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Icts International NV

ictsintl.com

What Do They Do?

Provides airport security services to airports and airlines, aviation services to airlines, and authentication systems for financial and other companies.

How Do They Make Money?

Airport and aviation customers pay for staffed service hours or flight attendance under contracts, usually after invoicing. Authentication customers pay per identity check or against a yearly minimum commitment, usually in advance.

revenue
SegmentShareRevenue
Airport Security Member
Recurring

79%
FY2022: 69%
Other Aviation Services
Recurring

15%
FY2022: 17%
Authentication technology
5.9%
FY2022: 14%

Who Are Their Customers?

Airport operators, airlines, governments and critical-infrastructure facilities buy aviation and security services; airport staffing is usually awarded through public tenders. Financial and other companies use its authentication services.

Customers above 10% of revenue, FY2025
of revenue from three customers (20%, 15%, 15%)
FY2023: 34% from two customers

Do Revenues Turn Into Profits?

No. It lost $14.3M in FY2025.

Operating income, FY2025
−3% of revenue
▲ +201% (Loss) vs FY2024 (−$5.8M, −1%)
Net income, FY2025
−3% of revenue
▲ +239% (Loss) vs FY2024 (−$4.2M, −1%)
Free cash flow, FY2025
−6% of revenue
▲ +187% (Loss) vs FY2024 (−$11.4M, −2%)

How Are They Changing?

Growing. Revenue grew 64% in 4 years, from $324.9M in FY2021 to $534.4M in FY2025, about 13% a year.

Revenue over time
Airport Security Member Other Aviation Services Authentication technology Corporate
$1B$500M$0

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