Intellinetics Inc (INLX) 2026 Q1 法說會逐字稿

Greetings. Welcome to Intellinetics' first quarter 2026 earnings call.

各位好。歡迎參加 Intellinetics 2026 會計年度第一季財報電話會議。

At this time, all participants are in a listen-only mode. Should you need assistance during the conference, please press the star key followed by zero on your telephone keypad. Please note, this conference is being recorded.

此時所有與會者皆為僅收聽模式。如在會議期間需要協助，請在電話鍵盤上按星號鍵後再按 0。請注意，本次會議將被錄音。

I will now turn the conference over to Joe Spain, Chief Financial Officer. Thank you. You may begin.

現在我將把會議交給財務長 Joe Spain。謝謝。您可以開始了。

Thank you. Good afternoon, everyone. I am pleased to welcome you to the Intellinetics 2026 first quarter conference call.

謝謝。各位下午好。我很高興歡迎各位參加 Intellinetics 2026 年第一季電話會議。

Before we begin, I would like to remind listeners that during this conference call, comments made by management may include forward-looking statements regarding Intellinetics, Inc. that are not historical facts. These forward-looking statements are based on the 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.

在開始之前，我想提醒各位聽眾，在本次電話會議中，管理層的評論可能包含關於 Intellinetics, Inc. 的前瞻性陳述，這些並非歷史事實。這些前瞻性陳述係基於管理層目前的預期與信念，並受風險與不確定性影響，可能導致該等陳述與未來實際事件或結果出現重大差異。Intellinetics, Inc. 不承擔更新任何前瞻性陳述之義務。

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 Operations" in Intellinetics' Annual Report on Form 10-K or the quarterly report on Form 10-Q filed today.

如需了解可能導致實際結果與前瞻性陳述出現重大差異的因素，請參閱今日發布的新聞稿，以及 Intellinetics 的 Form 10-K 年度報告或今日提交的 Form 10-Q 季度報告中「Risk Factors（風險因素）」與「Management's Discussion and Analysis of Financial Condition and Results of Operations（管理層對財務狀況及經營成果之討論與分析）」章節所載之風險與不確定性。

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 be different 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.

另外請注意，今日電話會議中，管理層將討論非 GAAP 財務衡量指標「調整後 EBITDA」。非 GAAP 財務衡量指標不應被單獨考量，亦不應作為依 GAAP 編製之結果的替代，且可能與其他公司所呈現的非 GAAP 財務衡量指標不同。GAAP 與非 GAAP 指標之間的調節表可見於今日發布的新聞稿。

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.

在此之後，我想把電話會議交給 Intellinetics 總裁兼執行長 Alison Forsythe。Alison，交給您了。

Thanks, Joe. Good afternoon, everyone, and thank you for joining us.

謝謝，Joe。各位下午好，感謝各位加入我們。

I am now approximately 90 days into the role as CEO of Intellinetics, and I feel even more confident today in our ability to grow our SaaS business.

我擔任 Intellinetics 執行長一職至今約 90 天，今天我對我們成長 SaaS 業務的能力更有信心。

Our products deliver meaningful value to customers, are highly sticky within customer workflows, and address attractive market opportunities. Based on what I have seen in my first 90 days, I believe we can deliver double-digit year-over-year SaaS growth in 2026 over 2025.

我們的產品為客戶帶來實質價值，能深度嵌入客戶工作流程並具高度黏著性，同時也對應具吸引力的市場機會。根據我在前 90 天所見，我相信我們在 2026 年相較 2025 年可實現 SaaS 年增率達雙位數的成長。

Having joined Intellinetics in mid-February, my initial focus has been on evaluating the business, meeting with employees, customers, and partners, and assessing our operational and go-to-market priorities. While first quarter results reflect variability in professional services revenue and margins, my early assessment confirms the conclusions reached during the extensive diligence process completed before I accepted this role.

