ICTSF on OTC
ICTS INTERNATIONAL N V
ICTS INTERNATIONAL N V is a business services company, listed on OTC (ICTSF).1
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Last updated Oct 20, 2026.
Overview
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- TickerICTSF on OTC1
- IndustryServices-Business Services, NEC1
- HeadquartersP71
- Incorporated inNetherlands3
- Business addressWalaardt Sacrestraat 425-5, Schiphol-Oost3
- Filer categoryNon-accelerated filer3
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Charter Flight Screening for Airlines - which includes security check of passengers’ body, checked baggage and carry-on items.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
11.2%Gross margin2
-3.3%Operating margin2
-2.7%Net margin2
10.6%Revenue growth, 20252
-$32.8MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Airport Security brought in 79% of the revenue ICTS INTERNATIONAL N V broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Airport Security | $309.3M | $362.8M | $421.8M |
| Other Aviation Services | $66.5M | $74.5M | $81.1M |
| Authentication Technology | $55.7M | $46.0M | $31.5M |
Regions
Germany brought in 30% of the revenue ICTS INTERNATIONAL N V broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| Germany | $114.2M | $128.3M | $158.2M |
| Spain | $82.2M | $113.2M | $130.3M |
| Netherlands | $101.5M | $106.0M | $111.8M |
| United States | $99.8M | $97.0M | $93.0M |
| Segment Geographical Groups Of Countries Other | $33.9M | $38.8M | $41.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue86¢$474.6M
- Research and development3¢$14.5M
- Selling, general and admin11¢$62.6M
- Income tax0¢$1.6M
Out of $534.4M in revenue.2 The company lost money this year.
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $534.4M | $483.3M | $431.5M |
| Cost of revenue | $474.6M | $413.5M | $351.6M |
| GROSS PROFIT | $59.7M | $69.8M | $80.0M |
| Research and development | $14.5M | $14.4M | $12.3M |
| Selling, general and administrative | $62.6M | $61.2M | $56.9M |
| Total operating expenses | $77.2M | $75.6M | $69.3M |
| OPERATING INCOME (LOSS) | -$17.4M | -$5.8M | $10.7M |
| Other income, net | $577.0K | $1.4M | $1.6M |
| INCOME (LOSS) BEFORE INCOME TAX EXPENSES | -$16.8M | -$4.4M | $12.3M |
| Income tax benefits (expenses) | -$1.6M | $452.0K | -$1.7M |
| NET INCOME (LOSS) | -$18.5M | -$3.9M | $10.6M |
| Net income (loss) attributable to non-controlling interests | -$4.1M | $331.0K | $3.5M |
| NET INCOME (LOSS) ATTRIBUTABLE TO ICTS INTERNATIONAL N.V. | -$14.3M | -$4.2M | $7.1M |
| Basic weighted average number of shares | 36.2M shares | 37.4M shares | 37.4M shares |
| Net income (loss) per share attributable to ICTS International N.V. - basic | -$0.40 | -$0.11 | $0.19 |
| Diluted weighted average number of shares | 36.2M shares | 37.4M shares | 39.4M shares |
| Net income (loss) per share attributable to ICTS International N.V. - diluted | -$0.40 | -$0.11 | $0.18 |
| Other Comprehensive Income (loss) - Translation adjustments | -$283.0K | -$147.0K | $141.0K |
| Unrealized gains (loss) on derivative instruments | $105.0K | -$103.0K | $124.0K |
| Comprehensive income (loss) | -$18.7M | -$4.2M | $10.8M |
| Comprehensive income (loss) attributable to non-controlling interests | -$4.1M | $284.0K | $3.7M |
| COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ICTS INTERNATIONAL N.V. | -$14.6M | -$4.4M | $7.2M |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $16.9M | $64.7M | $55.2M | |
| Restricted cash | $1.1M | $2.9M | $9.8M | |
| Bank deposits | $10.3M | $18.1M | $34.0M | |
| Term Deposits | $30.8M | $0 | ||
| Accounts receivable, net | $78.4M | $68.3M | ||
| Prepaid expenses and other current assets | $6.4M | $7.7M | ||
| Total current assets | $143.8M | $161.6M | ||
