marketing firm that we're working with. We're finally seeing the finish line in sight with our AWS migration, and then the new partnerships that we've been speaking about reselling and new opportunities. So we have very high expectations for ourselves and what's to come, and we look forward to updating you on IntelliTrack 2.0 in our next call in August. So thanks again for joining us today, and everyone have a great evening.

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