我於 2 月中旬加入 Intellinetics，初期重點在於評估業務、與員工、客戶及合作夥伴會面，並檢視我們的營運與市場推進（go-to-market）優先事項。雖然第一季結果反映專業服務營收與毛利率的波動，但我初步評估確認了我在接受此職務前、於廣泛盡職調查流程中所得到的結論。

Intellinetics has a differentiated technology platform, long-standing customer relationships, and significant opportunities to expand our SaaS and software business in targeted vertical markets. At the same time, it has become increasingly clear that there are meaningful opportunities to improve execution, operational consistency, predictability, and overall go-to-market effectiveness across the organization.

Intellinetics 擁有差異化的技術平台、長期的客戶關係，以及在特定垂直市場擴展我們 SaaS 與軟體業務的重大機會。同時也愈來愈清楚的是，我們在全公司範圍內，於執行力、營運一致性、可預測性，以及整體市場推進效能方面，存在顯著的改善空間。

We are moving quickly to strengthen alignment, improve our operating discipline, and better position the business for scalable long-term growth. Looking ahead, our priorities are clear: accelerating our SaaS growth, improving execution consistency and predictability, and aligning resources around our highest priority growth opportunities.

我們正迅速採取行動以強化一致對齊、提升營運紀律，並讓業務更好地為可擴展的長期成長做好定位。展望未來，我們的優先事項很明確：加速 SaaS 成長、提升執行的一致性與可預測性，並將資源對齊於最高優先的成長機會。

With that, I will turn it over to Joe to walk through the financials in more detail.

接下來我把時間交給 Joe，請他更詳細說明財務表現。

Thanks, Allison. I will now review our financial results for the first quarter of 2026 in a bit more detail. Total revenue for the quarter decreased 8% to $3.9 million, as compared to $4.2 million for the same period last year.

謝謝，Allison。接下來我將更詳細回顧我們 2026 年第一季的財務結果。本季總營收較去年同期下降 8% 至 390 萬美元，去年同期為 420 萬美元。

The following are the material components of our revenue as presented on our statements of operations.

以下為我們在損益表中所呈列之營收的主要組成項目。

SaaS revenue remained stable year-over-year at approximately $1.5 million.

SaaS 營收年對年維持穩定，約為 150 萬美元。

While growth moderated during the quarter, recurring software revenue continues to represent an important and growing component of our overall business mix.

雖然本季成長趨緩，但經常性軟體營收仍持續成為我們整體業務組合中重要且日益成長的部分。

Software maintenance services were down as expected, decreasing $39,000, or 11.6%, from 2025. As a reminder, these maintenance revenues are from support agreements with long-time customers continuing on our legacy premise solution.

軟體維護服務如預期下滑，較 2025 年減少 3.9 萬美元（或 11.6%）。提醒各位，這些維護收入來自長期客戶對我們既有地端（on-premise）解決方案所持續簽訂的支援合約。

Professional services revenue decreased 14.3% to $1.9 million for the quarter from $2.2 million for the same period last year.

本季專業服務營收較去年同期下降 14.3% 至 190 萬美元，去年同期為 220 萬美元。

As a percentage of total revenue, professional services revenue was 47% of total revenue for the quarter, compared to 51% last year.

以總營收占比來看，本季專業服務營收占總營收 47%，去年為 51%。

As mentioned on our call at the end of March, this revenue line has not yet recovered to a level we expected following the June 2025 renewal of our largest customer's contract.

如同我們在 3 月底的電話會議中提到的，這條營收線尚未在 2025 年 6 月我們最大客戶合約續約後，回升至我們原先預期的水準。

Consolidated gross margin percent increased 307 basis points to 63.5% for Q1 this year, compared to 56.6% last year.

本年度第一季合併毛利率提升 307 個基點至 63.5%，去年同期為 56.6%。

The increase was driven by lower professional services volume and project mix. Importantly, our software margins in both SaaS and maintenance remained solid. Operating expenses increased 4.4% to $3.7 million for Q1 2026, compared to $3.5 million for 2025.

此一提升主要由較低的專業服務量與專案組合所帶動。重要的是，我們在 SaaS 與維護兩方面的軟體毛利率仍維持穩健。2026 年第一季營業費用增加 4.4% 至 370 萬美元，2025 年為 350 萬美元。

The increase was primarily driven by CEO transition-related costs during the quarter, totaling $430,000, including share-based compensation. These one-time costs were partially offset by other lower administrative and sales and marketing expenses.

