Intellinetics, Inc. Reports 8.0% Revenue Growth for Third Quarter of 2024

Intellinetics, Inc., a digital transformation solutions provider, recently released its financial results for the fiscal quarter ended September 30, 2024. The company reported a total revenue increase of 8.0% over the same period in 2023, with notable growth in Software as a Service (SaaS) revenue rising by 8.5%.

The quarter’s highlights include the continued commercialization of IntelliCloud Payables Automation System (IPAS), with a 50% increase in live reference accounts during the quarter. The company also emphasized its focus on enhancing sales and marketing efforts, leading to an 11.5% increase in professional services revenue. Despite this, the net loss for the quarter was $392,850, compared to a net income of $209,331 for the same period in 2023.

Adjusted EBITDA for the quarter stood at $479,537, a decrease from $708,749 compared to the previous year. Intellinetics emphasized its commitment to debt reduction by significantly reducing debt principal in the quarter, with a year-to-date reduction of $1,625,000.

Regarding the company’s outlook for 2024, Intellinetics reaffirmed its expectations to achieve year-over-year revenue growth. The management reiterated its stance that increased investments in sales and marketing may lead to a decline in Adjusted EBITDA compared to 2023 levels.

A conference call was held to discuss these results, and interested parties were able to access it through a live webcast or by phone. Intellinetics remains focused on its digital transformation solutions, emphasizing the strategic importance of IPAS as a key driver of future growth.

For more details on Intellinetics, the financial results, and future plans, the full document can be accessed on their website or through the Securities and Exchange Commission’s online repository.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Intellinetics’s 8K filing here.

Intellinetics Company Profile

Intellinetics, Inc designs, develops, tests, markets, and licenses document services and software solutions in the United States. The company operates in two segments, Document Management and Document Conversion. Its software platform allows its customers to capture and manage documents across operations, such as scanned hard-copy documents and digital documents, including Microsoft Office 365, digital images, audio, videos, and emails.