Business
Innodata Announces Another Big Five Tech New Customer Win and Reports Second Quarter 2023 Results
Winning streak continues with latest deal, expected to be signed tomorrowCompany has landed all three potentially transformative opportunities disclosed in Q2
About this update from Innodata Inc.
[{"type":"text","content":"Winning streak continues with latest deal, expected to be signed tomorrowCompany has landed all three potentially transformative opportunities disclosed in Q2 report, plus fourth deal originally anticipated for later in yearCompany now poised to support four of Big Five global tech companies for generative AI developmentNEW YORK, NY / ACCESSWIRE / August 10, 2023 / INNODATA INC. (NASDAQ:INOD) today reported results for the second quarter ended June 30, 2023.Revenue for the quarter ended June 30, 2023 was $19.7 million, compared to revenue of $20.0 million in the same period last year. The comparative period included $2.5 million in revenue from a large social media company that underwent a significant management change in the second half of last year, as a result of which it dramatically pulled back spending across the board. There was no revenue from this company in the quarter ended June 30, 2023.Net loss for the quarter ended June 30, 2023 was $0.8 million, or $0.03 per basic and diluted share, compared to a net loss of $3.8 million, or $0.14 per basic and diluted share, in the same period last year.Revenue for the six months ended June 30, 2023 was $38.5 million, compared to revenue of $41.2 million in the same period last year. The comparative period included $6.9 million in revenue from the large social media company referenced above. There was no revenue from this company in the six months ended June 30, 2023.Net loss for the six months ended June 30, 2023 was $2.9 million, or $0.11 per basic and diluted share, compared to a net loss of $6.6 million, or $0.24 per basic and diluted share, in the same period last year.Adjusted EBITDA was $1.6 million in the second quarter of 2023, compared to Adjusted EBITDA loss of $1.3 million in the same period last year.*Adjusted EBITDA was $2.4 million for the six months ended June 30, 2023, compared to Adjusted EBITDA loss of $2.3 million in the same period last year.*Cash, cash equivalents and short-term investments were $13.7 million at June 30, 2023, as compared to $10.3 million at December 31, 2022.* Adjusted EBITDA is defined below.The amounts in this press release have been rounded. All percentages have been calculated using unrounded amounts.Jack Abuhoff, CEO, said, \"Today we are announcing yet another highly anticipated win, which we expect gets signed tomorrow. We have now l...