Free cash flow remains under pressure with a -6.5% margin in 2026Q1, reflecting a fundamental disconnect between GAAP losses and cash generation as evidenced by an OCF/NI ratio of 0.19.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 815.79K | 933.87K | 3.86M | 784.66K | 1.99M | 1.39M | 124.99K | -982.17K | -1.16M | -1.12M | -1.26M | -619.98K | -1.04M | -2.46M | -1.15M | -6.25K | -5.99K | 177 | -2.5K | -124 | -444 | 120 | -1.92K |
| Operating CF Margin % | - | 5.63% | 21.41% | 4.65% | 14.19% | 12.13% | 1.51% | -38.73% | -48.6% | -42.79% | -48.46% | -26.53% | -70.01% | -158.31% | -41.96% | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -573.1% | -75.79% | 391.7% | -60.55% | 43.08% | 1012.08% | 112.73% | 15.14% | -3.11% | 10.97% | -103.34% | 40.4% | 57.72% | -114.42% | -18259.86% | -4.39% | -3482.49% | 107.07% | -1920.16% | 72.07% | -470% | 106.25% | - |
| Net Income | -2.32M | -1.87M | -546.22K | 519.27K | 24.03K | 1.36M | -2.2M | -2.13M | -2.34M | -1.36M | -1.58M | -3.92M | -1.65M | -2.14M | -1.99M | -15.81K | -6.26K | -4.82K | -5.91K | -10.12K | -9.04K | -9.35K | -2.1K |
| Depreciation & Amortization | 1.31M | 1.32M | 1.2M | 1.02M | 728.9K | 1.05M | 702.16K | 49.01K | 9.04K | 11.83K | 10.69K | 11.63K | 24.31K | 26.46K | 28.42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 1.1M | 1.29M | 1.5M | 464.53K | 363.95K | 92.25K | 58.77K | 200.12K | 249.03K | 153.42K | 137.88K | 430K | 0 | -94.73K | 175K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28.31K | -7.22K | -104.48K | 26.08K | 235.63K | 0 | 100.75K | 64.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 127.9K | 152.76K | 144.03K | 474.54K | 530.53K | -437.95K | 2.18M | 354K | 492.33K | 197.92K | 297.9K | 2.08M | 261.82K | 11.91K | 65.55K | -15.81K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Changes | 600.4K | 48.38K | 1.56M | -1.69M | 341.36K | -671.87K | -620.38K | 519.68K | 439.7K | -21.8K | -156.92K | 540.86K | 322.27K | -365.1K | 504.31K | 9.56K | 275 | 5K | 3.4K | 10K | 8.6K | 9.46K | 185 |
| Change in Receivables | 281.99K | 177.56K | 772.3K | -1.53M | -70.4K | -293.75K | 380.97K | -222.14K | 167.3K | -40.54K | -65.71K | -144.74K | 1.49K | 166.85K | -6.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -23.12K | -72.73K | 9.71K | -37.05K | 3.47K | -5.91K | 796 | 696.47K | -45 | -11.83K | -115.83K | -853 | 104.93K | 43.29K | 2.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 714.48K | -81.7K | 280.3K | -200.44K | 173.48K | 141.56K | -645.6K | 62.9K | -97.03K | -31.43K | -24.63K | 256.1K | 114.98K | -354.25K | 757.93K | 3.9K | 275 | 0 | 10K | 10K | 0 | 0 | 0 |
| Cash from Investing | -803.71K | -823.98K | -827.77K | -548.08K | -6.96M | -590.49K | -4.1M | -5.49K | -3.41K | -12.62K | -6.87K | -5.56K | 4.48K | -21.56K | -48.18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | -393.17K | -354.38K | -439.2K | -111.24K | -200.98K | -552.18K | -76.85K | -5.49K | -3.41K | -12.62K | -6.87K | -5.56K | -4.58K | -21.56K | -53.78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 2.42% | 2.14% | 2.44% | 0.66% | 1.43% | 4.82% | 0.93% | 0.22% | 0.14% | 0.48% | 0.26% | 0.24% | 0.31% | 1.39% | 1.97% | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -6.38M | 0 | -4.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -410.54K | -469.6K | -388.57K | -436.84K | -376.35K | -38.3K | 0 | 0 | 0 | 0 | 0 | 0 | 9.06K | 0 | 5.6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -74.2K | -70.85K | -1.76M | -1.72M | 5.92M | -954.73K | 5.47M | 303.19K | 1.12M | 1.57M | 840.38K | 1.56M | 959.27K | 2.7M | 1.1M | 5K | 7K | 0 | 8K | 8K | 0 | 0 | 5K |
| Debt Issued (Net) | -1.37M | -1.41M | -1.69M | -1.02M | 1.94M | 0 | 2.79M | 303.19K | 1.25M | 1.89M | 330.62K | 348.94K | 959.27K | -34.73K | 1.04M | 1.07M | 7K | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 23K | 1.8M | 0 | 0 | 5.74M | 0 | 3.17M | 0 | 0 | 0 | 559.28K | 1.21M | 0 | 2.73M | 60K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.28M | -459.18K | -69.53K | -700K | -1.76M | -954.73K | -483.79K | 0 | -130.84K | -317.53K | -49.53K | 0 | 0 | 0 | 0 | -19.65K | 0 | 5K | 0 | 0 | 0 | 0 | 5K |
| Net Change in Cash | -62.12K | 39.05K | 1.27M | -1.48M | 943.85K | -155.25K | 1.5M | -684.47K | -37.29K | 435.98K | -427.17K | 933.04K | -76.48K | 214.32K | -94.03K | -1.25K | 1.01K | 177 | -2.5K | -124 | -444 | 120 | 3.08K |
