Intellinetics(INLX) - 2024 Q4 - Annual Results

Revenue Performance - Total revenue for 2024 was $18,018,373, representing a 6.7% increase compared to$ 16,886,381 in 2023[9] - SaaS revenue grew by 11.8% year-over-year, reaching $5,688,936 in 2024[5] - Professional services revenue increased by 0.3% to$ 9,985,028 in 2024[4] - Total revenues for the twelve months ended December 31, 2024, increased to $18,018,373, up from$ 16,886,381 in 2023, representing a growth of approximately 6.7%[25] - Software as a Service (SaaS) revenues reached $5,688,936 for the twelve months ended December 31, 2024, compared to$ 5,133,215 in 2023, reflecting an increase of about 10.8%[25] - Total recurring revenues for the three months ended December 31, 2024, were $2,649,893, slightly up from$ 2,646,580 in the same period of 2023[21] Net Income and Loss - The company reported a net loss of $546,215, or ($ 0.13) per share, compared to a net income of $519,266, or$ 0.13 per share in 2023[9] - The company reported a net loss of $546,215 for the twelve months ended December 31, 2024, compared to a net income of$ 519,266 in 2023[25] Operating Expenses - Operating expenses increased by 23.7% to $11,698,431, driven by structural investments and share-based compensation[9] - Total operating expenses for Q4 2024 were$ 2,829,369, an increase of 11.4% compared to $2,540,565 in Q4 2023[7] - Operating expenses for the twelve months ended December 31, 2024, totaled$ 11,698,431, up from $9,456,486 in 2023, representing an increase of approximately 23.5%[25] Cash and Assets - Cash and cash equivalents at the end of the period increased to$ 2,489,236 from $1,215,248 in 2023, marking a significant increase of approximately 104.5%[27] - The company’s total assets decreased to$ 18,574,956 as of December 31, 2024, down from $19,026,260 in 2023, a decline of about 2.4%[23] Liabilities - The company’s total liabilities decreased to$ 7,943,201 as of December 31, 2024, down from $9,275,539 in 2023, a reduction of approximately 14.4%[23] Future Outlook - Management expects revenue growth for fiscal year 2025, but anticipates EBITDA to be reduced by more than half due to increased sales and marketing investments[10] - The Payables Automation SaaS solutions are expected to be the primary drivers of future SaaS growth, with live reference accounts increasing by 50% in the last quarter[5][11] Debt Management - The company made$ 1,625,000 in debt prepayments in 2024, leaving just over $1.3 million in debt[4] Share Information - The weighted average number of common shares outstanding for basic calculations was 4,201,401 for the twelve months ended December 31, 2024, compared to 4,074,194 in 2023[25] Deferred Revenues - Deferred revenues rose to$ 3,411,852 as of December 31, 2024, compared to $2,927,808 in 2023, indicating an increase of about 16.5%[23]