COLUMBUS, OH – (April 2, 2018) – Intellinetics, Inc. (OTCQB: INLX), a cloud-based document solutions provider, announced financial results for the twelve months ended December 31, 2017.
Year End Financial Highlights
- Total Revenue up 1% from 2016.
- Software as a Service Revenue increased 19% from
- Net Loss decrease of $216,974 from
- Adjusted EBITDA Loss of $884,749, an improvement of 3% from
Summary – Year-End Results
Revenues for the twelve months ended December 31, 2017 were $2,623,441 as compared with
$2,601,733 for the same period in 2016. Intellinetics reported a net loss of $(1,359,337) and
$(1,576,311) for the twelve months ended December 31, 2017 and 2016, respectively, representing a decrease (improvement) of $216,974. Net Loss in 2017 includes a $419,090 one-time gain on retirement of debt. Net loss per share for the twelve months ended December 31, 2017 and 2016 was ($0.08) and ($0.09), respectively.
James F. DeSocio, President & CEO of Intellinetics, stated, “We have begun implementation of our strategy focusing a core group of customers in the Human Services Provider space. We have a unique and differentiated product value proposition, including auditing, compliance and reporting. We have reallocated resources within the company to support this strategy, while at the same time investing in select tools to assist us in demand and lead generation, which will allow us to better control our destiny. These steps are essential for us to scale and grow.”
“Looking forward, we plan on reaping the rewards of these focused initiatives during 2018 and beyond. As we continue to focus on increasing our SaaS-based revenues we recognize that short-term revenue recognition on subscription services is generally lower than upfront premise license sales and that the new programs will take some months to bear fruit. We believe this investment and strategic focus will provide greater revenue consistency, higher growth, and deliver the best long-term value to shareholders,” DeSocio concluded.
- Hired lead generation expert to assist in creating and driving new outbound mailing campaigns.
- Built new content, white papers, case studies, fact sheets, and updated web site to reflect our solutions-focused message for our targeted
- Developed targeted email campaign process for our primary target
- Educated partner channel with new strategy, and supported “through partner” marketing efforts.
IntelliCloudTM – Powered by the Intel® NUC
IntelliCloud™ is a cloud-based document management platform that is optimized for work teams within organizations of any size with business-critical processes. Thousands and thousands of people at any given moment depend upon IntelliCloud to perform their work. IntelliCloud, which 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.
About Intellinetics, Inc.
Intellinetics, Inc. is a Columbus, Ohio-based content services software company. Its flagship IntelliCloudTM platform provides easy to use, affordable, secure document management to organization s that have critical document requirements and must always be audit-ready, including health and human services, education and law enforcement. Our customers save valuable time by immediately locating and form, file, record or document, and our superhuman customer service ensures users can remain focused on their mission. For additional information, please visit: www.intellinetics.com.
Statements in this press release which are not purely historical, including statements regarding future business and new revenues associated with any industry, channel partner, service, or business relationship; Intellinetics’ future revenues and growth in 2018 and beyond; growth of software as a service revenue; market penetration; execution of Intellinetics’ business plan, strategy, and focus; and other intentions, beliefs, expectations, representations, projections, plans or strategies regarding future growth, financial results, and other future events are forward-looking statements. The forward-looking statements involve risks and uncertainties including, but not limited to, the risks associated with the effect of changing economic conditions, trends in the products markets, variations in Intellinetics’ cash flow or adequacy of capital resources, market acceptance risks, the success of Intellinetics’ channel partners and distribution partners, technical development risks, and other risks and uncertainties discussed in Intellinetics’ most recent annual report on Form 10-K and subsequently filed Form 10-Qs and Form 8-Ks. Intellinetics cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Intellinetics disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release. Expanded and historical information is made available to the public by Intellinetics on its website at www.intellinetics.com or at www.sec.gov.
Joe Spain, CFO Intellinetics, Inc.