Intellinetics, Inc. ( (INLX) ) has released its Q3 earnings. Here is a breakdown of the information Intellinetics, Inc. presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Intellinetics, Inc. is a digital transformation solutions provider based in Columbus, Ohio, specializing in document and data management for highly regulated industries such as healthcare, education, and government sectors. The company offers a comprehensive platform, IntelliCloud, which facilitates secure, compliant, and efficient workflows.
Intellinetics reported an 8.0% increase in total revenues for the third quarter of 2024, driven by organic growth in their Software as a Service (SaaS) and professional services segments. Despite these revenue gains, the company experienced a net loss of $392,850, influenced by increased operating expenses, including significant investments in sales and marketing.
The company saw a notable 8.5% rise in SaaS revenue and an 11.5% uptick in professional services revenue. The IntelliCloud Payables Automation System (IPAS) emerged as a key growth driver, with a 50% increase in live reference accounts, indicating strong market acceptance and potential for continued growth. However, operating expenses surged by 37.3%, resulting in a decline in adjusted EBITDA from $708,749 in 2023 to $479,537 in 2024.
Looking forward, Intellinetics management remains optimistic about revenue growth for the fiscal year 2024, despite anticipated declines in Adjusted EBITDA due to ongoing investments in sales and marketing. The focus remains on leveraging their IPAS solution to drive sustainable growth and enhance market presence.
