Intellinetics Inc (INLX)

Intellinetics Reports First Quarter Financial ResultsMay 14, 2026 4:05 PM
Business Wire Intellinetics, Inc. (NYSE American: INLX), a digital transformation solutions provider, announced financial results for the three months ended March 31, 2026, the first quarter of 2026. 2026 First Quarter Financial Highlights Software as a Service (SaaS) revenue increased 0.1% year over year to $1.5 million. Professional services revenue decreased 14.3% year over year. Total revenue decreased 8.0% year over year to $3.9 million, driven by the decline in professional services revenue. Gross profit decreased 12.2% year over year, with gross profit margin decreasing 307 basis points due to decreased professional services margins, driven by project mix. Net loss of $1.2 million, or ($0.27) per basic and fully diluted share, compared to net loss of $0.7 million, or ($0.17) per basic and fully diluted share, for the same period in 2025. Operating expenses in Q1 2026 include approximately $430,000 in non-recurring CEO transition costs. Adjusted EBITDA loss of $287,650, compared to $76,589 Adjusted EBITDA profit from the same period in 2025. Cash at quarter end was approximately $2.1 million. Alison Forsythe, President & CEO of Intellinetics, stated: “I am now 90 days into the role as CEO of Intellinetics and I feel even more confident in our ability to grow our SaaS business. Our products offer great value to the user, are highly sticky within customer workflows, and address attractive market opportunities. Based on what I have seen in my first 90 days, I believe we can deliver double digit year over year SaaS growth in 2026 over 2025.” “Having joined Intellinetics in mid-February, my initial focus has been on evaluating the business, meeting with employees, customers, and partners, and assessing our operational and go-to-market priorities. While first quarter results reflect variability in professional services revenue and margins, my early assessment confirms the conclusions reached during the extensive diligence process completed before I accepted this role: Intellinetics has a differentiated technology platform, long-standing customer relationships, and significant opportunities to expand our SaaS and software business in targeted vertical markets.” “In my first several weeks with the Company, it has become increasingly clear that there are significant opportunities to improve execution, operational consistency, predictability, and overall go-to-market effectiveness across the organization. We are moving quickly to strengthen alignment, improve operating discipline, and better position the business for scalable long-term growth.” “Our software platform and recurring revenue business remain the core of our long-term strategy. Looking ahead, our focus is centered on accelerating SaaS growth, improving execution consistency and predictability, and aligning investments and resources around our highest-priority growth opportunities.” Summary – 2026 First Quarter Results Revenues for the three months ended March 31, 2026 were $3,909,182, a decrease of 8.0%, as compared with $4,247,345 for the same period in 2025. This decrease was primarily due to a 14.3% decline in professional services revenue. Total operating expenses increased 4.4% to $3,664,611, compared to $3,511,759 for the same period in 2025, driven by increases in general and administrative expense of 9.1%, due to non-recurring expenses in Q1 related to our CEO transition, totaling $430,130, including severance costs and share-based compensation for our retiring CEO, overlapping compensation expenses for our prior and current CEO in the quarter, and recruiting costs for our new CEO, partially offset by reduced share-based compensation expense for other employees. Loss from operations was $1,182,552 compared to loss from operations of $684,559 in the first quarter last year, primarily due to the lower professional services revenues and non-recurring CEO transition costs. Intellinetics reported net loss of $1,177,853 compared to net loss of $727,565 for the same period in 2025. Basic and diluted net loss per share for the three months ended March 31, 2026 was $0.27, compared to $0.17 net loss per basic and diluted share for the first quarter 2025. Adjusted EBITDA loss was $287,650 compared to Adjusted EBITDA profit of $76,589 in 2025.     For the quarters ended
March 31,       2026     2025                 Revenues:                 Software as a service   $ 1,543,847     $ 1,542,169   Software maintenance services     296,393       335,191   Professional services     1,850,163       2,158,315   Storage and retrieval services     218,779       211,670   Total revenues     3,909,182       4,247,345   2026 Outlook Management remains focused on accelerating SaaS growth and currently expects double-digit year-over-year SaaS growth for fiscal 2026. Conference Call Intellinetics is holding a conference call to discuss these results on a live webcast at 4:30 p.m. ET today. Interested parties can access the webcast through the Intellinetics website at https://ir.intellinetics.com/. Investors can also dial in to the webcast by calling (877) 407-8133 (toll-free) or (201) 689-8040. A replay of the call can also be accessed via phone through June 13, 2026 by dialing (877) 660-6853 (toll-free) or (201) 612-7415 and using replay access code 13760619. About Intellinetics, Inc. Intellinetics, Inc. (NYSE American: INLX) is enabling the digital transformation. Intellinetics empowers organizations to manage, store and protect their important documents and data. The Company’s flagship solution, the IntelliCloud™ content management platform, delivers advanced security, compliance, workflow and collaboration features critical for highly regulated, risk-intensive markets. IntelliCloud connects documents to users and the processes they support anytime, anywhere to accelerate innovation and empower organizations to think and work in new ways. In addition, Intellinetics offers business process outsourcing (BPO), document and micrographics scanning services, and records storage. From highly regulated industries like Healthcare/Human Service Providers, K-12, Public Safety, and State and Local Governments, to businesses looking to move away from paper-based processes, Intellinetics is the all-in-one, compliant, document management solution. Intellinetics is headquartered in Columbus, Ohio. For additional information, please visit www.intellinetics.com. Cautionary Statement Statements in this press release which are not purely historical, including statements regarding future business; opportunities to expand our software and SaaS business; improved revenue predictability; expanded margins; predictable and sustainable growth, including the growth of SaaS business; future revenues, including the “2026 Outlook” for revenues; improved business execution and go-to-market approach; execution of our business plan, strategy, direction and focus; and other intentions, beliefs, expectations, representations, projections, plans or strategies regarding future growth, financial results, and other future events are forward-looking statements. The forward-looking statements involve risks and uncertainties including, but not limited to, the risks associated with the effect of changing economic conditions including inflationary pressures, challenges with hiring and maintaining a stable workforce, our ability to execute on our business plan and strategy including our transition to a SaaS-based company, customary risks attendant to trends in the products markets, variations in Intellinetics’ cash flow or adequacy of capital resources, market acceptance risks, the success of Intellinetics’ solutions providers, including human services, health care, and education, technical development risks, and other risks, uncertainties and other factors discussed from time to time in its reports filed with or furnished to the Securities and Exchange Commission, including in Intellinetics’ most recent annual report on Form 10-K as well as subsequently filed reports on Form 8-K. Intellinetics cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Intellinetics disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release. Expanded and historical information is made available to the public by Intellinetics on its website at www.intellinetics.com or at www.sec.gov. Non-GAAP Financial Measures Intellinetics uses non-GAAP Adjusted EBITDA as supplemental measures of our performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (GAAP). A non-GAAP financial measure is a numerical measure of a company's financial performance that excludes or includes amounts so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of a company. Adjusted EBITDA: Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to net income, operating income, or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities or a measure of our liquidity. Intellinetics urges investors to review the reconciliation of non-GAAP Adjusted EBITDA to the comparable GAAP Net Income, which is included in this press release, and not to rely on any single financial measure to evaluate Intellinetics’ financial performance. We believe that Adjusted EBITDA is a useful performance measure and is used by us to facilitate a comparison of our operating performance on a consistent basis from period-to-period and to provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone. We define “Adjusted EBITDA” as earnings before interest (income) expense, any income taxes, depreciation and amortization expense, non-cash share-based compensation, transaction costs, and CEO transition one-time costs (including overlapping wages and benefits, recruiting costs, legal costs, and severance costs including share-based compensation). Reconciliation of Net Loss to Adjusted EBITDA     For the Three Months Ended March 31,       2026     2025   Net loss – GAAP   $ (1,177,853 )   $ (727,565 ) Interest (income) expense, net     (4,699 )     43,006   Depreciation and amortization     302,881       307,685   Share-based compensation, non-cash, excluding CEO transition     161,891       453,463   CEO transition costs, including share-based compensation, non-cash 430,130 - Adjusted EBITDA   $ (287,650 )   $ 76,589 INTELLINETICS, INC. and SUBSIDIARIES Consolidated Balance Sheets       (unaudited)             March 31,     December 31,       2026     2025                 ASSETS                                   Current assets:                 Cash   $ 2,076,124     $ 2,528,281   Accounts receivable, net     1,195,887       1,239,802   Accounts receivable, unbilled     821,545       909,574   Parts and supplies, net     130,425       173,295   Prepaid expenses and other current assets     487,839       378,305   Total current assets     4,711,820       5,229,257                     Property and equipment, net     1,030,555       1,092,694   Right of use assets, operating     1,184,362       1,394,806   Right of use assets, finance     146,812       164,998   Intangible assets, net     2,798,327       2,906,188   Goodwill     5,789,821       5,789,821   Other assets     798,592       727,808   Total assets   $ 16,460,289     $ 17,305,572   LIABILITIES AND STOCKHOLDERS’ EQUITY                                   