Intellinetics, Inc. Reports Third Quarter And Nine-Month Financial Results
Intellinetics, Inc. ( OTCQB: INLX), an Enterprise Content Management (ECM) software company focused on cloud-based document solutions for the Small to Medium Business (SMB) market, announced financial results for the third...
Intellinetics, Inc. ( OTCQB: INLX), an Enterprise Content Management (ECM) software company focused on cloud-based document solutions for the Small to Medium Business (SMB) market, announced financial results for the third quarter and nine-months ended September 30, 2016. Third Quarter Highlights
9.2% increase in Revenue
111.9% increase in recurring SaaS revenues
Third Quarter Results Revenues for the three months ended September 30, 2016 were $679,445 as compared with $621,974 for the same period in 2015. The increase is primarily attributed to revenues from the sale of software as a service. Intellinetics reported a net loss of $246,767 and $253,553 for the three months ended September 30, 2016 and 2015, respectively, representing a decrease in net loss of $6,786, or 2.7%. Net loss per share for the three months ended September 30, 2016 and 2015 was ($0.01) and ($0.04), respectively. Nine-Month Results Revenues for the nine months ended September 30, 2016 were $1,919,585 as compared with $1,767,919 for the same period in 2015. Of this $363,842 was SaaS revenue in 2016 and $182,322 was SaaS revenue in 2015. Intellinetics reported a net loss of $1,184,497 and $1,130,173, respectively, for the nine months ended September 30, 2016 and 2015, respectively, an increase of $54,324. Net loss per share for the nine months ended September 30, 2016 and 2015 was ($.07) and ($.16), respectively, a decrease of 56.3%. Matthew L. Chretien, President and CEO of Intellinetics, noted that, "We posted a significant increase in our recurring SaaS revenue segment which is vital to financial strength and sustained revenue growth. We continue to add to our dealer network with increased adoption and use of IU ( www.intelliclouduniversity.com) - our automated IntelliCloud sales training and partner enablement platform, and is an important contributor to the increase in Cloud based revenue. Working with our strategic offices solutions partner to build the sales and operations model was an additional focus during this quarter that cleared the path for in-field selling activities moving forward. We believe that we have all of the pieces in place to be able to show continuous quarter over quarter revenue growth on a sustained basis." IntelliCloud™ - Powered by the Intel® NUC Intellinetics, Inc. is a Columbus, Ohio-based, innovative and trusted provider of its cloud-enabled document management platform - IntelliCloud. IntelliCloud is optimized for the vast SMB market segment and business teams within large enterprises stuck with paper in business-critical processes. Thousands and Thousands of people at any given moment depend upon IntelliCloud to perform their work. IntelliCloud is strategically packaged with Intel technology, provides Law Enforcement Grade security and compliance tools and is supported by a growing network of market-leading reseller partners. Resellers often attach IntelliCloud to the software, hardware, and/or services they already sell without the sales or technical complexity of other less effective options in the market.