Intellinetics (INLX) Ergebniskonferenz Q2 2026: SaaS-Wachstum und höherer Nettoverlust

Wichtigste Erkenntnisse

• Der Umsatz im zweiten Quartal 2026 sank im Jahresvergleich um 1,6 % auf 3,9 Mio. US-Dollar, da ein geringeres Volumen bei Professional Services das SaaS-Wachstum kompensierte.
• Die SaaS-Erlöse stiegen um 4,2 % auf 1,6 Mio. US-Dollar, primär getrieben durch Neukunden im Bereich der Kreditorenbuchhaltungs-Automatisierung. Das Management hielt an seiner Erwartung eines zweistelligen SaaS-Wachstums im Geschäftsjahr 2026 fest.
• Der Umsatz im Bereich Professional Services ging aufgrund von Verschiebungen bei Projektzeitplänen und eines geringeren Auftragsbestands bei Document Services um 5,8 % auf 1,8 Mio. US-Dollar zurück. Das Unternehmen gab an, seither Aufträge erhalten zu haben, die den Auftragsbestand wieder auffüllen.
• Die Bruttomarge verringerte sich um 162 Basispunkte auf 66,4 %, was auf einen ungünstigen Produktmix bei Dokumentenscanning- und -konvertierungsprojekten zurückzuführen ist. Die Margen in den Bereichen SaaS und Wartung blieben solide.
• Der Nettoverlust weitete sich gegenüber dem Vorjahreswert von 600.000 US-Dollar bzw. 0,13 US-Dollar je Aktie auf 1,1 Mio. US-Dollar bzw. 0,24 US-Dollar je Aktie aus. Haupttreiber waren höhere Verwaltungskosten (G&A) und ein niedrigerer Bruttogewinn im Bereich Document Services.
• Im Rahmen einer zwei- bis vierjährigen Transformation priorisiert das Management die SaaS-Konvertierung, Vertriebsdisziplin, Produkt- und Technologieallokation sowie die operative Hebelwirkung.

Wichtige Finanzdaten

In den ersten sechs Monaten des Jahres 2026 sank der Umsatz um 4,9 % auf 7,9 Mio. US-Dollar. Die SaaS-Erlöse stiegen um 2,2 % auf 3,2 Mio. US-Dollar, während der Umsatz mit Professional Services um 10,3 % auf 3,6 Mio. US-Dollar fiel. Die Bruttomarge ging von 67,3 % auf 64,9 % zurück.

Der Nettoverlust im Sechsmonatszeitraum weitete sich von 1,3 Mio. US-Dollar bzw. 0,31 US-Dollar je Aktie auf 2,2 Mio. US-Dollar bzw. 0,51 US-Dollar je Aktie aus. Das bereinigte EBITDA belief sich auf einen Verlust von 659.000 US-Dollar, verglichen mit einem positiven bereinigten EBITDA von 104.000 US-Dollar im Vorjahreszeitraum.

Zum 30. Juni 2026 verfügte Intellinetics über liquide Mittel in Höhe von 1,7 Mio. US-Dollar und wies keine Schulden auf. Die Gesamtverbindlichkeiten beliefen sich auf 5,8 Mio. US-Dollar, einschließlich 2,9 Mio. US-Dollar an Rechnungsabgrenzungsposten für unterzeichnete SaaS- und Wartungsverträge.

Geschäfts- und operative Entwicklung

Der Anteil wiederkehrender Software-Erlöse am Gesamtgeschäft von Intellinetics nahm weiter zu. Das SaaS-Wachstum wurde von Neukunden im Bereich der Kreditorenbuchhaltungs-Automatisierung getrieben, während die Umsätze aus der traditionellen Softwarewartung wie erwartet um 11,7 % bzw. 39.000 US-Dollar zurückgingen.

Document Services blieb die Hauptursache für den Umsatz- und Margendruck. Eine geringere Scanning-Aktivität verringerte den Umsatz bei Professional Services, während der Produktmix aus Scanning- und Konvertierungsprojekten die konsolidierte Bruttomarge belastete. Das Management gab an, dass neue Aufträge seither begonnen haben, den Auftragsbestand wieder aufzubauen.

