Detailed financial statements for Intellinetics, Inc. (INLX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Intellinetics, Inc. is a company that specializes in creating, developing, testing, commercializing, and licensing document-related services and software solutions within the United States. The firm operates through two primary divisions: Document Management and Document Conversion.
Analysis Summary
Intellinetics, Inc. reported revenue of $16.6M in the most recent fiscal year, growing at a 5-year CAGR of 15.0%.
Trailing-twelve-month margins: gross margin 62.8%, operating margin -17.7%, net margin -17.6%. Free cash flow grew at 64.5% CAGR over 5 years.
At the current price of $5.10, INLX has negative trailing earnings (P/E not meaningful) and an ROE of -26.38%. Market capitalisation stands at $23M.
Balance sheet quality for INLX: current ratio of 1.0, net cash position of $873031. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6M | $2.6M | $2.4M | $2.5M | $8.3M | $11.5M | $14.0M | $16.9M | $18.0M | $16.6M |
| Cost of Revenue | $709809 | $760462 | $742405 | $567843 | $3.3M | $4.5M | $5.8M | $7.3M | $6.5M | $5.6M |
| Gross Profit | $1.9M | $1.9M | $1.6M | $2.0M | $5.0M | $6.9M | $8.2M | $9.6M | $11.5M | $11.0M |
| Research & Development | 0 | $412405 | $359789 | $467364 | 0 | $345697 | $253797 | $558976 | $690926 | 0 |
| Selling, General & Admin | $3.3M | $3.0M | $3.1M | $3.1M | $4.5M | $5.4M | $6.9M | $8.5M | $10.6M | $11.5M |
| Operating Expenses | $3.3M | $3.0M | $3.1M | $3.1M | $7.0M | $5.8M | $6.9M | $8.5M | $11.7M | $12.7M |
| Operating Income | -$1.4M | -$1.2M | -$1.5M | -$1.2M | -$2.0M | $1.1M | $1.3M | $1.1M | -$173505 | -$1.8M |
| EBITDA | -$1.4M | -$743682 | -$1.5M | -$1.1M | -$1.0M | $2.9M | $2.2M | $2.1M | $1.0M | -$542929 |
| Interest Expense | $206332 | $609851 | $865501 | $980689 | $637683 | $452120 | $803294 | $588203 | $372710 | $84326 |
| Pre-tax Income | -$1.6M | -$1.4M | -$2.3M | -$2.1M | -$2.4M | $1.4M | $24027 | $519266 | -$546215 | -$1.9M |
| Income Tax | 0 | $609851 | 0 | 0 | -$188300 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$1.6M | -$1.4M | -$2.3M | -$2.1M | -$2.2M | $1.4M | $24027 | $519266 | -$546215 | -$1.9M |
| EPS | $-4.73 | $-3.91 | $-6.60 | $-8.41 | $-0.91 | $0.48 | $0.01 | $0.13 | $-0.13 | $-0.44 |
| EPS (Diluted) | $-4.73 | $-3.91 | $-6.60 | $-8.41 | $-0.91 | $0.44 | $0.01 | $0.11 | $-0.13 | $-0.44 |
| Shares Outstanding (Diluted) | $333001 | $347451 | $354538 | $370279 | $2.4M | $3.1M | $4.3M | $4.7M | $4.2M | $4.3M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $689946 | $1.1M | $1.1M | $404165 | $1.9M | $1.8M | $2.7M | $1.2M | $2.5M | $2.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $259497 | $295815 | $135739 | $352942 | $1.3M | $1.7M | $1.8M | $3.3M | $2.5M | $2.1M |
| Inventory | 0 | 0 | 0 | 0 | $79784 | $76691 | $73221 | $110272 | $100561 | $173295 |
| Total Current Assets | $1.1M | $1.6M | $1.4M | $872132 | $3.5M | $3.7M | $4.9M | $5.0M | $5.5M | $5.2M |
| Property, Plant & Equipment | $18783 | $14760 | $9131 | $104158 | $3.3M | $4.9M | $4.4M | $3.7M | $3.2M | $2.7M |
| Goodwill | 0 | 0 | 0 | 0 | $2.3M | $2.3M | $5.8M | $5.8M | $5.8M | $5.8M |
| Intangible Assets | 0 | 0 | 0 | 0 | $1.2M | $968496 | $4.4M | $3.9M | $3.4M | $2.9M |
| Total Assets | $1.1M | $1.6M | $1.4M | $986574 | $10.3M | $12.0M | $19.9M | $19.0M | $18.6M | $17.3M |
| Accounts Payable | $312391 | $405155 | $308121 | $160911 | $141823 | $181521 | $370300 | $194454 | $310623 | $284680 |
| Short-term Debt | $398803 | $1.3M | $46807 | $4.9M | $580638 | 0 | $936966 | 0 | $1.3M | 0 |
| Total Current Liabilities | $2.0M | $2.7M | $1.2M | $7.3M | $3.6M | $3.6M | $6.0M | $4.4M | $6.6M | $5.1M |
| Long-term Debt | $885229 | $1.5M | $4.2M | 0 | $1.8M | $1.8M | $2.6M | $2.8M | 0 | 0 |
| Total Liabilities | $3.1M | $4.2M | $5.9M | $7.4M | $9.2M | $9.3M | $11.4M | $9.3M | $7.9M | $5.9M |
