COLUMBUS, Ohio--(BUSINESS WIRE)--March 30, 2026--
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$(TM)$ 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/
CONTACT: Joe Spain, CFO
Intellinetics, Inc.
614.921.8170 investors@intellinetics.com
(END) Dow Jones Newswires
March 30, 2026 16:05 ET (20:05 GMT)