Current liabilities:                 Accounts payable   $ 528,016     $ 284,680   Accrued compensation     889,788       410,368   Accrued expenses     257,475       199,995   Lease liabilities, operating - current     596,747       721,879   Lease liabilities, finance - current     65,461       67,935   Deferred revenues     2,901,457       3,371,263   Total current liabilities     5,238,944       5,056,120                     Long-term liabilities:                 Lease liabilities, operating - net of current portion     653,361       749,346   Lease liabilities, finance - net of current portion     100,177       116,090   Total long-term liabilities     753,538       865,436   Total liabilities     5,992,482       5,921,556                     Stockholders’ equity:                 Common stock, $0.001 par value, 25,000,000 shares authorized; 4,474,272 and 4,479,123 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively     4,474       4,479   Additional paid-in capital     35,155,319       34,893,670   Accumulated deficit     (24,691,986 )     (23,514,133 ) Total stockholders’ equity     10,467,807       11,384,016   Total liabilities and stockholders’ equity   $ 16,460,289     $ 17,305,572   INTELLINETICS, INC. and SUBSIDIARIES Consolidated Statements of Income (Unaudited)               For the Three Months Ended March 31,       2026     2025                 Revenues:                 Software as a service   $ 1,543,847     $ 1,542,169   Software maintenance services     296,393       335,191   Professional services     1,850,163       2,158,315   Storage and retrieval services     218,779       211,670   Total revenues     3,909,182       4,247,345                     Cost of revenues:                 Software as a service     256,956       215,129   Software maintenance services     12,392       16,365   Professional services     1,111,449       1,082,006   Storage and retrieval services     46,326       106,645   Total cost of revenues     1,427,123       1,420,145                     Gross profit     2,482,059       2,827,200                     Operating expenses:                 General and administrative     2,853,727       2,615,746   Sales and marketing     508,003       588,328   Depreciation and amortization     302,881       307,685                     Total operating expenses     3,664,611       3,511,759                     Loss from operations     (1,182,552 )     (684,559 )                   Interest income (expense), net     4,699       (43,006 )                   Net loss   $ (1,177,853 )   $ (727,565 )                   Basic net loss per share:   $ (0.27 )   $ (0.17 ) Diluted net loss per share:   $ (0.27 )   $ (0.17 )                   Weighted average number of common shares outstanding - basic     4,393,206       4,261,833   Weighted average number of common shares outstanding - diluted     4,393,206       4,261,833   INTELLINETICS, INC. and SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited)                 For the Three Months Ended March 31,       2026     2025                 Cash flows from operating activities:                 Net loss   $ (1,177,853 )   $ (727,565 ) Adjustments to reconcile net loss to net cash provided by operating activities:                 Depreciation and amortization     302,881       307,685   Bad debt expense     20,487       29,126   Loss on disposal of fixed assets     -       5,706   Amortization of deferred financing costs     -       10,513   Amortization of right of use assets, financing     18,186       18,186   Share-based compensation     263,316       453,463   Changes in operating assets and liabilities:                 Accounts receivable     23,428       (304,795 ) Accounts receivable, unbilled     88,029       311,827   Parts and supplies     42,870       (6,746 ) Prepaid expenses and other current assets     (109,534 )     (30,127 ) Accounts payable and accrued expenses     780,236       302,687   Operating lease assets and liabilities, net     (10,673 )     (6,351 ) Deferred revenues     (469,806 )     (473,962 ) Total adjustments     949,420       617,212   Net cash used in operating activities     (228,433 )     (110,353 )                   Cash flows from investing activities:                 Capitalization of internal use software     (178,700 )     (102,854 ) Purchases of property and equipment     (24,965 )     (121,080 ) Net cash used in investing activities     (203,665 )     (223,934 )                   Cash flows from financing activities:                 Principal payments on financing lease liability     (18,387 )     (16,694 ) Payments to taxing authorities in connection with shares directly withheld from employees     (1,672 )     -   Exercise of stock warrants     -       (12 ) Net cash used in financing activities     (20,059 )     (16,706 )                   Net decrease in cash     (452,157 )     (350,993 ) Cash - beginning of period     2,528,281       2,489,236   Cash - end of period   $ 2,076,124     $ 2,138,243                     Supplemental disclosure of cash flow information:                 Cash paid during the period for interest   $ -     $ 40,185   Cash paid during the period for income taxes   $ 28,027     $ 11,094                     Supplemental disclosure of non-cash financing activities:                 Right-of-use asset obtained in exchange for operating lease liability   $ -     $ 43,430     View source version on businesswire.com: https://www.businesswire.com/news/home/20260514656749/en/ Joe Spain, CFO
Intellinetics, Inc.
614.921.8170
investors@intellinetics.com Original: Intellinetics Reports First Quarter Financial Results

