Innodata(US:INOD)2025-05-08 21:14Financial Performance - Revenue for Q1 2025 reached $58.3 million, representing a 120% increase year-over-year[3] - Adjusted EBITDA for Q1 2025 was $12.7 million, up from $3.8 million in the same period last year[3] - Net income for Q1 2025 was $7.8 million, or $0.25 per basic share, compared to $1.0 million, or $0.03 per basic share, in Q1 2024[3] - Consolidated net income for Q1 2025 was $7,787,000, a significant increase from $990,000 in Q1 2024, representing a growth of 687%[26] - Adjusted Gross Profit for Q1 2025 reached $25,223,000, up from $10,959,000 in Q1 2024, reflecting a growth of 130%[28] - Total consolidated revenue for Q1 2025 was $58,344,000, compared to $26,504,000 in Q1 2024, marking an increase of 120%[35] - The DDS segment generated revenues of $50,831,000 in Q1 2025, a substantial rise from $19,705,000 in Q1 2024, indicating a growth of 158%[35] - Adjusted EBITDA for the consolidated entity in Q1 2025 was $12,716,000, compared to $3,782,000 in Q1 2024, representing an increase of 236%[30] - The Agility segment reported revenues of $5,500,000 in Q1 2025, up from $4,928,000 in Q1 2024, showing a growth of 12%[35] - The Synodex segment's adjusted gross profit increased to $639,000 in Q1 2025 from $536,000 in Q1 2024, a growth of 19%[28] Cash Position - Cash and cash equivalents increased to $56.6 million as of March 31, 2025, up from $46.9 million at the end of 2024[10] - Cash and cash equivalents at the end of Q1 2025 were $56,556,000, up from $18,975,000 at the end of Q1 2024, reflecting an increase of 198%[26] - The company reported a net cash provided by operating activities of $10,867,000 in Q1 2025, compared to $6,767,000 in Q1 2024, indicating an increase of 61%[26] Strategic Initiatives - The company reaffirms its revenue growth guidance of 40% or more for 2025[10] - New customer acquisitions include major players in enterprise technology and cloud software, with potential engagements valued at over $30 million[4] - The company plans to reinvest a portion of its cash from operations into technology and strategic hiring to support AI initiatives[4] - A second master statement of work was signed with the largest customer, indicating a significantly larger budget for new capabilities[4] - The company is strategically aligned to support customers in their generative AI journeys, focusing on innovation and capability expansion[4] Balance Sheet Strength - The balance sheet remains strong with total assets of $125.2 million as of March 31, 2025, compared to $113.4 million at the end of 2024[23] - Adjusted Gross Margin improved to 43% in Q1 2025 from 41% in Q1 2024[28]