| Deferred tax assets, net | $465.0K | $1.2M | ||
| Investments | $357.0K | $277.0K | ||
| Deposits with customers | $2.7M | $1.5M | ||
| Restricted cash | $1.7M | $1.8M | $2.0M | |
| Property and equipment, net | $4.8M | $4.7M | ||
| Operating lease right of use assets | $9.7M | $13.1M | ||
| Goodwill | $713.0K | $633.0K | $668.0K | |
| Other assets | $1.4M | $963.0K | ||
| Total assets | $165.5M | $185.8M | $197.1M | |
| Financial institutions payable | $7.8M | $3.2M | ||
| Accounts payable | $7.0M | $6.7M | ||
| Accrued expenses and other current liabilities | $50.4M | $50.8M | ||
| Value added tax (VAT) payable | $9.5M | $9.1M | ||
| Income tax and other taxes payable | $2.6M | $4.5M | ||
| Operating lease liabilities, current | $3.3M | $4.9M | ||
| Total current liabilities | $80.5M | $79.2M | ||
| Operating lease liabilities, non-current | $6.7M | $8.3M | ||
| Other liabilities | $12.5M | $14.0M | ||
| Total liabilities | $99.8M | $101.5M | ||
| REDEEMABLE NON-CONTROLLING INTERESTS | $87.0M | $90.7M | $93.5M | |
| Common stock, 0.01 and 0.45 par value as of December 31, 2025 and 2024; 150,000,000 shares authorized as of December 31, 2025 and 2024. 37,433,333 shares issued and outstanding as of December 31, 2025 and 2024. | $426.0K | $426.0K | ||
| Additional paid-in capital | $40.4M | $38.6M | ||
| Accumulated deficit | -$50.0M | -$35.7M | ||
| Accumulated other comprehensive loss | -$8.5M | -$8.4M | ||
| Treasury stock at cost (3,000,000 common stock as of December 31, 2025 and 2024) | -$1.5M | -$1.5M | ||
| Non-controlling interests in subsidiaries | -$1.9M | $124.0K | ||
| Total shareholders' deficit | -$21.2M | -$6.4M | -$2.6M | -$10.4M |
| Total liabilities and shareholders' deficit | $165.5M | $185.8M | ||
| Common stock, par value per share | 0.01 EUR | 0.45 EUR | ||
| Common stock, shares authorized | 150.0M shares | 150.0M shares | ||
| Common stock, shares issued | 37.4M shares | 37.4M shares | ||
| Common Stock, shares outstanding | 37.4M shares | 37.4M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $16.9M | $64.7M | $55.2M | |
| Restricted cash | $1.1M | $2.9M | $9.8M | |
| Bank deposits | $10.3M | $18.1M | $34.0M | |
| Term Deposits | $30.8M | $0 | ||
| Accounts receivable, net | $78.4M | $68.3M | ||
| Prepaid expenses and other current assets | $6.4M | $7.7M | ||
| Total current assets | $143.8M | $161.6M | ||
| Deferred tax assets, net | $465.0K | $1.2M | ||
| Investments | $357.0K | $277.0K | ||
| Deposits with customers | $2.7M | $1.5M | ||
| Restricted cash | $1.7M | $1.8M | $2.0M | |
| Property and equipment, net | $4.8M | $4.7M | ||
| Operating lease right of use assets | $9.7M | $13.1M | ||
| Goodwill | $713.0K | $633.0K | $668.0K | |
| Other assets | $1.4M | $963.0K | ||
| Total assets | $165.5M | $185.8M | $197.1M | |
| Financial institutions payable | $7.8M | $3.2M | ||
| Accounts payable | $7.0M | $6.7M | ||
| Accrued expenses and other current liabilities | $50.4M | $50.8M | ||
| Value added tax (VAT) payable | $9.5M | $9.1M | ||
| Income tax and other taxes payable | $2.6M | $4.5M | ||
| Operating lease liabilities, current | $3.3M | $4.9M | ||
| Total current liabilities | $80.5M | $79.2M | ||
| Operating lease liabilities, non-current | $6.7M | $8.3M | ||
| Other liabilities | $12.5M | $14.0M | ||
| Total liabilities | $99.8M | $101.5M | ||
| REDEEMABLE NON-CONTROLLING INTERESTS | $87.0M | $90.7M | $93.5M | |
| Common stock, 0.01 and 0.45 par value as of December 31, 2025 and 2024; 150,000,000 shares authorized as of December 31, 2025 and 2024. 37,433,333 shares issued and outstanding as of December 31, 2025 and 2024. | $426.0K | $426.0K | ||
| Additional paid-in capital | $40.4M | $38.6M | ||
| Accumulated deficit | -$50.0M | -$35.7M | ||
| Accumulated other comprehensive loss | -$8.5M | -$8.4M | ||
