Innodata Reports Third Quarter 2020 Results

About this update from Innodata Inc.

[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / November 12, 2020 / INNODATA INC. (NASDAQ:INOD) today reported results for the third quarter and the nine months ended September 30, 2020.Total revenue was $14.6 million in the third quarter of 2020, a 5% increase from $13.9 million in the second quarter of 2020. Total revenue was $13.9 million in the third quarter of 2019.Net income was $0.2 million in the third quarter of 2020, or $0.01 per basic and diluted share, compared to a net loss of $0.4 million, or $(0.02) per basic and diluted share, in the second quarter of 2020 and a net loss of $0.6 million, or $(0.02) per basic and diluted share, in the third quarter of 2019.For the first nine months of 2020, total revenue was $42.9 million, an increase of 4% from $41.2 million in the first nine months of 2019. Net loss was $0.6 million, or $(0.02) per basic and diluted share, in the first nine months of 2020. Net loss was $1.7 million, or $(0.07) per basic and diluted share, in the first nine months of 2019.Cash and cash equivalents were $15.3 million on September 30, 2020, compared to $10.9 million at December 31, 2019.Amounts in this press release have been rounded. All percentages have been calculated using unrounded amounts.Jack Abuhoff, CEO, said, \"Our revenues increased 5% this quarter both year-over-year and sequentially as we continue to execute our strategy. Based on trends across all lines of our business and market opportunities, and to position us for 20% growth in coming years, we plan to increase our sales staff through 2021 from 15 this year (on average) to 58 and to ramp up marketing to support this augmented sales staff. As a result of operating leverage in the business, we would anticipate cashflow growth to outpace revenue growth and cover increased investment.The company launched its AI data preparation business late last year. According to industry analysts, demand for the high-quality annotated text, image, video and audio data required to train sophisticated AI is expected to increase dramatically over the next several years.\"We're finding that our 25 years' experience creating near-perfect data for leading information companies is the ideal springboard for penetrating this quality-driven market as we dislodge incumbents whose DNA is in language translation or crowd-sourcing,\" Abuhoff added.Highlights in the quarter included:...

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