Intellinetics Q1 revenue up 7.7% to $4.5M, net loss $174K vs prior-year profit; revises EBITDA guidance lower

INTELLINETICS, INC.

2024-Q1 EPS reported -$0.04 revenue$4,507,084

Total revenue $4.507M, up 7.7% YoY, fully organic; SaaS revenue up 13.5% to $1.405M.
Net loss of $174,714 ($0.04 loss per share) vs net income of $112,563 ($0.03 EPS) in Q1 2023.
Adjusted EBITDA $673,362, up 6.9% YoY; revised guidance expects 2024 EBITDA at or slightly below 2023 levels.
Largest customer may shift tasks, potentially reducing document conversion revenue starting Q4 2024; company will negotiate.
Prepaid $500K debt in Q1, plans additional $325K prepayment; remaining debt principal ~$2.1M due Dec 31, 2025.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

INTELLINETICS, INC. reported fiscal quarter ended March 31, 2024 results: revenue Total revenues $ 4,507,084, net income net loss of $174,714, EPS $0.04 net loss per basic and fully diluted share. Guidance lowered.

Period: fiscal quarter ended March 31, 2024
Revenue: Total revenues $ 4,507,084
Net income: net loss of $174,714
EPS: $0.04 net loss per basic and fully diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

Revenues for the three months ended March 31, 2024 were $4,507,084, an increase of 7.7%, as compared with $4,186,833 for the same period in 2023. This organic increase was driven by an 13.5% increase in SaaS revenue, and a 7.9% increase in professional services fees, partially offset by lower sales of storage and retrieval and modest growth, at 2.4% as expected, in software maintenance services. Recurring revenue grew 12.2% and now represents 61% of total revenue. Total operating expenses increased 24.2% to $2,934,124, compared to $2,361,840, driven by a $397,901 charge for restricted stock awards, as well as depreciation and amortization expenses (all non-cash expenses, except for $69,525 related to withholding taxes for the restricted stock awards). Loss from operations (inclusive of the restricted stock award charge) was $34,480 compared to income from operations of $283,999 in the first quarter last year. Intellinetics reported a net loss of $174,714 compared to net income of $112,

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Source: SEC EDGAR

accession 0001493152-24-019216

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