| Retained Earnings | -$15.0M | -$16.3M | -$18.7M | -$20.8M | -$23.0M | -$21.6M | -$21.6M | -$21.1M | -$21.6M | -$23.5M |
| Total Equity | -$2.0M | -$2.6M | -$4.5M | -$6.4M | $1.2M | $2.7M | $8.6M | $9.8M | $10.6M | $11.4M |
| Total Debt | $1.3M | $2.8M | $4.2M | $5.0M | $5.1M | $5.7M | $7.0M | $5.7M | $3.6M | $1.7M |
| Net Debt | $594086 | $1.7M | $3.1M | $4.6M | $3.2M | $3.9M | $4.3M | $4.4M | $1.1M | -$873031 |
| Working Capital | -$946409 | -$1.1M | $143151 | -$6.4M | -$159254 | $126944 | -$1.1M | $617593 | -$1.1M | $173137 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$1.6M | -$1.4M | -$2.3M | -$2.1M | -$2.2M | $1.4M | $24027 | $519266 | -$546215 | -$1.9M |
| Depreciation & Amortization | $10687 | $11831 | $9039 | $49011 | $702162 | $1.0M | $728905 | $1.0M | $1.2M | $1.3M |
| Stock-based Compensation | $137878 | $153420 | $249025 | $200115 | $58770 | $92253 | $363950 | $464529 | $1.5M | $1.3M |
| Change in Working Capital | -$156916 | -$21800 | $439703 | $519679 | -$620380 | -$671868 | $341361 | -$1.7M | $1.6M | $48380 |
| Operating Cash Flow | -$1.3M | -$1.1M | -$1.2M | -$982169 | $124988 | $1.4M | $2.0M | $784659 | $3.9M | $933871 |
| Capital Expenditure | -$6867 | -$12624 | -$3410 | -$5489 | -$76854 | -$590485 | -$577325 | -$548077 | -$827773 | -$354378 |
| Acquisitions | 0 | 0 | 0 | 0 | -$4.0M | 0 | -$6.4M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.3M | -$1.1M | -$1.2M | -$987658 | $48134 | $799481 | $1.4M | $236582 | $3.0M | $579493 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +0.8% | -9.2% | +6.5% | +225.5% | +38.9% | +22.3% | +20.5% | +6.7% | -8.0% | |
| Net Income Growth (YoY) | +13.8% | -72.2% | +8.8% | -3.1% | +161.7% | -98.2% | +2061.2% | -205.2% | -242.9% | |
| EPS Growth (YoY) | +17.3% | -68.8% | -27.4% | +89.2% | +152.7% | -98.7% | +1931.2% | -200.0% | -238.5% | |
| Shares Change (YoY) | +4.3% | +2.0% | +4.4% | +550.0% | +29.0% | +38.4% | +8.3% | -9.7% | +2.4% | |
| FCF Growth (YoY) | +10.5% | -2.3% | +14.9% | +104.9% | +1560.9% | +76.5% | -83.2% | +1180.9% | -80.9% | |
| Gross Margin | 72.7% | 71.0% | 68.8% | 77.6% | 60.5% | 60.6% | 58.4% | 56.8% | 64.0% | 66.0% |
| Operating Margin | -52.7% | -44.5% | -61.9% | -45.5% | -24.7% | 9.7% | 9.1% | 6.6% | -1.0% | -10.8% |
| EBITDA Margin | -52.2% | -28.3% | -61.5% | -43.5% | -12.7% | 25.0% | 15.6% | 12.3% | 5.7% | -3.3% |
| Net Margin | -60.6% | -51.8% | -98.3% | -84.1% | -26.7% | 11.8% | 0.2% | 3.1% | -3.0% | -11.3% |
| FCF Margin | -48.7% | -43.3% | -48.7% | -38.9% | 0.6% | 7.0% | 10.1% | 1.4% | 16.8% | 3.5% |
| Effective Tax Rate | -0.0% | -44.9% | -0.0% | -0.0% | 7.9% | 0.0% | 0.0% | 0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-3.81 | $-3.27 | $-3.27 | $-2.67 | $0.02 | $0.26 | $0.33 | $0.05 | $0.72 | $0.13 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $333001 | $347380 | $354538 | $370279 | $2.4M | $2.8M | $3.8M | $4.1M | $4.2M | $4.3M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -26.38% |
| Return on Invested Capital | -25.18% |
| Return on Assets | -18.17% |
| Gross Margin | 62.76% |
| Operating Margin | -17.73% |
| Net Margin | -17.56% |
Financial Health
| Debt / Equity | 0.16 |
| Current Ratio | 0.75 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -9.51 | -2.30 | -0.76 | -0.42 | -5.18 | 15.75 | 667.19 | 38.92 | -105.77 | -18.14 |
| P/B | -7.64 | -1.19 | -0.39 | -0.20 | 9.82 | 8.02 | 1.88 | 2.11 | 5.43 | 3.02 |
| P/S | 5.76 | 1.19 | 0.74 | 0.51 | 1.37 | 1.86 | 1.15 | 1.22 | 3.21 | 2.07 |
| Gross Margin | 72.7% | 71.0% | 68.8% | 77.6% | 60.5% | 60.6% | 58.4% | 56.8% | 64.0% | 66.0% |
| Operating Margin | -52.7% | -44.5% | -61.9% | -45.5% | -24.7% | 9.7% | 9.1% | 6.6% | -1.0% | -10.8% |
| Net Margin | -60.6% | -51.8% | -98.3% | -84.1% | -26.7% | 11.8% | 0.2% | 3.1% | -3.0% | -11.3% |
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