Innodata Announces Potentially Transformative Deals in Generative AI with Three of the Largest Global Tech Companies and Reports First Quarter 2023 Results

About this update from Innodata Inc.

[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / May 11, 2023 / INNODATA INC. (NASDAQ:INOD) today reported results for the first quarter ended March 31, 2023.Revenue for the quarter ended March 31, 2023 was $18.8 million, compared to revenue of $21.2 million in the same period last year. The comparative period included $4.4 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 March 31, 2023.Net loss for the quarter ended March 31, 2023 was $2.1 million, or $0.08 per basic and diluted share, compared to a net loss of $2.8 million, or $0.10 per basic and diluted share, in the same period last year.Adjusted EBITDA was $0.8 million in the first quarter of 2023, compared to Adjusted EBITDA loss of $1.0 million in the same period last year. *Cash, cash equivalents and short-term investments were $10.8 million at March 31, 2023, consisting of cash and cash equivalents of $10.3 million and short-term investment of $0.5 million, and $10.3 million at December 31, 2022, consisting of cash and cash equivalents of $9.8 million and short-term investment of $0.5 million.* 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, \"Over the last couple of weeks, we received verbal confirmation from two of the largest five global technology companies that we have been selected to provide data engineering for their innovation programs in generative AI, the technology behind Chat GPT. One of these companies is an existing customer and the other one will be a new customer. In addition, a third company, also a new customer and another of the largest five global technology companies, has indicated that they are likely to choose us, and we have just reached agreement with them on terms of a master services agreement. We believe these accomplishments are potentially transformative for Innodata.\"Abuhoff continued, \"For these companies, we expect to be performing a range of data engineering work required to build cutting-edge generative AI. We expect this potentially to include: creating training data sets that are used to train the models; providin...

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