Die Betriebsausgaben stiegen vor allem aufgrund eines Anstiegs der Verwaltungskosten (G&A) um 24,4 %. Hauptursachen waren höhere variable Vergütungen, zusätzliches Personal in der Entwicklung sowie ein Anstieg der aktienbasierten Vergütung um rund 229.000 US-Dollar im Jahresvergleich. Die Vertriebs- und Marketingkosten sanken um 13,9 %.

Das Management berichtete über verbesserte Software-Buchungen in der ersten Jahreshälfte, eine stärkere Pipeline-Abdeckung zum Ende des zweiten Quartals sowie eine bessere Prognosefähigkeit und Projektüberwachung. Zudem startete das Unternehmen eine neue Website zur Unterstützung der Marktpositionierung und Nachfragegenerierung.

Prognose des Managements

Das Management ließ seinen bisherigen Ausblick unverändert und rechnet für das Geschäftsjahr 2026 weiterhin mit einem zweistelligen SaaS-Wachstum im Jahresvergleich, vorbehaltlich der in den Berichten und der Telefonkonferenz des Unternehmens beschriebenen Annahmen, Risiken und Unsicherheiten.

Für die zweite Hälfte des Jahres 2026 konzentriert sich das Management darauf, Software-Chancen in wiederkehrende Erlöse umzuwandeln, die Vertriebs- und Partner-Umsetzung zu stärken und skalierbaren Produkt- und Technologieinvestitionen Priorität einzuräumen. Das Unternehmen geht zudem davon aus, dass das Wachstum der wiederkehrenden Erlöse und eine konsequentere Umsetzung die operative Hebelwirkung und Rentabilität im Laufe der Zeit verbessern werden.

Risiken und wichtige Beobachtungspunkte

• Umsätze und Margen im Bereich Document Services reagieren weiterhin empfindlich auf die zeitliche Abwicklung von Kundenprojekten, die Höhe des Auftragsbestands und den Projektmix.
• Der Gesamtumsatz sank trotz SaaS-Wachstums, was die anhaltende Abhängigkeit von den Aktivitäten im Bereich Professional Services verdeutlicht.
• Höhere Vergütungen, zusätzliches Entwicklungspersonal und aktienbasierte Vergütungen erhöhten die Betriebsausgaben und weiteten den Nettoverlust aus.
• Die Umstellung auf ein fokussierteres Modell mit wiederkehrenden Erlösen ist ein mehrjähriges Unterfangen. Das Management sprach von einer Chance über zwei bis vier Jahre und nicht von einer Transformation innerhalb eines einzigen Quartals.

Vollständiges Transkript der Telefonkonferenz

Vollständiges Transkript der Telefonkonferenz

Ausführungen des Managements

Operator

Greetings. Welcome to Intellinetics Second Quarter 2026 Earnings Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to Joe Spain, CFO. Thank you. You may begin.

Joseph Spain

Thank you. Good afternoon, everyone. I am pleased to welcome you to the Intellinetics 2026 Second Quarter Conference Call. Before we begin, I would

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forward-looking statements regarding Intellinetics, Inc. that are not historical facts. These forward-looking statements are based on current expectations and beliefs of management, and they are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results. Intellinetics, Inc. undertakes no duty to update any forward-looking statements.

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release issued today as well as risks and uncertainties included in the section under the caption Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operation in Intellinetics' annual report on Form 10-K or the quarterly report on Form 10-Q filed today.

Also, please note that on the call today, management will discuss the non-GAAP financial measure adjusted EBITDA. Non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP and may differ from non-GAAP financial measures presented by other companies. A reconciliation between GAAP and non-GAAP measures can be found in the press release issued today.

With all that said, I would now like to turn the call over to Alison Forsythe, Intellinetics' President and CEO. Alison, the call is yours.

Alison Forsythe

Thank you, Joe. Good afternoon, everyone, and thank you for joining us. Q2 was my first full quarter as President and CEO of Intellinetics, and I want to start with this. I am confident in the opportunity ahead, and we are moving forward with urgency.

