Business
Innodata Reports Second Quarter 2020 Results
NEW YORK, NY / ACCESSWIRE / August 6, 2020 / INNODATA INC. (NASDAQ:INOD) today reported results for the second quarter and the six months ended June 30,
About this update from Innodata Inc.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / August 6, 2020 / INNODATA INC. (NASDAQ:INOD) today reported results for the second quarter and the six months ended June 30, 2020.Total revenue was $13.9 million in the second quarter of 2020, a 5% decline from $14.5 million in the first quarter of 2020. Total revenue was $13.6 million in the second quarter of 2019.Net loss was $0.6 million in the second quarter of 2020, or $(0.02) per basic and diluted share, compared to a net loss of $0.4 million, or $(0.01) per basic and diluted share, in the first quarter of 2020 and a net loss of $0.7 million, or $(0.03) per basic and diluted share, in the second quarter of 2019.For the first six months of 2020, total revenue was $28.4 million, an increase of 4% from $27.3 million in the first six months of 2019. Net loss was $0.9 million, or $(0.04) per basic and diluted share, in the first six months of 2020. Net loss was $1.1 million, or $(0.04) per basic and diluted share, in the first six months of 2019.Cash and cash equivalents were $13.5 million at June 30, 2020, compared to $10.9 million at December 31, 2019.99% of Innodata's global team members are presently deployed, with approximately 95% working remotely.Amounts in this press release have been rounded. All percentages have been calculated using unrounded amounts.Jack Abuhoff, CEO, said, \"We are pleased that total revenue in the second quarter of 2020 is up 2% from the second quarter of 2019 despite the challenging environment. While we saw some revenue disruption in the quarter and about $400,000 of business continuity plan (BCP) costs, both due to COVID-19, we are increasingly confident that we are positioned to accomplish a great deal this year, including:growing both our Synodex and Agility platform businesses;landing dozens of new customers in the AI data annotation market, an emerging market that we only began targeting in Q4 last year and that AI market intelligence firm Cognilytica expects to grow from $1.9 billion this year to $3.2 billion by 2023; andsubstantially reducing our operating costs by approximately $2 million in 2020 and $2.6 million in 2021 (each compared to 2019 and after giving effect to forecasted BCP costs).I look forward to presenting additional context and proof-points around each of these assertions on our analyst call today.\"Timing of Conference Call with Q&AInnodata wil...