インテリネティクス（INLX）2026年第2四半期決算説明会：SaaS成長と純損失拡大

主要ポイント

• 2026年第2四半期の売上高は、プロフェッショナル・サービスの減収がSaaSの成長を相殺したため、前年同期比1.6%減の390万ドルとなりました。
• SaaS売上高は、主に買掛金自動化の新規顧客獲得により4.2%増の160万ドルとなりました。経営陣は2026年度のSaaS売上高について、2桁台の成長見通しを維持しました。
• プロフェッショナル・サービス売上高は、プロジェクト時期のズレおよびドキュメント・サービス事業の受注残減少により、5.8%減の180万ドルとなりました。同社によると、その後受注残を補填する新規注文を獲得したとのことです。
• 売上総利益率は、文書スキャニングおよびデータ変換プロジェクトにおける不振なプロダクトミックスを反映し、162ベーシスポイント低下して66.4%となりました。SaaSおよび保守事業の利益率は堅調を維持しました。
• 純損失は前年同期の60万ドル（1株当たり0.13ドル）から110万ドル（1株当たり0.24ドル）へと拡大しました。一般管理費の増加とドキュメント・サービス事業の売上総利益低下が主な要因です。
• 経営陣は、2〜4年間にわたる事業変革の一環として、SaaSへの移行推進、規律ある営業活動、プロダクトおよび技術資源の適正配分、そして営業レバレッジの向上を最優先事項に掲げています。

主要財務データ

2026年上半期（6カ月間）の売上高は4.9%減の790万ドルとなりました。SaaS売上高は2.2%増の320万ドルとなった一方、プロフェッショナル・サービス売上高は10.3%減の360万ドルとなりました。売上総利益率は前年同期の67.3%から64.9%に低下しました。

上半期の純損失は前年同期の130万ドル（1株当たり0.31ドル）から220万ドル（1株当たり0.51ドル）に拡大しました。調整後EBITDAは前年同期の10万4,000ドルの黒字に対し、65万9,000ドルの赤字となりました。

2026年6月30日時点で、インテレネティクス（Intellinetics）の現金保有高は170万ドルで、借入金はありません。負債総額は580万ドルで、これには契約済みのSaaSおよび保守契約に関連する前受収益290万ドルが含まれます。

事業および営業業績

インテレネティクスの事業構成において、ストック型ソフトウェア売上高の比率が引き続き上昇しました。SaaSの成長は買掛金自動化の新規顧客獲得が牽引した一方、従来型ソフトウェア保守売上高は予想通り11.7%減（3万9,000ドル減）となりました。

ドキュメント・サービス事業が引き続き売上高および利益率の主な下押し要因となりました。スキャニング業務の減少がプロフェッショナル・サービスの減収につながったほか、スキャニングとデータ変換プロジェクトの構成比が連結売上総利益率の重荷となりました。経営陣によると、その後の新規受注により受注残の回復が始まっているとのことです。

営業費用の増加は、主に一般管理費が24.4%増加したことによるものです。変動報酬の増加、エンジニアリング開発人員の追加、前年同期比で約22万9,000ドル増加した株式報酬費用などが主な要因です。販売・マーケティング費用は13.9%減少しました。

経営陣は、上半期におけるソフトウェア受注高の改善、第2四半期末時点でのパイプライン（案件候補）の拡充、ならびに業績予測およびプロジェクト管理の向上を報告しました。また、同社は市場でのポジショニング強化と需要創出を目的として、新しいウェブサイトを立ち上げました。

業績見通し（ガイダンス）

経営陣は従来の業績見通しを据え置き、提出書類および決算説明会で述べられた前提条件、リスク、不確実性の影響を受けるものの、2026年度のSaaS売上高について引き続き前年比2桁台の成長を見込んでいます。

2026年後半について、経営陣はソフトウェア商談のストック型収益への転換、営業およびパートナーの実行力強化、拡張性のあるプロダクト・技術投資の優先化に注力しています。また、ストック型収益の拡大とより強固な事業実行により、中長期的に営業レバレッジと収益性が向上すると見込んでいます。

リスクおよび注視すべき点

• ドキュメント・サービス事業の売上高と利益率は、顧客のプロジェクト時期、受注残高、およびプロジェクト構成の影響を受けやすい状態が続いています。
• SaaSの成長にもかかわらず売上高全体が減少したことは、プロフェッショナル・サービス事業への依存が依然として続いていることを浮き彫りにしています。
• 人件費やエンジニア人員の増加、株式報酬費用の増加により営業費用が膨らみ、純損失が拡大しました。
• ストック型収益モデルへの重点化に向けたシフトは、複数年を要する取り組みです。経営陣はこれを単一四半期での変革ではなく、2〜4年をかけた機会であると説明しています。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

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.