Good afternoon, everyone. Now presenting will be Bryan Lewis from Intellicheck.
Thanks. Hey, folks. Thank you for attending. Got a couple of slides. I hate PowerPoint more than anything on the planet, so I don't even know how many of these go through. Here's the obligatory one that the lawyers make me show, right? Forward-looking statements, all that good fun stuff. Anyway. Who are we and what we do? Right. What I will say is generally, I bum people out when I talk because what we do is stop identity theft, and it is so easy to steal your identity anymore, right? The amount of information that is out about us out there is unbelievable. For about $20, I can buy your name, address, birthdate, phone number, email, all that stuff, right?
I travel with less because I got stopped by the TSA too many times. I used to travel with a ton of fakes. Now I only travel with two. The most expensive part about stealing your identity is getting this fake ID that people really can't tell apart, right? What I'll say is about half the adult population in the U.S. and Canada goes through our system every year. I'm going to bet that a good chunk of you all have been through our process, you just don't know. We are white-labeled, or all you're seeing is somebody using a scanning gun to check out who you are. Okay. We really good at what we do, because we do it very differently than anybody else.
Right, there's a lot of people in the ID validation space, they all do it by what I would call templating. What they're going to do, they need a photo of the license, and they're going to compare it to a template, and then give a probability on how real they think it is. We do it very differently, because since the '90s, we've been helping the DMVs create their barcodes. When they were going off magnetic stripe, they didn't know how to do it, they came to us. The reason was we were doing it for the Department of State, and the military. We knew how to do this. A lot of people think that just because an ID scans, it's real. It's not, right? I literally have four or 500 fakes on my desk that we get from our customers and law enforcement customers.
Every single one of them scans. Does not mean that it's real, right? Every single state, territory, province all have their own unique formats, right? I live in South Carolina. Last fall, South Carolina changed their barcode format. We are something called DL/ID Card Verification Program. Might be up here somewhere, what that means is, when the states change their format, they come to us and we work with them to make sure that a couple of things are going right. One, they've programmed their machines to print the barcode based on the computer code, which means we get the computer code, which means we know all the hidden security features in that barcode. In the case of South Carolina, they put in a digital signature. Right. AI proof. Right. Can't be cracked. Quantum computing proof.
Two people know that digital signature, South Carolina's DMV and Intellicheck. That's how we know with certainty, is that a real license or not? Sometimes states screw up. Earlier in the year, Alaska came out with a new barcode, and two of their DMVs did not program it right, so we helped them fix it. Right? That is what gets us where we are and what we do. Right? Very simple business, but important and complex. Right? Where do we play? Right? I always have Adam in the room because he can go explain this stuff better than I can because I truly, as he knows, I hate accounting. Record revenue, finally profitable, operationally profitable, which is what Adam will make me say, because in 2020 we were, but it was only because PPP loan got forgiven. We are operationally profitable.
We will stay that way. We're 47 people. Gross profit margin of around 91%. We don't see that changing at all. Our biggest customers and where we do the most business is straight up banking, places where there's real pain. Right? If the bank screws up and your identity gets stolen, they need to make you whole. Right? They want to make sure it's really you. Where we're used in banking is everything from online or in-branch account openings, call centers, loan departments, all those things. When they need to make sure it's you, they are going to use us. One of the reasons that they'd like to use us, which I think is a very big competitive moat, is we work with the existing hardware they have in branch.
The thing that can read a check can read the barcode and give us the data that we need to make sure that we can authenticate it. If you're getting a credit card in a store, the thing that rings up merchandise, or if you're like me and I don't carry my credit cards, but I do like my points, they can do an account lookup. All they got to do is scan your driver's license with the device used to ring up merchandise. Really simple. No cost, right? If somebody wanted to go in and put in one of our competitors who needs a photo, that's $700 if you're buying them in bulk, right? Think about a big box store, how many locations they have, how many point-of-sale workstations they have. The numbers add up dramatically, and they just don't want to spend the money.
If it is remote, we just turn your phone into a scanner, right? Then we let our customers decide how much friction they want to put into the process. Most of our customers just do the barcode. Some will then also want a photo of the front to do OCR, and then some might actually want to go all the way to facial recognition. We can handle all that if people want that. Okay? Number one, straight up banking. Number two, credit card and account lookup. Number three, age restricted, mostly stadiums where people want to make sure kids aren't getting alcohol. Behind that would be automotive. Behind that would be title insurance. That's generally how the revenue falls. A very big and growing part of what we're doing is background checks and employment verification. Okay? Where have we gone?
Like I said, from loss to profit. We're doing I'd say pretty well on that. I don't know, Adam, anything you'd want to add to these numbers? I can hand you the mic if there's some interesting accounting things you'd like to say.
I'd admire this from there.
