Core Insights - Innodata Inc. (INOD) is establishing deeper relationships with major AI model builders, with significant customer expansion expected to impact 2026 [1] - The company's largest customer already contributes a substantial portion of revenue, highlighting the effectiveness of its "land-and-expand" strategy [2] - Innodata's investments in high-quality pre-training data and AI evaluation are leading to large multi-customer programs anticipated to ramp up in 2026 [3] Financial Performance - In Q3 2025, Innodata reported record revenue growth and margin expansion, indicating strong operating leverage from existing customer volumes [2][9] - Six out of eight major big-tech customers are projected to grow next year, with budgets increasingly focused on 2026 training and evaluation rather than short-term projects [2] Customer Expansion and Market Position - The expansion opportunity is broadening, with Innodata's capabilities creating higher switching costs and embedding the company into customers' AI development processes [3] - While customer concentration poses a risk, the addition of new big-tech clients and expansion into federal AI markets helps mitigate this exposure [4] Competitive Landscape - Accenture, Cognizant, and Booz Allen Hamilton are key competitors in the AI space, each with distinct strategies [5] - Accenture focuses on integrated AI programs, competing for large expansions within big-tech accounts [6] - Cognizant emphasizes long-term managed services, embedding itself into customer ecosystems [7] - Booz Allen Hamilton targets AI strategy and federal deployments, partnering on critical AI programs [8] - Innodata's specialized expertise in AI training and evaluation may provide a competitive edge against these larger, multi-service firms [8]