8-K
INNODATA INC (INOD)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the SecuritiesExchange Act of 1934
Date of Report (Date of earliest event reported):
July 31, 2025
INNODATA
INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-35774 | 13-3475943 |
|---|---|---|
| (State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer |
| incorporation) | Identification No.) | |
| 55 Challenger Road | ||
| Ridgefield Park**, NJ** | 07660 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant's
telephone number, including area code (201) 371-8000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ¨ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title ofeach class | TradingSymbol(s) | Nameof each exchange on which registered |
|---|---|---|
| Common<br>Stock | INOD | The Nasdaq<br>Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02 | Results of Operations and Financial Condition. |
|---|
On July 31, 2025, Innodata Inc. issued a press release announcing its second quarter 2025 financial results. A copy of the press release is furnished with this Current Report on Form 8-K as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
|---|
(d) Exhibits
See Exhibit Index below.
Exhibit Index
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release dated<br> July 31, 2025. |
| 104 | Cover Page Interactive<br> Data File (formatted in iXBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| INNODATA INC. | |||
|---|---|---|---|
| Date: | July 31, 2025 | By: | /s/ Marissa<br> B. Espineli |
| Marissa B. Espineli | |||
| Interim Chief Financial Officer |
Exhibit 99.1
****
Innodata Reports Second Quarter 2025 Results with Revenue up 79%Year-Over-Year and Raises Full Year Guidance
NEW YORK – July 31, 2025 – INNODATAINC. (Nasdaq: INOD) today reported results for the second quarter ended June 30, 2025.
| · | Revenue of $58.4 million,<br>representing 79% year-over-year organic revenue growth. |
|---|---|
| · | Adjusted EBITDA of $13.2<br>million, an increase of $10.4 million from $2.8 million in the same period last year.* |
| --- | --- |
| · | Net income of $7.2 million,<br>or $0.23 per basic share and $0.20 per diluted share, compared to a de minimis net loss, or $0.00 per basic and diluted share,<br>in the same period last year. |
| --- | --- |
| · | Cash, cash equivalents<br>and short-term investments were $59.8 million as of June 30, 2025 and $46.9 million as of December 31, 2024. |
| --- | --- |
* Adjusted EBITDA is defined below.
Jack Abuhoff, CEO, said, “Q2 was another outstanding quarter. We beat analysts’ expectations across the board on key metrics – revenue, Adjusted EBITDA, net income, and fully-diluted EPS. As a result of strong demand and momentum, which includes significant new deal wins across a diversity of new and existing customers, we are increasing our revenue guidance to 45% or more organic revenue growth in 2025, up from 40%. We have a robust pipeline that includes significant dollar values positioning us for a strong second half of the year. Many of these deals are not incorporated in our forecast, leaving room for possible further increases.
“Our beat-and-raise quarter underscores the critical role we are playing in the generative AI space. We expect to exceed last year’s Adjusted EBITDA while investing heavily in capabilities we believe will enable us to continue our growth in the years ahead.
“In testament to our market outperformance and positioning, we earned a spot on Wedbush’s industry note “The AI Revolution Theme; 30 Names to Play in the 4^th^ Industrial Revolution” alongside 30 public AI companies that includes several of our megacap customers. In the quarter, we, through our operating subsidiaries, won prestigious awards including the Asia Best Employer Brand Award for the second consecutive year by the World HRD Congress, Golden Globe Tigers Awards for both AI Transformation Leadership and Innovation Excellence, and the Most Preferred Workplace Award by Team Marksmen.”
Amounts in this press release have beenrounded. All percentages have been calculated using unrounded amounts.
Timing of Conference Call with Q&A
Innodata will conduct an earnings conference call, including a question-and-answer period, at 5:00 PM eastern time today. You can participate in this call by dialing the following call-in numbers:
The call-in numbers for the conference call are:
| (+1) 800 549 8228 | North America |
|---|---|
| (+1) 289 819 1520 | International |
| Participant Access Code | 18067# |
Replay dial-In
| (+1) 888 660 6264 | North America |
|---|---|
| (+1) 289 819 1325 | International: |
| Replay Passcode | 18067 # |
It is recommended that participants dial in approximately 10 minutes prior to the start of the call. Investors are also invited to access a live Webcast of the conference call at the Investor Relations section of Innodata’s website at https://investor.innodata.com/events-and-presentations/. Please note that the Webcast feature will be in listen-only mode.
Call-in replay will be available for seven days following the conference call, and Webcast replay will be available for 30 days following the conference call, at the Investor Relations section of Innodata’s website at https://investor.innodata.com/events-and-presentations/.
About Innodata
Innodata (Nasdaq: INOD) is a global data engineering company. We believe that data and Artificial Intelligence (AI) are inextricably linked. That’s why we’re on a mission to help the world’s leading technology companies and enterprises drive Generative AI / AI innovation. We provide a range of transferable solutions, platforms, and services for Generative AI / AI builders and adopters. In every relationship, we honor our 35+ year legacy delivering the highest quality data and outstanding outcomes for our customers.