Intellinetics Reports Fourth Quarter and Full Year 2025 Financial ResultsMarch 30, 2026 4:05 PM
Business Wire
Intellinetics, Inc. (NYSE American: INLX), a digital transformation solutions provider, announced financial results for the three and 12 months ended December 31, 2025.


2025 Fourth Quarter Financial Highlights



Software as a Service (SaaS) revenue increased 8.4% year over year to $1.6 million.



Professional services revenue decreased 1.8% year over year.



Total revenue increased 1.0% year over year to $4.3 million, as SaaS growth more than offset a modest decline in professional services revenue.



Gross profit increased 3.9% year over year, with gross profit margin increasing 184 basis points due to a favorable revenue mix.



Net loss of $207,975, or ($0.05) per basic and fully diluted share, compared to net loss of $53,701, or ($0.01) per basic and fully diluted share, for the same period in 2024.



Adjusted EBITDA of $260,749, compared to $531,241 from the same period in 2024.



Cash at quarter end was approximately $2.5 million.



2025 Full-Year Financial Highlights



SaaS revenue increased 11.3% year over year to $6.3 million.



Professional services revenue decreased 18.7% year over year.



Total revenue was $16.6 million, reflecting lower professional services activity.



Gross profit decreased 3.7% year over year, a function of volume, and gross profit margin increased 295 basis points due to a favorable revenue mix.



Net loss of $1,872,895, or ($0.44) per basic and fully diluted share, compared to net loss of $546,215, or ($0.13) per basic and fully diluted share, for the same period in 2024.



Adjusted EBITDA was $469,694, compared to $2,382,357 in the prior year.



Fiscal year 2025 reflected continued progress in Intellinetics’ software-led business, with SaaS revenue continuing to grow and representing an increasing share of overall revenue. Total revenue declined compared to 2024, driven primarily by variability in professional services activity. During the year, the Company also strengthened its document management business, including securing a significant contractual win with its largest customer.


The Company continued to build its foundation for long-term growth by expanding its SaaS footprint, investing in go-to-market capabilities, and refining its focus on vertical markets where demand for secure document and workflow automation solutions remains strong.


Management believes these efforts position Intellinetics to improve revenue predictability, expand margins over time, and accelerate sustainable growth.


Alison Forsythe, President & CEO of Intellinetics, stated: “In 2025, under the leadership of my predecessor, Intellinetics continued to grow SaaS revenue while also strengthening our document management business, including a critical contractual win with our largest customer.


“I did my homework before accepting the role as CEO, and after spending my first weeks closely evaluating the business, it is even clearer that we have strong foundational assets—an established SaaS customer base, differentiated technology, and attractive vertical market opportunities. At the same time, there is a clear opportunity to improve execution, sharpen our go-to-market approach, and operate with greater discipline across both our software and document management businesses.


“Our software platform is the core of our business and the primary driver of our long-term growth. Looking ahead to 2026, our focus is on accelerating SaaS revenue and increasing recurring software revenue. We are aligning our organization, investments, and operating priorities around that objective while bringing greater consistency to our document management business. Together, these efforts position Intellinetics for more consistent performance and long-term value creation.”


Summary – 2025 Fourth Quarter Results


Revenues for the three months ended December 31, 2025 were $4,323,843, an increase of 1.0%, as compared with $4,280,071 for the same period in 2024. This increase was primarily due to an 8.4% increase in SaaS revenue, partially offset by a 1.8% decrease in professional services fees.


