Intellinetics (INLX) 2026年第二季法說會：SaaS成長與淨虧損擴大

重點摘要

• 2026 財年第二季營收年減 1.6% 至 390 萬美元，主因專業服務業務量減少抵銷了 SaaS 的成長。
• SaaS 營收成長 4.2% 至 160 萬美元，主要由應付帳款自動化新客戶所推動。管理層維持對 2026 財年 SaaS 實現雙位數成長的預期。
• 由於專案時程安排以及文件服務 (Document Services) 在手訂單減少，專業服務營收下降 5.8% 至 180 萬美元。公司表示，此後已收到新訂單以補充在手訂單。
• 毛利率萎縮 162 個基點至 66.4%，反映出文件掃描與轉換專案的不利組合。SaaS 和維護業務的毛利率保持穩健。
• 淨虧損從去年同期的 60 萬美元（每股虧損 0.13 美元）擴大至 110 萬美元（每股虧損 0.24 美元）。一般及行政費用 (G&A) 增加以及文件服務毛利下滑是主要原因。
• 作為為期二至四年轉型計劃的一部分，管理層正優先推動 SaaS 轉型、銷售紀律、產品與技術資源分配以及營運槓桿。

關鍵財務數據

2026 財年前六個月，營收下降 4.9% 至 790 萬美元。SaaS 營收成長 2.2% 至 320 萬美元，而專業服務營收下降 10.3% 至 360 萬美元。毛利率從 67.3% 降至 64.9%。

前六個月淨虧損從去年同期的 130 萬美元（每股虧損 0.31 美元）擴大至 220 萬美元（每股虧損 0.51 美元）。調整後 EBITDA 為虧損 65.9 萬美元，相比之下去年同期為獲利 10.4 萬美元。

截至 2026 年 6 月 30 日，Intellinetics 擁有 170 萬美元現金且無債務。總負債為 580 萬美元，其中包括與已簽約 SaaS 和維護合約相關的 290 萬美元遞延營收。

業務與營運表現

經常性軟體營收在 Intellinetics 業務組合中的比重持續上升。SaaS 的成長由應付帳款自動化新客戶帶動，而傳統軟體維護營收則如預期下降 11.7%（即 3.9 萬美元）。

文件服務仍是營收與毛利率壓力的主要來源。掃描需求減少導致專業服務營收下降，而掃描與轉換專案的組合則拖累了合併毛利率。管理層表示，新訂單此後已開始重建在手訂單。

營運費用上升主因一般及行政費用 (G&A) 成長 24.4%。推動因素包括變動薪酬增加、工程開發人員增加，以及股票薪酬費用比去年同期增加約 22.9 萬美元。銷售與行銷費用則下降 13.9%。

管理層報告稱上半年軟體預訂量有所改善、第二季結束時的潛在客戶管道 (pipeline) 覆蓋率增強，且預測與專案監督機制更加完善。公司還推出了新網站，以支援市場定位與需求挖掘。

管理層業績指引

管理層維持先前展望不變，持續預期 2026 財年 SaaS 營收將實現雙位數的年成長，但仍受公司監管申報文件與財報電話會議中所述之假設、風險與不確定性影響。

展望 2026 財年下半年，管理層將重點放在將軟體商機轉化為經常性營收、強化銷售與合作夥伴執行力，並優先進行具可擴充性的產品與技術投資。公司亦預期經常性營收的成長與更嚴謹的執行力，隨著時間推移將能改善營運槓桿與獲利能力。

風險與關注焦點

• 文件服務的營收與毛利率對客戶專案時程安排、在手訂單水平及專案組合仍具敏感性。
• 儘管 SaaS 有所成長，但總營收仍下滑，突顯出對專業服務業務的持續依賴。
• 薪酬增加、工程人員補充以及股票薪酬費用上升，導致營運費用增加並擴大了淨虧損。
• 向更聚焦、以經常性營收為主的模式轉型是一項多年期的長期工作。管理層將此描述為一項為期二至四年的機遇，而非僅憑單一季度就能完成的轉型。

完整財報電話會議逐字稿

完整財報電話會議逐字稿

管理層陳述

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.