Visit www.innodata.com to learn more.
Forward-Looking Statements
This press release may contain certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These forward-looking statements include, without limitation, statements concerning our operations, economic performance, financial condition, developmental program expansion and position in the generative AI services market. Words such as “project,” “forecast,” “believe,” “expect,” “can,” “continue,” “could,” “intend,” “may,” “should,” “will,” “anticipate,” “indicate,” “guide,” “predict,” “likely,” “estimate,” “plan,” “potential,” “possible,” “promises,” or the negatives thereof, and other similar expressions generally identify forward-looking statements.
These forward-looking statements are based on management’s current expectations, assumptions and estimates and are subject to a number of risks and uncertainties, including, without limitation, impacts resulting from ongoing geopolitical conflicts, including between India and Pakistan, Russia and Ukraine, Hamas’ attack against Israel and the ensuing conflict and unpredictable hostilities between Hezbollah and Israel and Iran and Israel; investments in large language models; that contracts may be terminated by customers; projected or committed volumes of work may not materialize; pipeline opportunities and customer discussions which may not materialize into work or expected volumes of work; the likelihood of continued development of the markets, particularly new and emerging markets, that our services support; the ability and willingness of our customers and prospective customers to execute business plans that give rise to requirements for our services; continuing reliance on project-based work in the Digital Data Solutions (“DDS”) segment and the primarily at-will nature of such contracts and the ability of these customers to reduce, delay or cancel projects; potential inability to replace projects that are completed, canceled or reduced; our DDS segment’s revenue concentration in a limited number of customers; our dependency on content providers in our Agility segment; our ability to achieve revenue and growth targets; difficulty in integrating and deriving synergies from acquisitions, joint ventures and strategic investments; potential undiscovered liabilities of companies and businesses that we may acquire; potential impairment of the carrying value of goodwill and other acquired intangible assets of companies and businesses that we acquire; a continued downturn in or depressed market conditions; changes in external market factors; the potential effects of U.S. global trading and monetary policy, including the interest rate policies of the Federal Reserve; changes in our business or growth strategy; the emergence of new, or growth in existing competitors; various other competitive and technological factors; our use of and reliance on information technology systems, including potential security breaches, cyber-attacks, privacy breaches or data breaches that result in the unauthorized disclosure of consumer, customer, employee or Company information, or service interruptions; and other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission (“SEC”).
Our actual results could differ materially from the results referred to in any forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the risks discussed in Part I, Item 1A. “Risk Factors,” Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and other parts of our Annual Report on Form 10-K, filed with the SEC on February 24, 2025, and in our other filings that we may make with the SEC. In light of these risks and uncertainties, there can be no assurance that the results referred to in any forward-looking statements will occur, and you should not place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date hereof.
We undertake no obligation to update or review any guidance or other forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by the U.S. federal securities laws.
Company Contact
Aneesh Pendharkar
investor@innodata.com
(201) 371-8000
Non-GAAP Financial Measures
In addition to the financial information prepared in conformity with U.S. GAAP (“GAAP”), we provide certain non-GAAP financial information. We believe that these non-GAAP financial measures assist investors in making comparisons of period-to-period operating results. In some respects, management believes non-GAAP financial measures are more indicative of our ongoing core operating performance than their GAAP equivalents by making adjustments that management believes are reflective of the ongoing performance of the business.
We believe that the presentation of this non-GAAP financial information provides investors with greater transparency by providing investors a more complete understanding of our financial performance, competitive position, and prospects for the future, particularly by providing the same information that management and our Board of Directors use to evaluate our performance and manage the business. However, the non-GAAP financial measures presented in this press release have certain limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures that we present may differ from similar non-GAAP financial measures used by other companies.
Adjusted Gross Profit and Adjusted Gross Margin
We define Adjusted Gross Profit as revenues less direct operating costs attributable to Innodata Inc. and its subsidiaries in accordance with U.S. GAAP, plus depreciation and amortization of intangible assets, stock-based compensation, non-recurring severance and other one-time costs included within direct operating cost.
We define Adjusted Gross Margin by dividing Adjusted Gross Profit over total U.S. GAAP revenues.
We use Adjusted Gross Profit and Adjusted Gross Margin to evaluate results of operations and trends between fiscal periods and believe that these measures are important components of our internal performance measurement process.
A reconciliation of Adjusted Gross Profit and Adjusted Gross Margin to the most directly comparable GAAP measure is included in the tables that accompany this release.
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss) attributable to Innodata Inc. and its subsidiaries in accordance with U.S. GAAP before interest expense, income taxes, depreciation and amortization of intangible assets (which derives EBITDA), plus additional adjustments for loss on impairment of intangible assets and goodwill, stock-based compensation, income (loss) attributable to non-controlling interests, non-recurring severance, and other one-time costs.