Total operating expenses increased 11.2% to $3,096,090, compared to $2,784,991 for the same period in 2024, driven by increases in sales and marketing expense of 14.4% and general and administrative expense of 11.2%. Loss from operations was $216,308 compared to loss from operations of 12,920 in the fourth quarter last year, primarily due to the sales and marketing increase and other security and infrastructure investments.


Intellinetics reported net loss of $207,975 compared to net loss of $53,701 for the same period in 2024. Basic and diluted net loss per share for the three months ended December 31, 2025 was $0.05, compared to $0.01 net loss per basic and diluted share for the period ended December 31, 2024. Adjusted EBITDA was $260,749 compared to $531,241 in 2024.




 






 






For the quarters ended

December 31,






 








 






 






2025






 






 






2024






 








 






 






 






 






 






 






 








Revenues:






 






 






 






 






 






 






 






 








Software as a service






 






$






1,603,641






 






 






$






1,479,250






 








Software maintenance services






 






 






307,538






 






 






 






346,372






 








Professional services






 






 






2,201,246






 






 






 






2,241,662






 








Storage and retrieval services






 






 






211,418






 






 






 






212,787






 








Total revenues






 






 






4,323,843






 






 






 






4,280,071






 







Summary – 2025 Full-Year Results


Revenues for the year ended December 31, 2025 were $16,583,446, a decrease of 8.0% as compared with $18,018,373 for the same period in 2024. Total operating expenses increased 10.4% to $12,741,153, compared to $11,541,889 for the same period in 2024. Our increased structural investments for growth and scale, particularly sales and marketing expansion, more than offset reductions in variable compensation and share-based compensation expense decreases. Loss from operations was $1,788,569, compared to loss from operations of $173,505 for last year. Intellinetics reported net loss of $1,872,895, or $0.44 per basic and diluted share, compared to net loss of $546,215, or $0.13 per basic and diluted share, for the same period in 2024.




 






 






For the years ended

December 31,






 








 






 






2025






 






 






2024






 








 






 






 






 






 






 






 








Revenues:






 






 






 






 






 






 






 






 








Software as a service






 






$






6,331,167






 






 






$






5,688,936






 








Software maintenance services






 






 






1,283,332






 






 






 






1,410,387






 








Professional services






 






 






8,141,155






 






 






 






10,017,974






 








Storage and retrieval services






 






 






827,792






 






 






 






901,076






 








Total revenues






 






 






16,583,446






 






 






 






18,018,373






 







2026 Outlook


Based on management's current plans and assumptions, the Company expects that it will grow SaaS on a year-over-year basis for the fiscal year 2026.


Conference Call


Intellinetics is holding a conference call to discuss these results on a live webcast at 4:30 p.m. ET today. Interested parties can access the webcast through the Intellinetics website at https://ir.intellinetics.com/. Investors can also dial in to the webcast by calling (877) 407-8133 (toll-free) or (201) 689-8040. A replay of the call can also be accessed via phone through April 30, 2026 by dialing (877) 660-6853 (toll-free) or (201) 612-7415 and using replay access code 13759543.


About Intellinetics, Inc.


Intellinetics, Inc. (NYSE American: INLX) is enabling the digital transformation. Intellinetics empowers organizations to manage, store and protect their important documents and data. The Company’s flagship solution, the IntelliCloud™ content management platform, delivers advanced security, compliance, workflow and collaboration features critical for highly regulated, risk-intensive markets. IntelliCloud connects documents to users and the processes they support anytime, anywhere to accelerate innovation and empower organizations to think and work in new ways. In addition, Intellinetics offers business process outsourcing (BPO), document and micrographics scanning services, and records storage. From highly regulated industries like Healthcare/Human Service Providers, K-12, Public Safety, and State and Local Governments, to businesses looking to move away from paper-based processes, Intellinetics is the all-in-one, compliant, document management solution. Intellinetics is headquartered in Columbus, Ohio. For additional information, please visit www.intellinetics.com.


