Innodata(INOD) - 2024 Q4 - Annual Results

Revenue Growth - Q4 2024 revenue reached $59.2 million, a 127% increase from $26.1 million in Q4 2023[3] - Full year 2024 revenue was $170.5 million, up 96% from $86.8 million in 2023[3] - Total consolidated revenue for the year ended December 31, 2024, reached $170,461,000, a 96% increase compared to $86,775,000 in 2023[27] - The DDS segment generated revenues of $141,098,000 for the year ended December 31, 2024, up 129% from $61,576,000 in 2023[27] - Revenue from seven other Big Tech customers grew by 159% in Q4 2024 compared to Q3 2024[4] Profitability - Adjusted EBITDA for Q4 2024 was $14.1 million, compared to $4.3 million in Q4 2023[3] - Adjusted EBITDA for the consolidated entity was $34,566,000 for the year ended December 31, 2024, compared to $9,862,000 in 2023, reflecting a 250% increase[25] - Net income for Q4 2024 was $10.3 million, or $0.34 per basic share, compared to $1.7 million, or $0.06 per basic share, in Q4 2023[3] - Consolidated net income for the year ended December 31, 2024, was $28,675,000, a significant recovery from a net loss of $889,000 in 2023[23] - The Agility segment reported a net income of $1,306,000 for the year ended December 31, 2024, recovering from a net loss of $1,350,000 in 2023[25] Cash and Investments - Cash, cash equivalents, and short-term investments totaled $46.9 million as of December 31, 2024, up from $13.8 million a year earlier[3] - Cash and cash equivalents rose to $46,883,000 at the end of 2024, compared to $13,806,000 at the end of 2023, marking a 239% increase[23] - Net cash provided by operating activities was $35,015,000 for the year ended December 31, 2024, compared to $5,903,000 in 2023, indicating a substantial improvement[23] Strategic Outlook - The company forecasts revenue growth of 40% or more in 2025 based on secured deals and predictable business[4] - The company plans to reinvest a portion of cash from operations into the business to support multi-year growth while still guiding for increased Adjusted EBITDA in 2025[4] - The balance sheet remains strong with an undrawn $30 million credit facility available for strategic execution[4] Assets and Liabilities - Total assets increased to $113,449,000 as of December 31, 2024, up from $59,431,000 in 2023, representing a growth of 91%[21] - The company’s total current liabilities increased to $39,506,000 as of December 31, 2024, from $22,935,000 in 2023, an increase of 72%[21] - Deferred tax assets as of December 31, 2024, include accumulated net loss carry forward and other deferred expenses previously with a full valuation allowance[21] Customer Relationships - The company expanded its relationship with its largest customer, adding approximately $24 million in annualized run rate revenue, bringing the total to $135 million[4]