Inuvo(INUV)2024-05-07 21:07Financial Performance - Inuvo reported a 44% year-over-year revenue growth, reaching $17.0 million for Q1 2024, compared to $11.8 million in Q1 2023[4] - Gross profit increased by 72% to $14.9 million in Q1 2024, with a gross margin of approximately 87.7%, up from 73.1% in the same period last year[6] - Adjusted EBITDA improved by 56%, resulting in a loss of $1.0 million in Q1 2024, compared to a loss of $2.3 million in Q1 2023[11] - The net loss for Q1 2024 was $2.1 million, or $0.02 per share, an improvement from a net loss of $3.4 million, or $0.03 per share, in Q1 2023[10] - Operating expenses rose to $17.0 million in Q1 2024, up from $12.1 million in Q1 2023, primarily due to increased marketing costs[8] Product and Technology Developments - Inuvo launched an innovative omnichannel measurement solution that predicts performance without user identification[7] - The company announced the capability to deliver and measure Netflix ad campaigns across programmatic channels[7] - Inuvo's proprietary AI solution, IntentKey, continues to provide a competitive advantage in identifying consumer interests without relying on personal identification[3] - The company reaffirmed its technology's ability to operate in a cookieless future, adapting to privacy changes from Google[7] Cash Position - Inuvo's cash and cash equivalents stood at $2.4 million as of March 31, 2024, with an unused working capital facility of $5.0 million and no debt[12]