Cautionary Statement


Statements in this press release which are not purely historical, including statements regarding future business; improved revenue predictability; expanded margins; predictable and sustainable growth, including the growth of SaaS business; future revenues, including the “2026 Outlook” for revenues; improved business execution and go-to-market approach; execution of our business plan, strategy, direction and focus; and other intentions, beliefs, expectations, representations, projections, plans or strategies regarding future growth, financial results, and other future events are forward-looking statements. The forward-looking statements involve risks and uncertainties including, but not limited to, the risks associated with the effect of changing economic conditions including inflationary pressures, challenges with hiring and maintaining a stable workforce, our ability to execute on our business plan and strategy including our transition to a SaaS-based company, customary risks attendant to trends in the products markets, variations in Intellinetics’ cash flow or adequacy of capital resources, market acceptance risks, the success of Intellinetics’ solutions providers, including human services, health care, and education, technical development risks, and other risks, uncertainties and other factors discussed from time to time in its reports filed with or furnished to the Securities and Exchange Commission, including in Intellinetics’ most recent annual report on Form 10-K as well as subsequently filed reports on Form 8-K. Intellinetics cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Intellinetics disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release. Expanded and historical information is made available to the public by Intellinetics on its website at www.intellinetics.com or at www.sec.gov.


Non-GAAP Financial Measures


Intellinetics uses non-GAAP Adjusted EBITDA as supplemental measures of our performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (GAAP). A non-GAAP financial measure is a numerical measure of a company's financial performance that excludes or includes amounts so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of a company.


Adjusted EBITDA: Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to net income, operating income, or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities or a measure of our liquidity. Intellinetics urges investors to review the reconciliation of non-GAAP Adjusted EBITDA to the comparable GAAP Net Income, which is included in this press release, and not to rely on any single financial measure to evaluate Intellinetics’ financial performance.


We believe that Adjusted EBITDA is a useful performance measure and is used by us to facilitate a comparison of our operating performance on a consistent basis from period-to-period and to provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone. We define “Adjusted EBITDA” as earnings before interest expense, any income taxes, depreciation and amortization expense, non-cash share-based compensation, note conversion and note or equity offer warrant or stock expense, gain or loss on debt extinguishment, change in fair value of contingent consideration, and transaction costs.


Reconciliation of Net Income to Adjusted EBITDA




 






 






For the Three Months Ended December 31,






 








 






 






2025






 






 






2024






 








Net loss – GAAP






 






$






(207,975






)






 






$






(53,701






)








Interest (income) expense, net






 






 






(8,333






)






 






 






40,781






 








Depreciation and amortization






 






 






315,067






 






 






 






302,242






 








Share-based compensation






 






 






155,351






 






 






 






241,919






*








Transaction costs








6,639









-









Adjusted EBITDA






 






$






260,749







 






$






531,241










 






 






For the Twelve Months Ended

December 31,






 








 






 






2025






 






 






2024






 








Net loss - GAAP






 






$






(1,872,895






)






 






$






(546,215






)








Interest expense, net






 






 






84,326






 






 






 






372,710






 








Depreciation and amortization






 






 






1,245,640






 






 






 






1,128,613






 








Share-based compensation






 






 






1,003,843






 






 






 






1,427,249






*








Transaction costs








8,780









-






 








Adjusted EBITDA






 






$






469,694







 






$






2,382,357










* 2024 balances have been updated to align with management’s revised 2025 definition, which clarifies the classification of “non-cash” share-based compensation.









INTELLINETICS, INC. and SUBSIDIARIES




Consolidated Balance Sheets













 



 






 






December 31,






 






 






December 31,






 








 






 






2025






 






 






2024






 








 






 






 






 






 






 






 








ASSETS






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 








Current assets:






 






 






 






 






 






 






 






 








Cash






 






$






2,528,281






 






 






$






2,489,236






 








Accounts receivable, net






 






 






1,239,802






 






 






 






1,111,504






 








Accounts receivable, unbilled






 






 






909,574






 






 






 






1,296,524






 








Parts and supplies, net






 






 






173,295






 






 






 






100,561






 








Prepaid expenses and other current assets






 






 






378,305






 






 






 






476,731






 








Total current assets






 






 






5,229,257






 






 






 






5,474,556






 








 






 






 






 






 






 






 






 






 








Property and equipment, net






 






 






1,092,694






 






 






 






1,093,867






 








Right of use assets, operating






 






 






1,394,806






 






 






 






1,894,866






 








Right of use assets, finance






 






 






164,998






 






 






 






237,741






 








Intangible assets, net






 






 






2,906,188






 






 






 






3,399,029






 








Goodwill






 






 






5,789,821






 






 






 






5,789,821






 








Other assets






 






 






727,808






 






 






 






685,076






 








Total assets






 






$






17,305,572






 






 






$






18,574,956






 








 






 






 






 






 






 






 






