Intellinetics Inc. (INLX) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

Per the Roarable RQD rating, INLX scores 29 out of 100 and receives a letter grade of E, labeled "Roarable Strong Sell — Forensic Risk / Avoid." The five pillars are scored as follows:

• Fundamental Cash Engine: 6 / 20. Per the RQD rating, ROIC is -12.4% and FCF yield is 3.1%. Negative ROIC means the business is not currently generating returns above its capital base, while a 3.1% FCF yield indicates modest cash generation relative to market value.
• Whale 13F Flow: 3 / 20. The RQD rating describes institutional accumulation and options positioning. This is the weakest pillar, suggesting limited institutional support in the source data.
• Insider Conviction: 7 / 20. The RQD rating cites SEC Form 4 and Congressional PTR cluster flow. The score is low, indicating insider and congressional signals provide little positive conviction.
• Macro Regime Fit: 8 / 20. Per the RQD rating, beta is 1.0 and sector sensitivity is noted. The score reflects a market-neutral risk profile without a strong macro tailwind identified in the source.
• Forensic Balance Sheet: 5 / 20. Per the RQD rating, Altman Z is 0.62, Piotroski F is 5 out of 9, and Debt/Equity is 0.5. The Altman Z value is a distress-zone reading and the Piotroski score is mid-range, collectively flagging balance sheet risk.

For a prospective investor, the rating points to a stock where the cash engine, institutional support, insider signals, and balance sheet all score below midpoint. The upside case rests on FCF yield and the possibility of a turnaround, while the valuation tradeoff is that the price of $4.16 sits near the bottom of its 52-week range, which may reflect the forensic concerns rather than a discount alone. This is an educational reading of the rating, not personalized advice.

Per the SEC financials, revenue declined from $18.0M in FY 2024 to $16.6M in FY 2025, and the company moved from operating income of $1.1M in FY 2023 to operating losses in both later years. Per the market data, operating margin is -10.8% and net margin is -11.3%, with ROIC at -12.4%. The Altman Z-Score of 0.62, Piotroski F-Score of 5 out of 9, and Debt/Equity of 0.5 are reported in the Roarable RQD rating. Cash and debt are not reported for FY 2025.

• Earnings event: A Q3 2026 financial results conference call is scheduled for November 12 (YELLOW, market wire).
• Insider activity: A director purchase of $834 in company stock was reported (YELLOW, market wire).
• Leadership: Ryan Bell was appointed Chief Technology Officer (YELLOW, market wire).
• Growth strategy: Reporting describes a SaaS-led growth strategy with technology and services leadership appointments (GREEN, catalyst). This is the only item flagged as a catalyst rather than general market wire.
• Market movement: INLX appeared among information technology stocks moving in an intraday session (YELLOW, market wire).

Per the butterfly supply-chain graph, the supply chain is listed as NONE, with no butterfly links and no proprietary signals.

• What drove the revenue decline from $18.0M in FY 2024 to $16.6M in FY 2025, and is the SaaS transition expected to reverse it?
• Why are cash and debt figures absent for FY 2025, and what is the current liquidity position?
• What is the basis for the Altman Z-Score of 0.62, and how does the company plan to address the balance sheet risk it signals?
• Does the FY 2025 FCF of $0.6M reflect sustainable cash generation, given the decline from $3.4M in FY 2024?
• What will the November 12 earnings call reveal about margin trajectory from the current -10.8% operating margin?