Intellinetics has valuable assets. We have software solutions embedded in customer workflows, recurring revenue, strong customer relationships and deep experience in markets where secure document management, workflow, automation, compliance and information access matter. We also have a Document Services business that gives us access to customers with complex document-intensive processes, customers that can often benefit from broader software solutions over time.

Our Q2 results reflect both the current state of the business and the opportunity in front of us. Our SaaS revenue grew 4.2% year-over-year and software margins remained solid. Total revenue was impacted by lower professional services volume and project timing in Document Services. We understand those dynamics, and we are taking action to improve predictability, sharpen execution and shift the business over time toward a higher quality recurring revenue mix.

We are also seeing encouraging leading indicators. Software bookings improved in the first half of the year, pipeline coverage strengthened exiting Q2, and we launched our new website, giving us a clear market presence and a stronger foundation for demand generation. These are important signs that our commercial execution is moving in the right direction. Taken together, these indicators give us confidence that the first half of 2026 is not representative of the execution profile we are building for the second half and beyond.

In the first half of the year, we put several critical operating building blocks in place. We improved our forecasting visibility. We strengthened sales pipeline management. We established a more consistent management cadence. We improved project oversight, so key initiatives now have clearer owners, timelines, dependencies and accountability. And we are using better operating data to make more disciplined decisions around product, technology, sales and resource allocation.

Compared to where we were at the beginning of the year, we now have better visibility into the software pipeline, a more disciplined management cadence, clearer ownership of key initiatives, a new digital presence in market and an active product and technology prioritization process underway. These are early changes, but they are meaningful because they give us a stronger operating foundation for the second half of 2026 and for the larger transformation ahead.

The second half of 2026 is all about execution. First, we are focused on SaaS growth. We continue to expect double-digit SaaS growth for fiscal 2026, and we are focused on converting software opportunities into recurring revenue.

Second, we are strengthening our commercial execution. That means clearer product positioning, stronger sales discipline, better partner motions and more consistent management of opportunities from pipeline to close.

Third, we are sharpening product and technology priorities. We are evaluating where to accelerate, where to modernize, where to partner and where to stop investing. We are not going to spread resources evenly across every product. We are going to allocate talent and capital to the opportunities that can scale.

Fourth, we are focused on operating leverage. As we grow recurring revenue and improve execution discipline, we expect to reduce operating variability and improve profitability over time.

This is not a 1-quarter transformation, but the path is clear. Over the next 2 to 4 years, we see an opportunity to build Intellinetics into a more focused, scalable software and services company with a larger recurring revenue base, stronger execution discipline and a more predictable financial model.

With that, I'll turn it over to Joe to walk through the financials in more detail.

Joseph Spain

Thanks, Alison. I will now review our financial results for the second quarter 2026. Total revenue for the quarter decreased 1.6% to $3.9 million as compared to $4 million for the same period last year. In more detail, the following are the material components of our revenue presented on our statements of operations.

SaaS revenue increased 4.2% year-over-year to $1.6 million, driven primarily by new payables automation customers. Recurring software revenue continued to represent a growing component of our overall business mix.

Software maintenance services were down as expected, decreasing $39,000 or 11.7% from 2025. As a reminder, these maintenance revenues are from support agreements with long-time customers continuing on our legacy premise solution.

Professional services revenue decreased 5.8% to $1.8 million for the quarter from $1.9 million for the same period last year. As a percentage of total revenue, professional services revenue was 45% of total revenue for the quarter compared to 47% last year. The decline reflects reduced scanning project activity in our Document Services segment, driven by the timing of customer projects and a lower backlog during the period. We have since taken orders to refill that backlog.

Consolidated gross margin percent decreased 162 basis points to 66.4% for Q2 this year compared to 68% last year. The decrease was driven by professional services, reflecting a product mix shift in document scanning and conversion projects. Importantly, our software margins in both SaaS and maintenance remained solid.