 






 








LIABILITIES AND STOCKHOLDERS’ EQUITY






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 








Current liabilities:






 






 






 






 






 






 






 






 








Accounts payable






 






$






284,680






 






 






$






310,623






 








Accrued compensation






 






 






410,368






 






 






 






493,700






 








Accrued expenses






 






 






199,995






 






 






 






172,421






 








Lease liabilities, operating - current






 






 






721,879






 






 






 






842,468






 








Lease liabilities, finance - current






 






 






67,935






 






 






 






69,261






 








Deferred revenues






 






 






3,371,263






 






 






 






3,411,852






 








Notes payable - current






 






 






-






 






 






 






781,936






 








Notes payable - related party - current






 






 






-






 






 






 






515,512






 








Notes payable - current






 






 






-






 






 






 






515,512






 








Total current liabilities






 






 






5,056,120






 






 






 






6,597,773






 








 






 






 






 






 






 






 






 






 








Long-term liabilities:






 






 






 






 






 






 






 






 








Lease liabilities, operating - net of current portion






 






 






749,346






 






 






 






1,161,404






 








Lease liabilities, finance - net of current portion






 






 






116,090






 






 






 






184,024






 








Total long-term liabilities






 






 






865,436






 






 






 






1,345,428






 








Total liabilities






 






 






5,921,556






 






 






 






7,943,201






 








 






 






 






 






 






 






 






 






 








Stockholders’ equity:






 






 






 






 






 






 






 






 








Common stock, $0.001 par value, 25,000,000 shares authorized; 4,479,123 and 4,249,735 shares issued and outstanding at December 31, 2025 and 2024, respectively






 






 






4,479






 






 






 






4,250






 








Additional paid-in capital






 






 






34,893,670






 






 






 






32,268,743






 








Accumulated deficit






 






 






(23,514,133






)






 






 






(21,641,238






)








Total stockholders’ equity






 






 






11,384,016






 






 






 






10,631,755






 








Total liabilities and stockholders’ equity






 






$






17,305,572






 






 






$






18,574,956






 









INTELLINETICS, INC. and SUBSIDIARIES




Consolidated Statements of Income















 



 






 






For the Twelve Months Ended December 31,






 








 






 






2025






 






 






2024






 








 






 






 






 






 






 






 






 






 








Revenues:






 






 






 






 






 






 






 






 








Software as a service






 






$






6,331,167






 






 






 






5,688,936






 








Software maintenance services






 






 






1,283,332






 






 






 






1,410,387






 








Professional services






 






 






8,141,155






 






 






 






10,017,974






 








Storage and retrieval services






 






 






827,792






 






 






 






901,076






 








Total revenues






 






 






16,583,446






 






 






 






18,018,373






 








 






 






 






 






 






 






 






 






 








Cost of revenues:






 






 






 






 






 






 






 






 








Software as a service






 






 






942,885






 






 






 






856,774






 








Software maintenance services






 






 






54,838






 






 






 






57,667






 








Professional services






 






 






4,356,066






 






 






 






5,387,545






 








Storage and retrieval services






 






 






277,073






 






 






 






348,003






 








Total cost of revenues






 






 






5,630,862






 






 






 






6,649,989






 








 






 






 






 






 






 






 






 






 








Gross profit






 






 






10,952,584






 






 






 






11,368,384






 








 






 






 






 






 






 






 






 






 








Operating expenses:






 






 






 






 






 






 






 






 








General and administrative






 






 






8,690,615






 






 






 






8,010,025






 








Sales and marketing






 






 






2,804,898






 






 






 






2,403,251






 








Depreciation and amortization






 






 






1,245,640






 






 






 






1,128,613






 








 






 






 






 






 






 






 






 






 








Total operating expenses






 






 






12,741,153






 






 






 






11,541,889






 








 






 






 






 






 






 






 






 






 








Loss from operations






 






 






(1,788,569






)






 






 






(173,505






)








 






 






 






 






 






 






 






 






 








Interest income (expense), net






 






 






(84,326






)






 






 






(372,710






)








 






 






 






 






 






 






 






 






 








Net loss






 






$






(1,872,895






)






 






$






(546,215






)








 






 






 






 






 






 






 






 






 








Basic net loss per share:






 






$






(0.44






)






 






$






(0.13






)








Diluted net loss per share:






 






$






(0.44






)






 






$






(0.13






)








 






 






