인텔리네틱스(INLX) 2026년 2분기 실적 발표 콜: SaaS 성장 및 순손실 확대

핵심 요약

• 2026 회계연도 2분기 매출은 전문 서비스 물량 감소가 SaaS 성장을 상쇄함에 따라 전년 동기 대비 1.6% 감소한 390만 달러를 기록했습니다.
• SaaS 매출은 주로 신규 매입채무 자동화 고객 증가에 힘입어 4.2% 증가한 160만 달러를 기록했습니다. 경영진은 2026 회계연도 SaaS 부문의 두 자릿수 성장 전망을 유지했습니다.
• 전문 서비스 매출은 프로젝트 시기 조정 및 문서 서비스 수주잔고 감소 영향으로 5.8% 줄어든 180만 달러를 기록했습니다. 회사는 이후 수주잔고를 채울 신규 주문을 수주했다고 밝혔습니다.
• 총마진은 문서 스캐닝 및 전환 프로젝트의 불리한 믹스 영향으로 162bp 하락한 66.4%를 기록했습니다. SaaS 및 유지보수 마진은 견조한 수준을 유지했습니다.
• 순손실은 일반관리비 증가와 문서 서비스 매출총이익 감소의 영향으로 전년 동기 60만 달러(주당 0.13달러)에서 110만 달러(주당 0.24달러)로 확대되었습니다.
• 경영진은 2~4년에 걸친 기업 체질 개선의 일환으로 SaaS 전환, 판매 규율 강화, 제품 및 기술 자원 배분, 영업레버리지 확보를 최우선 과제로 추진하고 있습니다.

주요 재무 데이터

2026 회계연도 상반기 매출은 4.9% 감소한 790만 달러를 기록했습니다. SaaS 매출은 2.2% 증가한 320만 달러를 기록한 반면, 전문 서비스 매출은 10.3% 감소한 360만 달러에 그쳤습니다. 총마진은 67.3%에서 64.9%로 하락했습니다.

상반기 순손실은 전년 동기 130만 달러(주당 0.31달러)에서 220만 달러(주당 0.51달러)로 확대되었습니다. 조정 EBITDA는 전년 동기 10만 4,000달러 흑자에서 65만 9,000달러 적자로 전환했습니다.

2026년 6월 30일 기준 인텔리네틱스의 현금 보유액은 170만 달러이며 차입금은 없습니다. 총부채는 580만 달러로, 이 중 290만 달러는 체결된 SaaS 및 유지보수 계약과 관련된 이연매출입니다.

사업 및 영업 실적

인텔리네틱스의 사업 믹스에서 반복 매출 성격의 소프트웨어 매출 비중이 지속적으로 확대되고 있습니다. SaaS 성장은 신규 매입채무 자동화 고객이 견인한 반면, 기존 소프트웨어 유지보수 매출은 예상대로 11.7%(3만 9,000달러) 감소했습니다.

문서 서비스는 계속해서 매출 및 마진 압박의 주요 요인으로 작용했습니다. 스캐닝 작업 감소로 전문 서비스 매출이 줄었으며, 스캐닝 및 전환 프로젝트 믹스가 연결 총마진에 부담을 주었습니다. 경영진은 이후 신규 주문이 유입되면서 수주잔고가 다시 쌓이기 시작했다고 밝혔습니다.

영업비용 증가의 주요 원인은 일반관리비가 24.4% 늘어났기 때문입니다. 변동 보수 증가, 엔지니어링 개발 인력 추가, 주식 기반 보상비용의 전년 대비 약 22만 9,000달러 증가 등이 주요 원인으로 작용했습니다. 영업 및 마케팅 비용은 13.9% 감소했습니다.

경영진은 상반기 소프트웨어 신규 수주 개선, 2분기 말 기준 파이프라인 커버리지 강화, 예측 가능성 및 프로젝트 관리 감독의 향상을 보고했습니다. 또한 회사는 시장 입지 강화와 수요 창출을 지원하기 위해 새로운 웹사이트를 개설했습니다.

경영진 실적 가이던스

경영진은 기존 전망치를 유지했으며, 공시 문서 및 실적 발표 전화회의에서 밝힌 가정, 위험 및 불확실성에 따라 2026 회계연도에 전년 대비 두 자릿수의 SaaS 매출 성장을 지속할 것으로 전망했습니다.

2026 회계연도 하반기에 경영진은 소프트웨어 영업 기회의 반복 매출 전환, 판매 및 파트너 실행력 강화, 확장 가능한 제품 및 기술 투자 우수 배분에 집중할 계획입니다. 회사는 또한 반복 매출 성장과 정교한 실행력을 통해 시간이 지나면서 영업레버리지와 수익성이 개선될 것으로 기대하고 있습니다.

위험 요인 및 주시 영역

• 문서 서비스 매출과 마진은 고객 프로젝트 타이밍, 수주잔고 수준, 프로젝트 믹스에 민감하게 반응합니다.
• SaaS 성장에도 불구하고 총매출이 감소하여 전문 서비스 사업 활동에 대한 높은 의존도가 여전히 이어지고 있음을 나타냈습니다.
• 보수 및 엔지니어링 인력 증가, 주식 기반 보상 확대 등으로 영업비용이 증가하며 순손실이 확대되었습니다.
• 반복 매출 중심 모델로의 체질 개선은 단기간에 이뤄지기 어려운 수년 단위의 과제입니다. 경영진은 이를 단 한 분기 만의 변화가 아닌 2~4년에 걸친 기회로 설명했습니다.

실적 발표 전화회의 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.