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what it is
It helps businesses and government offices turn paper chaos into searchable digital records, then charges for the software and the cleanup crew.
how it gets paid
Last year Intellinetics made $18M in revenue. cloud software access was the main engine at $5.4M, or 30% of sales.
what just happened
The quarter was a scale story: revenue hit $12M, but EPS still fell to -$0.39.
At a glance
C++ balance sheet — some cracks in the foundation
25/100 earnings predictability — expect surprises
6.5% return on capital — nothing to write home about
-$0.13 fy2024 eps est
$18M fy2024 rev est
xvary composite: 33/100 — weak
What they do
It helps businesses and government offices turn paper chaos into searchable digital records, then charges for the software and the cleanup crew.
This business wins by living inside ugly back-office work you do not want to switch twice. Once your records, scans, and workflows are inside the system, changing vendors means retraining staff and touching mission-critical documents. That matters more when the company serves government and SMB customers and runs with a 65.8% gross margin (gross margin → money left after direct costs → the software piece is still the good business).
How they make money
$18M
annual revenue
cloud software access
$5.4M
on-premise software licenses
$2.7M
maintenance and support
$3.6M
implementation and consulting
$4.5M
document conversion services
$1.8M
The products that matter
document management platform
IntelliCloud
67% of revenue base
it sits inside the software and subscriptions segment that generated $12.1M, or 67% of total revenue. that's the core engine, even if this page stays thin on product-level revenue detail.
core platform
accounts payable automation
AP Intelligence
2026 launch focus
management highlighted this product line in 2026 as part of the growth story. scale is the issue. the whole company produced only $18M in annual revenue, so newer offerings need to matter fast or they stay marketing copy.
newer bet
implementation and support work
Professional Services
$5.9M · 33% of revenue
this segment brought in $5.9M and fell 2% from last year. one-third of revenue shrinking is not a side note. it means the software segment has to do more than grow — it has to outgrow the drag.
mixed signal
Key numbers
65.8%
gross margin
Gross margin → money left after direct costs → the software business still has decent economics even while earnings are weak.
$1M
long-term debt
Long-term debt → money owed beyond one year → only $1M, or 3% of capital, means leverage is not the thing trying to kill you here.
10/100
price stability
Price stability → how calm the stock price has been → 10 out of 100 says you are owning a very jumpy microcap, not a sleepy software name.
6.5%
operating margin
Operating margin → profit after running the business → 6.5% is thin, so one bad quarter can wipe out a full year of progress.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $1M (3% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for INLX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter was a scale story: revenue hit $12M, but EPS still fell to -$0.39.
EDGAR shows the latest quarter grew revenue 206% vs. prior year to $12M. But that did not flow to shareholders, with EPS at -$0.39 and quarterly results still volatile versus the 2024 quarterly history.
$12M
revenue
$0.39
eps
65.8%
gross margin
the number that mattered
$12M matters because one quarter produced two-thirds of the company's $18M annual revenue base, which tells you results are lumpy and hard to underwrite.
source: company earnings report, 2026
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What could go wrong
the #1 risk is failing to turn a 66.5% gross margin and $12.1M software revenue base into profit before the market loses patience.
med
the revenue base is small enough that fixed costs still win
INLX produced $18M of revenue and still lost $1.9M. That's the core problem. At this size, one hiring push, one slower quarter, or one stalled sales cycle can wipe out the benefit of a decent gross margin.
if revenue stays around $18M and net margin stays below zero, the valuation starts to look less like upside and more like an accurate read on a subscale software company.
med
document management is crowded and scale usually wins
The current page already points to Box as a larger rival. That's enough to make the point. INLX operates in categories where bigger vendors have broader sales reach and more room to compete on price.
if pricing power stays weak, a 66.5% gross margin does not expand much from here and the path to profit gets longer.
med
the CEO change buys time, not results
Alison Forsythe took over on Feb 17, 2026. Leadership changes can sharpen focus. They can also reset targets, delay decisions, and give investors a grace period that the numbers do not earn on their own.
you are asking a new CEO to fix a business that lost $1.9M last year. that is an operating job, not a messaging job.
med
one-third of revenue is still the slower, weaker piece
Professional services produced $5.9M, or 33% of revenue, and declined 2% from last year. That matters because services still make up one-third of the business today.
if that segment keeps shrinking, software growth has to outrun it just to keep total revenue moving. $5.9M of softer revenue is not background noise in an $18M company.
Software and subscriptions generated $12.1M, yet the company still lost $1.9M. That exposes the whole investment case to one question: can management scale the good revenue faster than costs and services drag absorb it.
source: institutional data · regulatory filings · risk analysis
Pay attention to
profitability
whether 66.5% gross margin finally reaches the bottom line
This is the whole story. High gross margin with a -10.4% net margin says product value is not the bottleneck. Cost discipline is.
calendar
Q4 / FY 2025 earnings on March 30, 2026
This should give you the first cleaner read on how the new CEO frames priorities, expenses, and the path from software mix to actual earnings.
segment trend
software growth versus services drag
Software and subscriptions grew 5%. Professional services fell 2%. You want that spread widening because software is scaling, not because the rest of the business is shrinking faster.
valuation
whether less than 2x sales is cheap or just skeptical
A $34M market cap on $18M of revenue looks inexpensive. It also tells you the market wants proof. The next few quarters decide whether you own upside or just uncertainty.
Analyst rankings
earnings predictability
25 / 100
earnings predictability measures how steady the results have been. 25/100 is low. in human-speak, this business has not earned the benefit of predictable quarters.
risk rank
4
risk rank 4 means this screens as riskier than most stocks in the database. you are not buying a quiet holding here.
source: institutional data
Institutional activity
institutional ownership data for INLX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$8
current price
n/a
target midpoint · n/a from current
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