Business
CORRECTING and REPLACING Intellinetics Grows 2024 Full-Year Revenues 7%
CORRECTING and REPLACING Intellinetics Grows 2024 Full-Year Revenues
About this update from Intellinetics, Inc.
[{"type":"text","content":"\nPlease replace the release with the corrected version due to the following revisions: The Company inadvertently understated Q4 2024 Adjusted EBITDA and FY 2024 Adjusted EBITDA by originally reporting a result of $531,241 in the fifth bullet of the Q4 2024 financial highlights, and $2,382,357 in the fifth bullet of the FY 2024 financial highlights. The Company’s actual Q4 2024 Adjusted EBITDA was $600,766 and FY 2024 Adjusted EBITDA was $2,451,882. The associated non-GAAP financial measures reconciliation table in the original release reported the correct amounts of Adjusted EBITDA for both Q4 and FY 2024.\n\nThe corrected press release follows:\n\nINTELLINETICS GROWS 2024 FULL-YEAR REVENUES 7%Full-Year SaaS Revenue Grows 11%;Company made $1,625,000 in debt prepayments in 2024\nIntellinetics, Inc. (NYSE American: INLX), a digital transformation solutions provider, announced financial results for the three and 12 months ended December 31, 2024.\n\n2024 Fourth Quarter Financial Highlights\n\nTotal Revenue increased 2.1% over the same period in 2023; the growth was fully organic.\n\n\nSoftware as a Service (SaaS) revenue increased 11.8% over the same period in 2023.\n\n\nIntelliCloud Payables Automation continued its commercialization; live reference accounts increased another 50% in the quarter and they are running smoothly.\n\n\nManagement believes Payables Automation solutions will be the primary drivers of our SaaS growth going forward.\n\n\nProfessional services revenue increased 0.3% over the same period in 2023.\n\n\nNet loss of $53,701, or ($0.01) per basic and fully diluted share, compared to net income of $61,638, or $0.02 per basic and $0.01 per fully diluted share, for the same period in 2023.\n\n\nAdjusted EBITDA of $600,766, compared to $754,375 from the same period in 2023.\n\n\nEnded the year with less than $1.4 million in debt principal, and over $2.4 million in cash.\n\n2024 Full-Year Financial Highlights\n\nTotal Revenue increased 6.7% over the same period in 2023; the growth was fully organic.\n\n\nSoftware as a Service revenue increased 10.8% over the same period in 2023.\n\n\nProfessional services revenue increased 8.9% over the same period in 2023.\n\n\nNet loss of $546,215, or ($0.13) per basic and fully diluted share, compared to net income of $519,266, or $0.13 per basic and $0.11 per fully diluted share,...