Innodata(US:INOD)2024-11-07 21:25Revenue Growth - Revenue for Q3 2024 reached $52.2 million, reflecting a 136% year-over-year increase and a 60% sequential increase from Q2 2024 revenue of $32.6 million[1][9] - The company raised its full-year 2024 revenue growth guidance to between 88% and 92% year-over-year[3] - The company's revenue for the nine months ended September 30, 2024, was $111.3 million, compared to $60.7 million in the same period last year[21] - DDS segment revenue grew to $89,810K for the nine months ended September 2024, up from $41,929K in the same period of 2023, reflecting strong performance in this segment[28] - Agility segment revenue increased to $15,679K for the nine months ended September 2024, compared to $13,029K in the same period of 2023, indicating steady growth[28] - Total consolidated revenue for the nine months ended September 2024 was $111,281K, a substantial increase from $60,663K in the same period of 2023[28] Net Income and Profitability - Net income for Q3 2024 was $17.4 million, or $0.60 per basic share and $0.51 per diluted share, compared to $0.4 million in the same period last year, including a $5.6 million benefit from recognizing a deferred tax asset[2] - Adjusted EBITDA for Q3 2024 was $13.9 million, a 337% increase from $3.2 million in the same period last year[2] - Adjusted EBITDA for the consolidated company reached $20,427K for the nine months ended September 2024, a significant increase from $5,587K in the same period of 2023[25] - Adjusted EBITDA for the DDS segment reached $15,540K for the nine months ended September 2024, up from $3,695K in the same period of 2023[26] - Adjusted EBITDA for the Agility segment was $3,372K for the nine months ended September 2024, compared to $1,249K in the same period of 2023[27] Cash and Liquidity - Cash, cash equivalents, and short-term investments totaled $26.4 million as of September 30, 2024, up from $13.8 million at December 31, 2023[2] - The company's cash balances increased by approximately $10 million from Q2 2024 to Q3 2024, reaching $26.4 million[9] - Cash and cash equivalents at the end of September 2024 stood at $26,364K, up from $14,812K at the end of September 2023, reflecting improved liquidity[24] - Net cash provided by operating activities rose to $17,684K in September 2024, up from $5,789K in September 2023, primarily due to higher consolidated net income ($18,372K vs. -$2,545K)[24] Customer and Market Expansion - The company secured its eighth Big Tech customer, a prominent social media company, in Q3 2024, adding to its roster of five of the Magnificent Seven and a leading AI research and development company[5][6] - The company also secured its second federal government agency win, leveraging the generative AI capabilities of its Agility platform[7] - The company's Big Tech customer base is expected to become a significant part of its revenue makeup next year, driven by investments in generative AI development initiatives[5] Financial Position and Liabilities - Total current liabilities increased to $29,793K from $22,935K year-over-year, driven by higher accounts payable and accrued expenses ($7,692K vs. $5,722K) and deferred revenues ($6,500K vs. $3,523K)[23] - Stockholders' equity increased to $47,709K as of September 2024, up from $25,703K in September 2023, indicating stronger financial position[23]