 






 






 






 






 






 






 








Weighted average number of common shares outstanding - basic






 






 






4,301,131






 






 






 






4,201,401






 








Weighted average number of common shares outstanding - diluted






 






 






4,301,131






 






 






 






4,201,401






 









INTELLINETICS, INC. and SUBSIDIARIES




Consolidated Statements of Cash Flows










 



 






 






For the Twelve Months Ended December 31,






 








 






 






2025






 






 






2024






 








 






 






 






 






 






 






 








Cash flows from operating activities:






 






 






 






 






 






 






 






 








Net loss






 






$






(1,872,895






)






 






$






(546,215






)








Adjustments to reconcile net loss to net cash provided by operating activities:






 






 






 






 






 






 






 






 








Depreciation and amortization






 






 






1,245,640






 






 






 






1,128,613






 








Bad debt expense (recovery)






 






 






81,087







 






 






(9,117






)








Loss on disposal of fixed assets






 






 






29,622






 






 






 






547






 








Amortization of deferred financing costs






 






 






42,052






 






 






 






152,604






 








Amortization of right of use assets, financing






 






 






72,743






 






 






 






71,326






 








Share-based compensation






 






 






1,287,242






 






 






 






1,496,774






 








Changes in operating assets and liabilities:






 






 






 






 






 






 






 






 








Accounts receivable






 






 






(209,385






)






 






 






747,988






 








Accounts receivable, unbilled






 






 






386,950






 






 






 






24,313






 








Parts and supplies






 






 






(72,734






)






 






 






9,711






 








Prepaid expenses and other current assets






 






 






98,426






 






 






 






30,912






 








Accounts payable and accrued expenses






 






 






(81,701






)






 






 






280,303






 








Operating lease assets and liabilities, net






 






 






(32,587






)






 






 






(13,643






)








Deferred revenues






 






 






(40,589






)






 






 






484,044






 








Total adjustments






 






 






2,806,766






 






 






 






4,404,375






 








Net cash provided by operating activities






 






 






933,871






 






 






 






3,858,160






 








 






 






 






 






 






 






 






 






 








Cash flows from investing activities:






 






 






 






 






 






 






 






 








Capitalization of internal use software






 






 






(469,602






)






 






 






(388,570






)








Purchases of property and equipment






 






 






(354,378






)






 






 






(439,203






)








Net cash used in investing activities






 






 






(823,980






)






 






 






(827,773






)








 






 






 






 






 






 






 






 






 








Cash flows from financing activities:






 






 






 






 






 






 






 






 








Proceeds from issuance of common stock






 






 






1,797,106






 






 






 






-






 








Offering costs paid on issuance of common stock






 






 






(175,781






)






 






 






-






 








Principal payments on financing lease liability






 






 






(69,260






)






 






 






(61,874






)








Payments to taxing authorities in connection with shares directly withheld from employees






 






 






(283,399






)






 






 






(69,525






)








Exercise of stock warrants






 






 






(12






)






 






 






-






 








Repayment of notes payable






 






 






(807,331






)






 






 






(1,307,169






)








Repayment of notes payable - related parties






 






 






(532,169






)






 






 






(317,831






)








Net cash (used in) financing activities






 






 






(70,846






)






 






 






(1,756,399






)








 






 






 






 






 






 






 






 






 








Net increase in cash






 






 






39,045






 






 






 






1,273,988






 








Cash - beginning of period






 






 






2,489,236






 






 






 






1,215,248






 








Cash - end of period






 






$






2,528,281






 






 






$






2,489,236






 








 






 






 






 






 






 






 






 






 








Supplemental disclosure of cash flow information:






 






 






 






 






 






 






 






 








Cash paid during the period for interest






 






$






74,425






 






 






$






258,646






 








Cash paid during the period for income taxes






 






$






28,027






 






 






$






20,259






 








 






 






 






 






 






 






 






 






 








Supplemental disclosure of non-cash financing activities:






 






 






 






 






 






 






 






 








Right-of-use asset obtained in exchange for operating lease liability






 






$






311,368






 






 






$






-






 








Right-of-use asset obtained in exchange for finance lease liability






 






$






-






 






 






$






89,289






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260330051579/en/
Joe Spain, CFO

Intellinetics, Inc.

614.921.8170 investors@intellinetics.com


Original: Intellinetics Reports Fourth Quarter and Full Year 2025 Financial Results