Yeah. Hopefully that continues. I think we've got a really good sales team. We've got a really good marketing team. The thing that I really like is we really don't lose customers. Our net retention rate is 111%. The only customers that we ever lose is we do have some small bars and restaurants. They go out of business. We can't really help that. Okay? This is a problem, what we're solving is not a problem that's going down, right? It has gone up every single year because it is getting, again, so easy to steal your identity.
Right? It's cheap, it's easy, up 20%. I think these numbers are really interesting, right? The fact that almost 80% of all auto dealerships have had somebody come in and buy a car using somebody else's identity, right? That's why we're growing so much in automotive. That's an area that we're growing in through partnerships. Channel sales are a big part of what we do. Bottom line, fraud's not going away. I look at our market that we service as a large and unfortunately growing market. If you think also other things, we've got a pretty big email customer, right? If I can get control of your email, I can control your whole life. If you need to change your password, they're going to use us to make sure that it's really you, right?
Different things like that, businesses that have come to us that I would not have thought of. I wouldn't have thought of trucking. Right? The amount of loss due to people pretending to be a driver, most long-haul truckers are hired remotely, and they come in, they hook up to that trailer, and that trailer disappears, and the average loss is $300,000. What we do is we look for spaces where there is real pain, and we can solve it, and we can do it a number of different ways. We've got a lot of different ways for our customers to interact with us. APIs, mobile device, SDKs, if they want to build their own mobile app using us.
We also have multiple no integration ways to have customers connect to us, which I'm very excited about because we released a thing we call Desktop, is a way that you can get it delivered. We signed three banks in about six weeks with that. A lot of the banks, smaller banks, which there are tons of out there, are beholding to other companies like Jack Henry or Alloy, for their core banking. They can take forever to do any kind of integration. Now they can get around that and put us in and stop their pain immediately, right? Couple of cool things. Like I said, about 100 million, that's about half the adult population. Again, we've been partners with AAMVA, which is the American Association of Motor Vehicle Administrators, since the mid-'90s, which gives us access to that data that I was talking about.
We're exceptionally fast. We do what we do in 44 ms, right? That's why it works so well in a retail setting or any of those things, because the last thing they want is a line building up. They also want to get more credit card customers and other things like that. If you look at the financials on a bunch of retailers, they make as much or more on their credit card programs than they do in selling merchandise. The ability to get more customers very quickly is a big part of their business. Okay? All right. Again, just what we're talking about, no two states, territories, provinces, any of that use the same format. Okay? Now, AAMVA prints a standard format. That's what the bad guys use.
That's why every one of those fakes that I have will scan and appear to be real. Okay? The other thing I'll say is AI is making it very easy to template an ID and make it look like it is the real thing, right? The machine learning is pretty smart. Most of these fakes come from China. Right, which is also where we tend to buy the plastic. If you go on the websites for where they are selling these fakes, they will talk about they have the exact same plastic as the states are using. They are unbelievably detailed and correct. It's one of the reasons that we have about half the states at the state level, there's a law enforcement agency using us to authenticate IDs. The cops can't tell.
I don't know about you all, but I lived in New Jersey for 34 years, and I worked in Manhattan for 34 years. I had no idea what a New York State driver's license looked like. Okay? How is the clerk in a store going to know? I could barely tell you what a New Jersey license looked like. Most states, they'll have multiple versions because they're good for at least 10 years. Arizona has licenses that are good for 50 years. How am I going to know? Without having a system that can prove very deterministically is this piece of plastic real, you're going to get hit. It is a massive and big problem. Okay?
The other thing that we do, what most of the folks do, they're going to parse the data out and then match it to what's printed on the front. Again, every one of the fakes I have, it all matches. The other thing that we do and why our customers love what we're doing in 44 ms is not only are we giving them a result back that says, "This license is good," "This license is bad," or "This license is good, but expired," we take all the data out and send it back. Whatever downstream system you need, we're going to populate it. Applications, all that kind of stuff. One of our bank clients who started off using us in the digital world, they were hoping for a 2% uplift in completed applications.
They got a 23% uplift by using us and the speed, and the thing that really made them happy, over 60% of it was Gen Z, the coveted market everybody wants. Real simple to get customers, real easy to keep the bad guys out. I sort of say that we are a customer acquisition company that as a byproduct of that, we're going to stop fraud. Okay? Like I said, point-of-sale scanners, mobile devices, branch check scanners, you name it, we hook up with it. I'll say that we have never met a scanner we didn't like, and anything that our customers have, we have been able to integrate with. Again, no cost which really makes them happy. A couple of call-outs. Our customers grow with us. Big bank out there, 33% increase in what they spent with us year-over-year.
They just keep adding customers, keep adding new use cases. Alloy, like I said, one of the banking software companies that does the core banking, we've integrated with them. We've got a huge regional bank in the Southeast, three-year high seven-figure deal. They're going to double their spend with us this year. We're now getting much more into the buy now, pay later space. First American Title, I love the fact that they have integrated us into their system they call AgentNet. You cannot go through getting title insurance without going through us with them. I think we have two of the top three lease-to-own companies. A whole bunch of different markets that we're in, and it seems to me, like I said, pretty much every day there's a new market coming to us. Okay? Again, where we're growing.
