Workflow
Innodata(INOD) - 2024 Q2 - Quarterly Results
INODInnodata(INOD)2024-08-08 20:28

Revenue Growth - Revenue of 32.6million,anincreaseof6632.6 million, an increase of 66% year-over-year[1] - Total consolidated revenue for Q2 2024 increased to 32.55 million, up from 19.66millioninQ22023,representinga65.619.66 million in Q2 2023, representing a 65.6% growth[26] - DDS segment revenue for Q2 2024 reached 25.41 million, a significant increase from 13.18millioninQ22023,showing92.813.18 million in Q2 2023, showing 92.8% growth[26] - Agility segment revenue for Q2 2024 was 5.16 million, up 18.2% from 4.36millioninQ22023[26]−Raised2024full−yearrevenuegrowthguidanceto604.36 million in Q2 2023[26] - Raised 2024 full-year revenue growth guidance to 60% or more[1] Adjusted EBITDA Performance - Adjusted EBITDA of 2.8 million, an increase of 76% year-over-year[1] - Adjusted EBITDA for the six months ended June 30, 2024, was 6.57million,asignificantincreasefrom6.57 million, a significant increase from 2.41 million in the same period of 2023[22] - DDS segment Adjusted EBITDA for the six months ended June 30, 2024, was 3.45million,upfrom3.45 million, up from 1.52 million in the same period of 2023[23] - Agility segment Adjusted EBITDA for the six months ended June 30, 2024, was 2.14million,asubstantialincreasefrom2.14 million, a substantial increase from 0.31 million in the same period of 2023[25] Large Language Model (LLM) Development Programs - Won new Large Language Model (LLM) development programs valued at approximately 87.5millioninannualizedrunraterevenue[1]−TwonewLLMdevelopmentprogramsexpectedtodeliverapproximately87.5 million in annualized run rate revenue[1] - Two new LLM development programs expected to deliver approximately 44 million of annualized run rate revenue[3] - Total value of the Big Tech customer account reached approximately 110.5millionofannualizedrunraterevenue[3]CashandFinancialPosition−Cashbalancesincreasedto110.5 million of annualized run rate revenue[3] Cash and Financial Position - Cash balances increased to 16.5 million as of June 30, 2024, up from 13.8millionattheendof2023[6]−Cashandcashequivalentsincreasedto13.8 million at the end of 2023[6] - Cash and cash equivalents increased to 16.51 million as of June 30, 2024, compared to 13.81millionattheendof2023[19]−NetcashprovidedbyoperatingactivitiesforthesixmonthsendedJune30,2024,was13.81 million at the end of 2023[19] - Net cash provided by operating activities for the six months ended June 30, 2024, was 6.31 million, up from 4.18millioninthesameperiodof2023[21]−Totalassetsincreasedto4.18 million in the same period of 2023[21] - Total assets increased to 65.97 million as of June 30, 2024, compared to 59.43millionattheendof2023[19]−Accountsreceivableincreasedto59.43 million at the end of 2023[19] - Accounts receivable increased to 18.16 million as of June 30, 2024, up from 14.29millionattheendof2023[19]FinancingandCreditFacilities−Receivables−basedcreditfacilitywithWellsFargoincreasedfrom14.29 million at the end of 2023[19] Financing and Credit Facilities - Receivables-based credit facility with Wells Fargo increased from 10 million to 30million,withanaccordionfeaturetoexpandto30 million, with an accordion feature to expand to 50 million[7] - Filed a registration statement with the SEC to establish a universal shelf for up to 50millionofsecurities[7]RecruitingCosts−Recruitingcostsof50 million of securities[7] Recruiting Costs - Recruiting costs of 3.6 million in Q2, expected to reduce to approximately $300,000 in Q3[3]