Innodata Stock Price, News & Analysis

Innodata Inc. (NASDAQ: INOD) has announced its 2023 annual meeting of shareholders will take place on June 8, 2023, at 5:00 PM ET, in a virtual format. Shareholders recorded as of the close of business on April 12, 2023, will have the opportunity to vote. Innodata is a data engineering firm providing AI-enabled software and managed services, focusing on AI data collection and digital transformation, backed by over 30 years of experience.

Innodata (NASDAQ:INOD) reported a 13% year-over-year revenue increase, totaling $79 million for 2022. Q4 revenue was $19.4 million, slightly higher than the prior year. Adjusted EBITDA turned positive at $250K in Q4, though the company faced a $12 million net loss for the year. Key developments include a strong pipeline in generative AI, particularly with major tech firms, and significant growth in its Agility and Synodex platforms. Agility direct sales bookings surged 83% year-over-year, while Synodex revenue rose 71%. CEO Jack Abuhoff emphasized optimism about expanding Adjusted EBITDA to over $10 million in 2023 amidst rising AI market opportunities.

Innodata Inc. (NASDAQ: INOD) announced significant adoption of its PR CoPilot™, a generative AI tool launched in January as part of the Agility PR platform. Users report dramatic improvements in press release creation, reducing drafting time from hours to under two minutes. The tool helps PR professionals enhance productivity, personalize outreach, and align messaging with client branding. With ongoing interest from both Agility and non-Agility customers, Innodata anticipates further enhancements in its version 2.0, expected in March. The product leverages proprietary technology and OpenAI's GPT models, establishing itself as a leader in AI-assisted PR solutions.

Innodata Inc. (NASDAQ:INOD) will report its Fourth Quarter and Fiscal Year 2022 results on February 23, 2023, after market closure. Investors can access the results via the company's website. An investor conference call will follow at 5:00 PM ET, with a replay available for 30 days. Innodata specializes in data engineering, offering AI-enabled software and services aimed at data collection and annotation for major corporations. The press release emphasizes the company's 30-year legacy in providing quality data and services while also containing forward-looking statements about future business conditions and risks.

Innodata Inc (NASDAQ:INOD) announced a significant application re-engineering agreement to enhance a customer's use of its AI/ML models. This expansion builds on a previous cloud migration deal, allowing the customer to replace legacy systems used for tracking financial deals across 33 markets with AI-enabled applications. CEO Jack Abuhoff highlighted the partnership's success in driving digital transformation, increasing productivity, and automating routine functions. The company continues to focus on AI-driven solutions and cloud architectures, positioning itself for future growth.

Innodata Inc. (NASDAQ:INOD) has launched PR CoPilot, a generative AI tool designed to improve efficiency for PR professionals. This innovative platform, integrated into the Agility service, enables users to create draft frameworks for press releases and media pitches by inputting key messages, quotes, and format preferences. CEO Jack Abuhoff stated that PR CoPilot aims to transform the PR industry by streamlining the writing process, allowing professionals to focus on strategic messaging. The product is already generating interest among top agencies, indicating potential growth for Innodata in the evolving PR landscape.

Innodata Inc (NASDAQ:INOD), a data engineering firm, has been selected by a leading cloud platform to provide extensive data collection for a new AI computer vision project. The contract is expected to generate around $1 million in revenue. CEO Jack Abuhoff highlighted that the initiative focuses on large-scale, high-quality, and diverse training data, which is crucial for effective AI performance. The global computer vision AI market is projected to grow significantly, from $9.04 billion in 2021 to $95.08 billion by 2027, indicating strong industry growth prospects.

Innodata (NASDAQ: INOD) reported a 6% year-over-year increase in Q3 revenue, reaching $18.4 million, despite a net loss of $3.3 million. For the first nine months, revenue rose 18% to $59.6 million, but net loss escalated to $10 million. The adjusted EBITDA loss was reported at $1.2 million for Q3, with expectations of reaching positive adjusted EBITDA in Q4. The company aims for over $10 million in adjusted EBITDA next year, aided by new customer acquisitions in its AI/ML lifecycle services segment.

Innodata Inc (NASDAQ:INOD) announced winning contracts for its Synodex platform with two Fortune 500 financial services companies, each managing over $200 billion in assets. This represents an estimated $1.1 million in annual revenue. The engagements aim to enhance operational efficiency, risk management, and underwriting processes. CEO Jack Abuhoff noted that the platform transforms medical data into summaries that support automation in underwriting. The first engagement starts this week, with the second scheduled for Q1 2023.