Operating expenses increased 14.7% to $3.7 million for Q2 compared to $3.2 million for Q2 '25. The increase was primarily driven by a 24.4% increase in general and administrative expenses from higher variable compensation expense and increased engineering development personnel as well as share-based compensation expense that increased approximately $229,000 year-over-year. These increases were partially offset by a 13.9% decrease in sales and marketing expense and an 8.7% decrease in depreciation and amortization.

Net loss for Q2 was $1.1 million compared to net loss of $600,000 for the same period last year. The primary drivers were lower gross profit on reduced professional services revenue from our Document Services segment, together with higher G&A expenses, including the share-based compensation. Loss per share was $0.24 per share compared to a loss per share of $0.13 last year.

Our adjusted EBITDA for the quarter was $371,000 compared to adjusted EBITDA profit of $28,000 in the same period last year, reflecting approximately $108,000 of lower gross profit, again, driven by Document Services segment, together with higher cash operating expenses.

Quickly turning to 6-month results. Total revenue for the first 6 months decreased 4.9% to $7.9 million as compared to $8.3 million last year. SaaS revenue increased 2.2% to $3.2 million, led by new payables automation customers.

Professional services revenues decreased 10.3%, ending at $3.6 million compared to $4.1 million last year on lower scanning project volume in our Document Services segment.

Consolidated gross margin was 64.9% compared to 67.3% last year. Same as Q2, the decline was driven by the professional services mix, partially offset by stronger storage and retrieval margins. As noted earlier, our software margins by revenue line remained solid.

Operating expenses increased 9.3% to $7.4 million for the first 6 months of '26 compared to $6.7 million in '25. This increase is driven by 2 primary factors.

First, general and administrative expenses increased 16.4%, including approximately $430,000 of nonrecurring CEO transition costs incurred in the first quarter as well as higher variable compensation expense and expanded engineering development personnel through the first 6 months.

Second, partially offsetting that increase, sales and marketing expense decreased 13.8%, and depreciation and amortization decreased 5.1%.

6-month net loss was $2.2 million compared to net loss of $1.3 million last year. Net loss per basic and diluted share was $0.51 compared to net loss per basic and diluted share of $0.31 in 2025.

6 months adjusted EBITDA was a loss of $659,000 compared to positive adjusted EBITDA of $104,000 for the same period in '25. The decline reflects approximately $453,000 of lower gross profit on reduced professional services volume and margin, together with higher cash operating expenses.

Next, a brief overview of the balance sheet. At June 30, '26, we had cash of $1.7 million and accounts receivable, net, of $700,000. Our total assets were $15.6 million, including $8.5 million in intangible assets and goodwill as part of acquisitions made since 2020.

Total liabilities were $5.8 million, including $2.9 million in deferred revenues, reflecting signed SaaS and maintenance contracts. We had no debt as of June 30, 2026, nor any borrowings to date.

I'd like to wrap up with a brief financial outlook, which is unchanged from our prior guidance. Based on our current plans and assumptions, and subject to risks and uncertainties we described in our filings and this call, management remains focused on accelerating SaaS growth and currently expect double-digit year-over-year SaaS growth for fiscal 2026.

And now back to Alison for some final remarks.

Alison Forsythe

Thanks, Joe. Before we close, I want to leave investors with a key message. We are actively reshaping Intellinetics around the future opportunity we see in the business. In the first half of the year, we built a stronger operating foundation, better visibility, stronger pipeline discipline, improved project oversight, a new website and a more consistent management cadence.

In the second half, the focus is execution, converting software opportunities, strengthening commercial performance, making sharper product and technology decisions and building a more scalable operating model.

The opportunity over the next 2 to 4 years is meaningful. We believe Intellinetics can become a more focused software and services company with a larger recurring revenue base, better operating leverage and a clear path to improved profitability.

6 months in, I am encouraged by the progress we are making. We have better visibility, stronger operating discipline, clearer execution priorities and a more focused view of where we need to invest.

We still have work to do, but we are moving with urgency and building momentum. I look forward to updating you on our continued progress.

Sherry, we'll now turn the call back to you.

Operator

[Operator Instructions] There are no questions at this time. So I will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.