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Mar 31, 2023
Innodata Q1 2023 Earnings Report
Innodata reported first quarter results and announced potentially transformative deals in generative AI with three of the largest global tech companies.
Key Takeaways
Innodata announced potentially transformative deals in generative AI with three of the largest global tech companies. Revenue for Q1 2023 was $18.8 million and Adjusted EBITDA was $800 thousand.
Verbal confirmation received from two of the largest five global technology companies to provide data engineering for their innovation programs in generative AI.
A third company, also one of the largest five global technology companies, has indicated they are likely to choose Innodata, with agreement reached on terms of a master services agreement.
One of the new customers indicated an initial purchase order for $2.5 million, with potential for $12 million in new quarterly revenues at maturity.
Ended the quarter with $10.8 million in cash and short-term investments and no appreciable debt.
Forward Guidance
Innodata expects that, exiting this year, their revenue growth rate could potentially be high teens (or in the 20s, backing out from 2022 the large social media company) and that their Adjusted EBITDA run rate could potentially exceed $15 million dollars on an annualized basis.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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