Record Quarterly Software as a ServiceRevenue; Positive Impact from Yellow Folder Acquisition
COLUMBUS, OH, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Intellinetics, Inc. (OTCQB: INLX), a digital transformation solutions provider, announced financial results for the three and six months ended June 30, 2022.
2022 Second Quarter Financial Highlights
- Total Revenue increased 17% from the same period in 2021.
- Software as a Service Revenue increased 208% from the same period in 2021.
- Net Loss of $374,167, compared to Net Income of $192,447 from the same period in 2021.
- Q2 2021 included $7,261 of change in fair value of earnout.
- Q2 2022 included $52,301 of change in fair value of earnout and $285,230 of transaction costs.
- Adjusted EBITDA increased 15% to $502,101, compared to $437,509 from the same period in 2021.
2022 Six Month Financial Highlights
- Total Revenue increased 10% from the same period in 2021.
- Software as a Service Revenue increased 127% from the same period in 2021.
- Net Loss of $394,293, compared to Net Income of $1,035,219 from the same period in 2021.
- Six month 2021 included other income of $845,083 for forgiveness of the PPP loan and interest, and $77,211 in charges for change in fair value of earnout.
- Six month 2022 included $116,505 of charges for change in fair value of earnout and $355,281 of transaction costs.
- Adjusted EBITDA increased 16% to $923,401, compared to $793,674 from the same period in 2021.
Summary – 2022 Second Quarter Results Revenues for the three months ended June 30, 2022 were $3,415,643 as compared with $2,909,646 for the same period in 2021. more here