Intellinetics (INLX) 2026财年第二季度业绩电话会议：SaaS业务增长与净亏损扩大

核心要点

• 2026财年第二季度营收同比下降1.6%至390万美元，专业服务业务量的下滑抵消了SaaS业务的增长。
• SaaS收入增长4.2%至160万美元，主要受应付账款自动化新客户的推动。管理层维持了2026财年SaaS业务实现两位数增长的预期。
• 受项目执行节点和文档服务（Document Services）积压订单减少的影响，专业服务收入下降5.8%至180万美元。公司表示，此后已收到新订单以补充积压订单。
• 毛利率收窄162个基点至66.4%，反映出文档扫描与转换项目的组合不利。SaaS及维护业务的毛利率保持稳健。
• 净亏损从上年同期的60万美元（即每股0.13美元）扩大至110万美元（即每股0.24美元）。主要驱动因素为一般及行政费用（G&A）增加以及文档服务毛利下降。
• 作为两到四年转型计划的一部分，管理层正优先推进SaaS转化、销售纪律、产品与技术资源配置以及运营杠杆。

关键财务数据

2026财年前六个月，总营收同比下降4.9%至790万美元。SaaS收入增长2.2%至320万美元，而专业服务收入下降10.3%至360万美元。毛利率从67.3%降至64.9%。

前六个月净亏损从上年同期的130万美元（即每股0.31美元）扩大至220万美元（即每股0.51美元）。调整后EBITDA为亏损65.9万美元，而去年同期为盈利10.4万美元。

截至2026年6月30日，Intellinetics持有170万美元现金且无债务。总负债为580万美元，其中包括与已签署SaaS及维护合同相关的290万美元递延收入。

业务与运营表现

软件经常性收入在Intellinetics业务组合中的比重继续上升。SaaS增长主要由应付账款自动化新客户推动，而传统软件维护收入如预期下降11.7%（即3.9万美元）。

文档服务（Document Services）仍是营收与毛利率压力的主要来源。扫描业务减少拉低了专业服务收入，而扫描与转换项目的业务组合拖累了综合毛利率。管理层表示，新订单此后已开始重建积压订单。

运营费用上升主要由于一般及行政费用（G&A）增长24.4%。驱动因素包括可变薪酬增加、工程开发人员增加以及股权激励费用同比增加约22.9万美元。销售及市场推广费用下降13.9%。

管理层报告称上半年软件预订量有所改善，第二季度结束时销售管线覆盖更加强劲，预测和项目监督效率更高。公司还推出了新网站，以支持市场定位和需求生成。

管理层业绩指引

管理层维持先前的业绩预期不变，继续预计2026财年SaaS收入将实现同比两位数增长，但需受公司监管文件及财报电话会议中所述的假设、风险和不确定性影响。

2026财年下半年，管理层重点在于将软件商机转化为经常性收入、加强销售与合作伙伴的执行力，并优先投资可扩展的产品与技术。公司还预计，经常性收入的增长和更严密的执行力将随着时间推移提高运营杠杆和盈利能力。

风险与关注领域

• 文档服务的收入和毛利率对客户项目执行节点、积压订单水平及项目组合仍较为敏感。
• 尽管SaaS保持增长，但总营收依然下滑，这突显出对专业服务业务活动的持续依赖。
• 薪酬增加、工程人员扩充以及股权激励费用增长推高了运营费用，并扩大了净亏损。
• 向更加专注的经常性收入模式转型是一个多年努力的过程。管理层将其描述为一个为期两到四年的机遇，而非单季度的改变。

财报电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.