增加主要來自本季與執行長交接相關的成本，合計 43 萬美元（包含股份基礎給付）。這些一次性成本部分被其他較低的行政費用以及銷售與行銷費用所抵銷。

Net loss for Q1 was $1.2 million compared to a net loss of $0.7 million for the same period last year.

第一季淨損為 120 萬美元，去年同期淨損為 70 萬美元。

The primary drivers were the one-time CEO transition cost of $430,000, as well as reduced professional services revenue from our Document Services segment. Loss per share was $0.27 per share, compared to a loss per share of $0.17 last year. Our adjusted EBITDA loss for the quarter was $288,000 compared to adjusted EBITDA profit of $77,000 in the same period last year, reflecting the same drivers just mentioned.

主要原因為一次性的執行長交接成本 43 萬美元，以及我們文件服務（Document Services）部門專業服務營收下降。每股虧損為 0.27 美元，去年為每股虧損 0.17 美元。本季調整後 EBITDA 虧損為 28.8 萬美元，去年同期調整後 EBITDA 獲利為 7.7 萬美元，反映的驅動因素與剛才提到的相同。

Next, I will turn to a brief overview of our balance sheet. On March 31, 2026, we had cash of $2.1 million and accounts receivable, net of $1.2 million. Our total assets were $16.5 million, including $8.6 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.

接下來我簡要說明資產負債表。於 2026 年 3 月 31 日，我們持有現金 210 萬美元，應收帳款淨額為 120 萬美元。總資產為 1,650 萬美元，其中包含自 2020 年以來進行收購所形成的 860 萬美元無形資產與商譽。總負債為 580 萬美元，其中包含 290 萬美元遞延收入，反映已簽署的 SaaS 與維護合約。

We had no debt as of March 31, 2026, nor any borrowings to date. I want to wrap up with a brief financial outlook.

截至 2026 年 3 月 31 日，我們沒有任何負債，也尚未有任何借款。最後我以簡短的財務展望作結。

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 expects double-digit year-over-year SaaS growth for fiscal 2026.

基於我們目前的計畫與假設，並受我們在申報文件及本次電話會議中所述之風險與不確定性影響，管理層仍專注於加速 SaaS 成長，並目前預期 2026 會計年度 SaaS 年增率將達雙位數。

And now back to Allison for some final remarks.

接下來把時間交還給 Allison，請她做最後結語。

Thanks, Joe. Before we close, I want to leave you with a few final thoughts.

謝謝，Joe。在結束之前，我想留下幾點最後的想法。

As reiterated before, my early assessment reinforces that Intellinetics has strong foundational assets, differentiated technology, attractive vertical market opportunities, and meaningful long-term SaaS growth potential.

如先前重申，我的初步評估再次確認 Intellinetics 擁有強健的基礎資產、差異化技術、具吸引力的垂直市場機會，以及具意義的長期 SaaS 成長潛力。

At the same time, we see clear opportunities to improve execution, operational consistency, and our overall go-to-market effectiveness across the organization. Our focus now is straightforward: improving execution, strengthening our operational discipline, accelerating SaaS growth, and positioning the business for more scalable and predictable long-term performance.

同時，我們也清楚看到在全公司範圍內提升執行力、營運一致性，以及整體市場推進效能的機會。我們目前的重點很直接：改善執行、強化營運紀律、加速 SaaS 成長，並讓業務為更具可擴展性與可預測性的長期表現做好定位。

We are moving with urgency, and I look forward to updating investors on our progress in the quarters ahead.

我們正以高度緊迫感推進，並期待在未來幾季向投資人更新我們的進展。

Bailey, I will now turn the call back over to you.

Bailey，現在我把電話會議交回給您。

Ladies and gentlemen, thank you for your participation.

各位女士、先生，感謝各位的參與。

This does conclude today's teleconference. Please disconnect your lines and have a wonderful day.

本次電話會議到此結束。請掛斷您的電話線，祝各位有美好的一天。