Title insurance, cargo freight, banking, channel partner being Alloy, background checks. It's funny, that started off in the automotive space. I never would've thought about it, but we have two major automotive companies based in Georgia that are using us because one of them, you could read about them, they were trying to build a battery plant, and they had 475 Koreans who knew how to build a battery plant. Nobody else did, but were not here legally. They got shut down for six months. What their partner told us was, which I didn't know, but most auto manufacturers, they're like, "We don't make anything. We just screw it together.
Other companies make the things, ship it to us." What they got worried about was if one of their suppliers gets shut down, they're going to be out of business, and they lose $49,000 a minute that the assembly line isn't running. They're requiring all of their suppliers to use us to prove who people are. To me, a very interesting, new and a space that we're going to be focusing on. Like I said, very sticky customer base, 111% NRR. 90 %+ gross profit margins. Do not see that changing. I could certainly have probably three or four times the number of customers I would need, and I always say that I probably only need to add a couple of customer success people, Adam will remind me that he wants a staff accountant if we get to that size.
A really solid balance sheet. No debt, no warrants, and $10 million or so of cash on the books. $22.6 million, $22.4 million in SaaS revenue. The difference there really is just implementation fees and other things like that. Like I said, zero debt, which I love, and no intentions to raise money. We don't need it. We are adding to our balance sheet. I get bankers asking me all the time, "Hey, you should just go raise some money." I'm like, "What am I going to do with it?" Right? It doesn't make any sense, otherwise, I'd be diluting people, not what I want to do. If somebody brought us a really, really good company to look at, then maybe we'd want to buy it. I thought it was funny.
I was in the room for the end of the last presentation, Adam and I laugh at some of the things. People with $200,000 in revenue and they want $100 million for their company. We're not going to do that. We're not going to be stupid. I think we've been very smart with how we spent money and what we've done, and the ability to grow, while being smart and prudent. Adjusted EBITDA $2.5 million. Like I said, first year, the company was operationally profitable from the day it started. $1.2 million in net income. This I like that people put together. Six compelling reasons to invest in Intellicheck, right? Record revenue, diversification is working. A lot of people used to think that we were just nothing but a credit card company, right?
There's a lot of seasonality in that business, a lot of consumer angst as part of it. The other areas, we made a big focus on getting out into different market verticals, and that, I think has worked out very, very well and why we're profitable. Right? Very significant competitive moat, right? 250 different barcode formats out there. Our competitors have all gone to the DMVs and said, "Can we do what Intellicheck is doing for you?" They've all said no, right? There's 250 different versions out there. You got to do them all or don't do one, right? They're not going to be able to figure it out. Gross margins, very, very scalable, and I really do like too is we got recognized by IDC as a leader in the identity space.
They are not like some of the other folks that are pay to play, and you buy enough of their services, and you'll get a great rating. We don't buy any of their services. Okay? Those are the folks that follow us. I don't know if you guys do any business with them, five minutes left. Anybody have any questions about who we are and what we do?
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Yeah, it's per signal, is what I'll say. There's one charge for the barcode, one charge for OCR, one charge for facial recognition, one charge for document liveness. They can decide what they want to do. They make a commitment to us upfront, and they'll just pay us the money, and then we can just straight line the revenue for the most part. Make sense? Yeah. Mm-hmm. Yeah.
Yeah, I'm happy that our existing customers continue to grow with us. My main focus is to make sure that we're getting new logos. The big giant banks and other things, the whales, are a giant pain in the butt to get. They're multi-year deals. A big giant bank might be worth $4 million to us. Smaller bank might be a quarter million, but we can sign them up generally in about six months. Sort of a focus on always going after the whales, but now that we've got this new tool that doesn't require implementation, I think we're going to see more. Like I said, we already signed three banks. One is actually a bank consortium that's actually 10 different banks. Growth through that kind of stuff is what we're looking at. You should be scared because most of them aren't doing anything.
Right? I don't want to say anything bad because I'm trying to close them, the bank that I bank with, the way that they check my ID, they take out a black light pen and shine it on it. Right? Every fake I have has all the holograms that'll show up. Most of the time, they're doing what I call KBA, knowledge-based authentication. "Hey, Bryan, which of these three addresses did you live at one time?" Again, all that KBA data is out there, and people can bypass it. Capital allocation, certainly going to spend more on marketing. Sales as needed. Put money in the bank as well.
Then we've got some product ideas of what we can do with the data because like I said, 100 million people going through the system, there's a lot we can do there, and our customers are very interested in sort of a consortium because each bank or credit card company we have sees only what they see. We see it all, and there's a lot that we could do with that. That's one of the things that we've been thinking about is do we work with LifeLock or somebody like that? Yeah. Yep. Could be, yeah. I like to make products off of sort of the effluent of my main business and what else can we do, and data's one of a big one. I think we're almost out of time.