Business
Innodata Reports Fourth Quarter and Fiscal Year 2022 Results
Revenue Up 13% Year-Over-Year with Return to Positive Adjusted EBITDA in the Fourth Quarter and Strong Momentum in Generative AI and Large Language ModelsNEW
About this update from Innodata Inc.
[{"type":"text","content":"Revenue Up 13% Year-Over-Year with Return to Positive Adjusted EBITDA in the Fourth Quarter and Strong Momentum in Generative AI and Large Language ModelsNEW YORK, NY / ACCESSWIRE / February 23, 2023 / INNODATA INC. (NASDAQ:INOD) today reported results for the fourth quarter and the year ended December 31, 2022.Revenue for the quarter ended December 31, 2022 was $19.4 million, compared to revenue of $19.3 million in the same period last year.Net loss for the quarter ended December 31, 2022 was $2.0 million, or $0.07 per basic and diluted share, compared to a net loss of $1.2 million, or $0.04 per basic and diluted share, in the same period last year.Total revenue for the year ended December 31, 2022 was $79.0 million, up 13% from revenue of $69.8 million in 2021.Net loss for the year ended December 31, 2022 was $12.0 million, or $0.44 per basic and diluted share, compared to net loss of $1.7 million, or $0.06 per basic and diluted share, in 2021.Adjusted EBITDA was $0.2 million in the fourth quarter of 2022, compared to Adjusted EBITDA of $0.3 million in the same period last year.*Adjusted EBITDA loss was $3.3 million for the year ended December 31, 2022, compared to Adjusted EBITDA of $3.0 million in 2021.*Cash, cash equivalents and short-term investments were $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, and $18.9 million at December 31, 2021, consisting of cash and cash equivalents.* Adjusted EBITDA is defined below.Amounts in this press release have been rounded. All percentages have been calculated using unrounded amounts.Jack Abuhoff, CEO, said, \"Q4 revenue was $19.4 million, a 5% increase over the prior quarter, which annualizes roughly to a 22% growth rate. In 2022 overall, we grew revenues 13%, despite the significant revenue decline from our large social media customer that has underwent significant internal disruption in the second half of the year. We posted positive Adjusted EBITDA of approximately $250K in the quarter, which was a positive swing of $1.5 million from Q3, resulting primarily from our September / October cost containment and efficiency initiatives that will be fully reflected in our first quarter 2023 results. We ended the year with a healthy balance sheet - no appreciable debt and $10.3 million in cash and short...