| Treasury stock at cost (3,000,000 common stock as of December 31, 2025 and 2024) | -$1.5M | -$1.5M | ||
| Non-controlling interests in subsidiaries | -$1.9M | $124.0K | ||
| Total shareholders' deficit | -$21.2M | -$6.4M | -$2.6M | -$10.4M |
| Total liabilities and shareholders' deficit | $165.5M | $185.8M | ||
| Common stock, par value per share | 0.01 EUR | 0.45 EUR | ||
| Common stock, shares authorized | 150.0M shares | 150.0M shares | ||
| Common stock, shares issued | 37.4M shares | 37.4M shares | ||
| Common Stock, shares outstanding | 37.4M shares | 37.4M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$18.5M | -$3.9M | $10.6M |
| Depreciation and amortization | $2.1M | $2.4M | $2.7M |
| Gain from sale of investment | $0 | $0 | -$715.0K |
| Bad debt expense | $1.3M | $808.0K | $544.0K |
| Deferred income taxes | $830.0K | $352.0K | -$57.0K |
| Stock-based compensation | $58.0K | $858.0K | $911.0K |
| Accounts receivable | -$5.8M | -$961.0K | -$15.7M |
| Prepaid expenses and other current assets | $1.8M | -$705.0K | $2.9M |
| Deposits with customers | -$1.1M | $988.0K | $2.1M |
| Other assets | -$142.0K | -$25.0K | $0 |
| Accounts payable | -$307.0K | $332.0K | -$2.3M |
| Accrued expenses and other current liabilities | -$5.3M | $277.0K | $8.3M |
| VAT payable | -$794.0K | -$1.1M | $2.8M |
| Income and other taxes payable | -$2.4M | -$1.8M | $386.0K |
| Operating lease accounts, net | $278.0K | $17.0K | -$93.0K |
| Other liabilities | -$3.0M | -$7.0M | -$8.0M |
| Net cash provided by (used in) operating activities | -$31.0M | -$9.5M | $4.4M |
| Increase of term deposits | -$30.8M | $0 | $0 |
| Purchase of property and equipment | -$1.8M | -$1.9M | -$1.6M |
| Capitalization of software costs | -$132.0K | -$49.0K | -$86.0K |
| Proceeds from sale of investments | $0 | $0 | $785.0K |
| Purchase of investments | -$80.0K | -$20.0K | $0 |
| Deposits (withdraws) regarding employees severance | -$135.0K | -$95.0K | $229.0K |
| Net cash used in investing activities | -$32.9M | -$2.1M | -$623.0K |
| Loans received | $9.3M | $8.9M | $2.9M |
| Loans repaid | -$10.1M | -$7.8M | -$2.9M |
| Withdraws under factoring agreements | $22.7M | $18.2M | $2.3M |
| Repayments under factoring agreements | -$17.9M | -$16.2M | -$2.2M |
| Withdraws under line of credit | $31.0K | $0 | $0 |
| Dividend paid to AU10TIX shareholders | $0 | -$3.2M | $0 |
| Repayments of convertible notes payable to a related party | $0 | $0 | $110.0K |
| Net cash provided by (used in) financing activities | $4.0M | -$159.0K | $193.0K |
| EFFECT OF CHANGES IN FOREIGN CURRENCY EXCHANGE RATES ON CASH, CASH EQUIVALENTS, RESTRICTED CASH AND BANK DEPOSITS | $2.4M | -$1.9M | $1.1M |
| DECREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND BANK DEPOSITS | -$57.4M | -$13.6M | $5.1M |
| Additional Payment For Shares Issued In Previous Years | $0 | $0 | $1.2M |
| Commitment to purchase shares from certain directors and officers | $0 | $0 | -$1.5M |
| Interest | $1.2M | $1.1M | $1.1M |
No quarter-by-quarter statement was filed.
What it owns
What ICTS INTERNATIONAL N V reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $15.8M2 Dec 31, 2025 | $14.6M2 Dec 31, 2024 | +8.6% |
| Accumulated depreciation | $11.1M2 Dec 31, 2025 | $9.9M2 Dec 31, 2024 | +11.8% |
| Property and equipment, net | $4.8M2 Dec 31, 2025 | $4.7M2 Dec 31, 2024 | +2.0% |
| Operating-lease assets (leased space) | $9.7M2 Dec 31, 2025 | $13.1M2 Dec 31, 2024 | −26.2% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $16.9M2 Dec 31, 2025 | $64.7M2 Dec 31, 2024 | −73.9% |
| Stakes in other companies (equity method) | $357.0K2 Dec 31, 2025 | $277.0K2 Dec 31, 2024 | +28.9% |
Intangibles and goodwill
Leadership
Who has led ICTS INTERNATIONAL N V, and when. Pick a name to see everywhere that person has worked.
