Business
Innodata Reports First Quarter 2022 Results
First Quarter Revenue Up by 33% Year-Over-YearAI-Based Solutions and Industry Platforms Driving GrowthNEW YORK, NY / ACCESSWIRE / May 12, 2022 / INNODATA INC.
About this update from Innodata Inc.
[{"type":"text","content":"First Quarter Revenue Up by 33% Year-Over-YearAI-Based Solutions and Industry Platforms Driving GrowthNEW YORK, NY / ACCESSWIRE / May 12, 2022 / INNODATA INC. (NASDAQ:INOD) today reported results for the first quarter ended March 31, 2022.Revenue for the quarter ended March 31, 2022 was $21.2 million, up 33% year-over-year.Net loss for the quarter ended March 31, 2022 was $2.8 million, or $0.10 per basic and diluted share, compared to a net income of $0.4 million, or $0.02 per basic share and $0.01 per diluted share, in the same period last year.Adjusted EBITDA loss was $1.0 million in the first quarter of 2022, compared to Adjusted EBITDA of $1.3 million in the same period last year.**Cash and cash equivalents were $15.4 million at March 31, 2022 and $18.9 million at December 31, 2021.** Adjusted EBITDA, defined below.Amounts in this press release have been rounded. All percentages have been calculated using unrounded amounts.Jack Abuhoff, CEO, said, \"We are pleased to announce today a strong first quarter, with revenue up 33% year-over-year, exhibiting an acceleration in revenue growth over the 20% we experienced in fiscal 2021. In the current quarter, Q2, one of our largest customers is reallocating data annotation supporting two of its more mature models to less mature AI models that it wants to ramp up. The impact of this transition is that a portion of revenues from this program shifted into the first quarter in anticipation of this transition, and we expect a portion of revenues from this program to shift to the third and fourth quarters as the reallocations ramp up. Therefore, Q2 may have a lower growth rate, likely in the range of 18% to 24%, but it is not expected to change the revenue expectation from this customer for the year or our overall expectations for 2022 growth. Consequently, we reiterate our 2022 target of 30% year-over-year revenue growth and our long-term 2025 target of approximately $200 million in revenues and approximately 30% Adjusted EBITDA based on the continued momentum we see in our business.\"This momentum in terms of landing new customers and expanding our business with existing customers has been quite exciting. In the quarter, we added 121 new logos across our segments. This is a 96% increase over the 62 new customers we added on average per quarter in 2020 and 30% increase over the 93 new cu...