Innodata Reports Second Quarter 2024 Results; Records 66% Revenue Growth Year-Over-Year

NEW YORK, NY / ACCESSWIRE / August 8, 2024/ INNODATA INC. (Nasdaq: INOD) has announced a record revenue of $32.6 million in Q2 2024, showcasing a 66% year-over-year increase. Earnings per share stood at $0.00, impacted by recruitment costs of $3.6 million, compared to a net loss of $0.8 million in the same period last year. Adjusted EBITDA saw a 76% rise, reaching $2.8 million.

The company secured new Large Language Model (LLM) development programs, with expansions worth $87.5 million in annual revenue from a significant Big Tech client. Innodata projects a revenue growth of at least 60% in 2024. Despite higher recruitment costs impacting margins, the company expects these costs to drop significantly in Q3, anticipating an Adjusted EBITDA triple that of Q2.

Innodata recorded substantial new customer wins and aims to expand its current Big Tech client base. Financial stability remains firm with cash balances increased to $16.5 million from $13.8 million at the end of 2023, and an enhanced credit facility with Wells Fargo.