Chief financial officer
2010201520202025
- Chief financial officerAlon Raich Aug 13, 2025 to now11
Board members and other officers (13)
- Managing DirectorDan Avraham Nov 9, 2009 to Nov 9, 200912
- Managing DirectorRan Langer Nov 12, 2009 to Nov 12, 200913
- Board memberAlexander Joseph Trager-Lewis Jul 28, 2025 to now14
- Board memberWandersman Aya Atzmon Aug 26, 2025 to now15
- Board memberIlan Nir Feb 9, 2024 to Feb 9, 202416
- Board memberRon Atzmon Jul 18, 2018 to now17
- Board memberElie Housman Oct 6, 2011 to May 9, 201218
- Board memberGordon Hausmann Oct 14, 2011 to Jun 4, 201919
- Board memberAlon Raich Oct 17, 2011 to Oct 17, 201120
- Board memberGail Lieberman Dec 29, 2010 to now21
- Board memberDavid W. Sass Sep 29, 2009 to Jun 4, 201922
- Board memberPhilip Getter Sep 29, 2009 to Jan 8, 202123
- Board memberMenachem Atzmon May 28, 2008 to now24
Filings
46 filings to the SEC since October 2021: 5 annual reports, 12 insider forms, 29 other. The latest 20:
- Apr 30, 202620-F EDGAR
- Mar 17, 20266-K EDGAR
- Dec 4, 20256-K EDGAR
- Aug 26, 20253 EDGAR
- Aug 13, 20254 OWNERSHIP DOCUMENT EDGAR
- Aug 13, 20254 OWNERSHIP DOCUMENT EDGAR
- Aug 13, 20254 OWNERSHIP DOCUMENT EDGAR
- Aug 13, 20254 OWNERSHIP DOCUMENT EDGAR
- Aug 13, 20254 OWNERSHIP DOCUMENT EDGAR
- Aug 13, 20254 OWNERSHIP DOCUMENT EDGAR
- Aug 13, 20254 OWNERSHIP DOCUMENT EDGAR
- Jul 28, 20253 EDGAR
- Jul 14, 20256-K EDGAR
- Jun 18, 20256-K EDGAR
- May 13, 202520-F EDGAR
- Apr 25, 2025NT 20-F EDGAR
- Apr 23, 20254 EDGAR
- Feb 20, 20256-K EDGAR
- Dec 20, 20246-K EDGAR
- Nov 18, 20246-K EDGAR
The 46 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
1 open-market trades by officers, directors and large owners since October 2021: 0 buys and 1 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Apr 22, 2025 | GETTER PHILIP | Sale | 1,500 | $3.90 | $5.8K | Form 4 |
From Forms 4 filed with the SEC.
SEC filer profile
How ICTS INTERNATIONAL N V is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARICTS INTERNATIONAL N V1
- CIK0001010134
- Filer statusNon-accelerated filer not an emerging growth company; not a shell company4
- Incorporated inNetherlands4
- Fiscal year endsDecember 311
- Industry code (SIC)7389 Services-Business Services, NEC1
- SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
- Business addressWalaardt Sacrestraat 425-5, Schiphol-Oost, Netherlands1
- Phone312071634201
- Shares outstanding37,433,333 shares as of Dec 31, 20254
- AuditorForvis Mazars, LLP, Jacksonville, FL PCAOB ID 6864
- On EDGAR sinceJan 14, 19971
- Filings446 in all: 4 (174), 6-K (100), 20-F (28), SC 13D/A (23), NT 20-F (20), 3 (18), DEF 14A (14), SC 13D (14)1
All 20 form types
UPLOAD (13), SC 13G/A (8), 4/A (6), 8-K (6), CORRESP (5), 20-F/A (4), 6-K/A (4), SC 13G (4), 144 (2), 25-NSE (1), DEF 14C (1), S-8 (1)
- Latest filingsAnnual report (20-F) Apr 30, 2026
Proxy statement (DEF 14A) Nov 24, 2014
Latest 8-K (8-K) Jan 18, 2005
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
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- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11SEC EDGARAlon Raich, Chief financial officer
- 12SEC EDGARDan Avraham, Managing Director
- 13SEC EDGARRan Langer, Managing Director
- 14
- 15SEC EDGARWandersman Aya Atzmon, Board member
- 16SEC EDGARIlan Nir, Board member
- 17SEC EDGARRon Atzmon, Board member
- 18SEC EDGARElie Housman, Board member
- 19SEC EDGARGordon Hausmann, Board member
- 20SEC EDGARAlon Raich, Board member
- 21SEC EDGARGail Lieberman, Board member
- 22SEC EDGARDavid W. Sass, Board member
- 23SEC EDGARPhilip Getter, Board member
- 24SEC EDGARMenachem Atzmon, Board member