Business
Innodata Reports Record First Quarter 2024 Results; Raises Guidance to at Least 40% Organic Revenue Growth in 2024
NEW YORK, NY / ACCESSWIRE / May 7, 2024 / INNODATA INC. (NASDAQ:INOD) today reported results for the first quarter ended March 31, 2024.Revenue was $26.5
About this update from Innodata Inc.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / May 7, 2024 / INNODATA INC. (NASDAQ:INOD) today reported results for the first quarter ended March 31, 2024.Revenue was $26.5 million, up 41% from $18.8 million in the same period last year.Net income was $1.0 million, or $0.03 per basic and diluted share, compared to a net loss of $(2.1) million, or $(0.08) per basic and diluted share, in the same period last year.Adjusted EBITDA was $3.8 million compared to Adjusted EBITDA of $0.8 million in the same period last year.*Cash, cash equivalents and short-term investments were $19.0 million at March 31, 2024 and $13.8 million at December 31, 2023.New program expansion valued at approximately $23.5 million in annualized run rate revenue announced today. This is in addition to new programs announced on April 24, 2024 valued at approximately $20 million in annualized run rate revenue.Raises guidance to at least 40% organic revenue growth in 2024.* Adjusted EBITDA is defined below.Jack Abuhoff, CEO, said, \"We are pleased to announce record revenues of $26.5 million for the first quarter, representing 41% year-over-year growth. Our growth in the quarter was driven by the value we are bringing to help the world's largest tech companies build AI large language models, or LLMs. We're equally excited to share that, as a result of accelerating business momentum, we are raising our 2024 revenue guidance to an expected organic revenue growth of at least 40% year-over-year. This is double the growth rate we guided to last quarter.\"Significant Program ExpansionInnodata is announcing today that it has been awarded an expansion of one of its large language model (LLM) development programs by one of its existing \"Magnificent Seven\" Big Tech customers. Innodata anticipates that the expansion will result in approximately $23.5 million of additional annualized run rate revenue once implemented. This is in addition to the $20 million in new programs with this customer Innodata announced on April 24, 2024. Innodata expects that these programs will ramp up over the next two months. While our customer agreements typically contain early-termination-upon-notice provisions, Innodata believes this customer is committed to a significant, multi-year LLM strategy from which Innodata stands to benefit.Abuhoff remarked, \"This significant customer expansion demonstrates the incredib...