Clear Secure, Inc. SEC 10-Q Report

Clear Secure, Inc., a leader in secure identity solutions, has released its latest Form 10-Q report, showcasing robust financial and operational performance for the recent quarter. The company, known for its consumer aviation service CLEAR+ and other identity verification solutions, has demonstrated significant growth in both revenue and membership, driven by strategic initiatives and operational efficiencies.

Financial Highlights

• Revenue: $211.4 million, increased by $32.2 million or 18% compared to the same period last year, driven by a 9% increase in Active CLEAR+ Members and price increases.
• Operating Income: $37.4 million, increased by $13.7 million or 58% compared to the same period last year, reflecting improved operational efficiency.
• Net Income: $38.6 million, increased by $6.5 million or 20% compared to the same period last year, primarily due to higher revenue and favorable changes in working capital.
• Net Income Margin: 18%, consistent with the previous year, indicating stable profitability.
• Adjusted EBITDA: $52.2 million, increased by $11.3 million compared to the same period last year, highlighting strong core operational performance.

Business Highlights

• Revenue Segments: The company derives its revenue primarily from subscriptions to its consumer aviation service, CLEAR+. Additional revenue is generated from TSA PreCheck® Enrollment Provided by CLEAR and the CLEAR1 platform, which includes transaction fees and annual platform fees.
• Sales Units: Total Cumulative Enrollments increased by 42% year-over-year, reaching 31,215 thousand as of March 31, 2025. Total Cumulative Platform Uses also saw a 29% increase, driven by CLEAR+ verifications and increased contributions from CLEAR1 uses.
• New Product Launches: The company continues to innovate in the travel experience by offering TSA PreCheck® Enrollment Provided by CLEAR, expanding consumer choice in trusted traveler programs.
• Operational Performance: Active CLEAR+ Members grew by 9% to 7,415 thousand, indicating strong engagement and growth in the company's core subscription service.
• Future Outlook: The company plans to accelerate innovation by adding more features and use cases to deliver greater value to members and partners. This includes expanding partnerships and enhancing the functionality of the current platform.
• Key Factors Affecting Performance: The company's growth is dependent on increasing total cumulative enrollments, retaining CLEAR+ members, adding new partners, and generating new revenue streams. The ability to maintain strong unit economics and adapt to changes in the macro and regulatory environment is also crucial.

SEC Filing: Clear Secure, Inc. [ YOU ] - 10-Q - May. 08, 2025