| Free Cash Flow | 325.68K | 579.49K | 3.03M | 236.58K | 1.41M | 799.48K | 48.13K | -987.66K | -1.16M | -1.14M | -1.27M | -625.54K | -1.04M | -2.48M | -1.2M | -6.25K | -5.99K | 177 | -2.5K | -124 | -444 | 120 | -1.92K |
| FCF Margin % | 2% | 3.49% | 16.82% | 1.4% | 10.07% | 6.98% | 0.58% | -38.95% | -48.74% | -43.27% | -48.72% | -26.77% | -70.32% | -159.7% | -43.92% | - | - | - | - | - | - | - | - |
| FCF Growth % | -85.84% | -80.88% | 1180.9% | -83.24% | 76.55% | 1560.95% | 104.87% | 14.92% | -2.27% | 10.45% | -102.63% | 40.13% | 57.9% | -106.61% | -19120.32% | -4.39% | -3482.49% | 107.07% | -1920.16% | 72.07% | -470% | 106.25% | - |
| FCF per Share | 0.07 | 0.13 | 0.72 | 0.05 | 0.33 | 0.26 | 0.02 | -2.67 | -3.27 | -3.27 | -3.81 | -2.10 | -7.62 | -19.18 | -12.79 | -0.10 | -0.46 | 0.01 | -0.19 | -0.01 | -0.02 | 0.01 | -0.10 |
| FCF Conversion (FCF/Net Income) | -0.14x | -0.50x | -7.06x | 1.51x | 82.77x | 1.02x | -0.06x | 0.46x | 0.49x | 0.83x | 0.80x | 0.16x | 0.63x | 1.15x | 0.58x | 0.40x | 0.96x | -0.04x | 0.42x | 0.01x | 0.05x | -0.01x | 0.91x |
| Interest Paid | 34.24K | 74.42K | 258.65K | 418.79K | 496.81K | 242.54K | 202.29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 16.22K | 28.03K | 20.26K | 21.67K | 12.89K | 4.59K | 117.07K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Public sector budget dependency
As reported in recent financial statements, the persistent gap between net income and operating cash flow suggests that Intellinetics struggles to convert accounting losses into positive cash generation, with the 2026Q1 OCF/NI ratio of 0.19 highlighting a fundamental disconnect between GAAP results and actual liquidity.
The recurring inability to align net losses with operating cash flow indicates that the company's core operations are not yet self-sustaining. Investors should monitor whether this divergence is driven by non-cash charges or an underlying inability to manage the cash-intensive nature of its document conversion services.
Based on the provided quarterly data, the free cash flow trajectory has deteriorated significantly, culminating in a -6.5% FCF margin in 2026Q1, which reflects the company's ongoing struggle to balance capital expenditures with the volatile cash inflows from its municipal and K-12 project pipeline.
The shift from positive FCF in mid-2024 to consistent outflows in recent quarters suggests that the business model is currently consuming rather than generating capital. This trend warrants further investigation into whether the current project backlog is sufficient to support the company's fixed cost structure.
According to historical cash flow data, working capital changes have become a primary source of volatility for Intellinetics, with a significant $344.6K inflow in 2026Q1 failing to offset the broader cash burn, suggesting that collection cycles remain highly sensitive to the timing of public sector payments.
The erratic nature of working capital movements implies that the company lacks a predictable cash conversion cycle, likely due to the lumpy, project-based nature of its document conversion contracts. This instability makes it difficult to forecast near-term liquidity without relying on external financing or cash reserves.
As evidenced by the 2026Q1 figures, the company's capital expenditure relative to revenue remains at 0.6%, which appears low but may indicate a lack of investment in the digital infrastructure necessary to scale the IntelliCloud platform effectively against more established software competitors.
While low capital intensity is often a hallmark of software firms, for Intellinetics, it may signal an under-investment in the technology required to transition away from labor-heavy conversion services. Analysts should monitor whether this low spending level is a strategic choice or a symptom of constrained cash availability.
Quick answers to the most common questions about buying INLX stock.
Intellinetics, Inc. (INLX) generated $0.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Intellinetics, Inc. (INLX) generated $0.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Intellinetics, Inc. (INLX) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.