ICTS International N.V.

What they do

ICTS operates in three reportable segments: airport security (the I-SEC International group), which provides security services primarily to airlines and airport authorities in Europe; other aviation related services (Huntleigh USA), which provides various services to airlines within US airports; and authentication technology (AU10TIX Technologies group), which provides authentication services to financial and other companies, predominantly in the US. The company also reports an unallocated corporate component with no revenue, containing primarily non-operational expenses. ICTS is incorporated in the Netherlands and its common stock is registered on the OTCQB.

Revenue drivers

• Airport security (I-SEC International) — Provides security services primarily to airlines and airport authorities in Europe; it is one of the company's two main operating service businesses, alongside Huntleigh USA.
• Other aviation related services (Huntleigh USA) — Provides various services to airlines within airports in the United States.
• Authentication technology (AU10TIX Technologies) — Provides authentication services to financial and other companies, predominantly in the United States; ICTS owned 66.30% of AU10TIX's outstanding share capital as of December 31, 2025, down from 67.51% at December 31, 2024.

Recent performance

Revenue grew each year from $324.9 million in 2021 to $534.4 million in 2025, including $483.3 million in 2024 and $534.4 million in 2025. Net income was positive in 2021 ($34.8 million) and 2023 ($7.1 million) but negative in 2022 (-$4.7 million), 2024 (-$4.2 million) and 2025 (-$14.3 million). Operating cash flow turned negative in 2024 (-$9.5 million) and 2025 (-$31.0 million), after positive $4.4 million in 2023 and $53.4 million in 2021. At December 31, 2025, total assets were $165.5 million, total liabilities $99.8 million, and shareholder equity was negative $21.2 million, with cash and equivalents of $16.9 million. Diluted EPS was $0.18 in 2023 but -$0.11 in 2024 and -$0.40 in 2025.

Strategy

The filing describes operations across three segments: airport security, other aviation related services, and authentication technology, with unallocated corporate costs, but the excerpts do not set out a detailed strategy. On tax obligations, the company noted that Dutch COVID-19-related wage tax, social security and VAT payments were postponed and scheduled in 60 monthly installments from October 2022, with interest beginning at 1% annually from July 2022 and stepping up to a maximum of 4% after January 1, 2024. In November 2025, ICTS filed a request with the Dutch tax authorities to extend the installment schedule from 60 to 84 monthly installments, and that request was approved in January 2026. The company's accumulated debt to the Dutch tax authorities was €12.2 million and €18.2 million at December 31, 2025 and 2024, respectively ($14.3 million and $19.0 million). The excerpts do not disclose other stated investments, capital plans or priorities.

Risks

• Negative shareholder equity — Shareholder equity was negative $21.2 million at December 31, 2025, against $99.8 million of total liabilities.
• Persistent losses — Net income was negative in three of the last four years, including -$14.3 million in 2025.
• Negative operating cash flow — Operating cash flow was -$9.5 million in 2024 and -$31.0 million in 2025.
• Dutch tax installment obligation — The company owed the Dutch tax authorities $14.3 million as of December 31, 2025, and only received approval in January 2026 to extend payments from 60 to 84 monthly installments.

Outlook

The excerpts do not include a management outlook section. The only forward-looking item disclosed is the January 2026 approval to extend the Dutch tax installment plan from 60 to 84 monthly installments. No guidance on revenue, margins or cash flow is provided in the source material.