We use Adjusted EBITDA to evaluate core results of operations and trends between fiscal periods and believe that these measures are important components of our internal performance measurement process.
A reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure is included in the tables that accompany this release.
INNODATA INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per-share amounts)
| Three Months Ended | Six Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenues | $ | 58,393 | $ | 32,553 | $ | 116,737 | $ | 59,057 | ||||
| Operating costs and expenses: | ||||||||||||
| Direct operating costs | 35,370 | 23,202 | 70,462 | 40,071 | ||||||||
| Selling and administrative expenses | 14,112 | 9,020 | 29,092 | 17,325 | ||||||||
| Interest (income) expense, net | (577 | ) | 55 | (704 | ) | (29 | ) | |||||
| 48,905 | 32,277 | 98,850 | 57,367 | |||||||||
| Income before provision for income taxes | 9,488 | 276 | 17,887 | 1,690 | ||||||||
| Provision for income taxes | 2,269 | 285 | 2,881 | 709 | ||||||||
| Consolidated net income (loss) | 7,219 | (9 | ) | 15,006 | 981 | |||||||
| Income attributable to non-controlling interests | - | 5 | 6 | |||||||||
| Net income (loss) attributable to Innodata Inc. and Subsidiaries | $ | 7,219 | $ | (14 | ) | $ | 15,006 | $ | 975 | |||
| Income (loss) per share attributable to Innodata Inc. and Subsidiaries: | ||||||||||||
| Basic | $ | 0.23 | $ | (0.00 | ) | $ | 0.47 | $ | 0.03 | |||
| Diluted | $ | 0.20 | $ | (0.00 | ) | $ | 0.43 | $ | 0.03 | |||
| Weighted average shares outstanding: | ||||||||||||
| Basic | 31,785 | 28,878 | 31,609 | 28,819 | ||||||||
| Diluted | 35,301 | 28,878 | 35,120 | 32,691 |
INNODATA INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
| June 30, <br><br>2025 | December 31,<br><br> 2024 | |||
|---|---|---|---|---|
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ | 59,792 | $ | 46,897 |
| Accounts receivable, net | 34,124 | 28,013 | ||
| Prepaid expenses and other current assets | 6,773 | 6,090 | ||
| Total current assets | 100,689 | 81,000 | ||
| Property and equipment, net | 4,710 | 4,101 | ||
| Right-of-use asset, net | 3,830 | 4,238 | ||
| Other assets | 1,342 | 1,267 | ||
| Deferred income taxes, net | 6,036 | 7,492 | ||
| Intangibles, net | 13,930 | 13,353 | ||
| Goodwill | 2,086 | 1,998 | ||
| Total assets | $ | 132,623 | $ | 113,449 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
| Current liabilities: | ||||
| Accounts payable, accrued expenses and other | $ | 16,120 | $ | 17,455 |
| Accrued salaries, wages and related benefits | 12,377 | 13,836 | ||
| Income and other taxes | 4,220 | 5,695 | ||
| Long-term obligations - current portion | 1,477 | 1,643 | ||
| Operating lease liability - current portion | 928 | 877 | ||
| Total current liabilities | 35,122 | 39,506 | ||
| Deferred income taxes, net | 71 | 32 | ||
| Long-term obligations, net of current portion | 7,493 | 6,744 | ||
| Operating lease liability, net of current portion | 3,295 | 3,778 | ||
| Total liabilities | 45,981 | 50,060 | ||
| STOCKHOLDERS' EQUITY | 86,642 | 63,389 | ||
| Total liabilities and stockholders’ equity | $ | 132,623 | $ | 113,449 |
INNODATA INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
| Six Months Ended | ||||||
|---|---|---|---|---|---|---|
| June 30, | ||||||
| 2025 | 2024 | |||||
| Cash flows from operating activities: | ||||||
| Consolidated net income | $ | 15,006 | $ | 981 | ||
| Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||||||
| Stock-based compensation | 5,602 | 2,026 | ||||
| Depreciation and amortization | 3,164 | 2,684 | ||||
| Deferred income taxes | 1,355 | 41 | ||||
| Pension cost | 672 | 395 | ||||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable | (5,716 | ) | (3,976 | ) | ||
| Prepaid expenses and other current assets | (387 | ) | 246 | |||
| Other assets | (76 | ) | 396 | |||
| Accounts payable, accrued expenses and other | (1,499 | ) | 4,595 | |||
| Accrued salaries, wages and related benefits | (1,490 | ) | (1,149 | ) | ||
| Income and other taxes | (1,529 | ) | 74 | |||
| Net cash provided by operating activities | 15,102 | 6,313 | ||||
| Cash flows from investing activities: | ||||||
| Capital expenditures | (4,058 | ) | (4,067 | ) | ||
| Net cash used in investing activities | (4,058 | ) | (4,067 | ) | ||
| Cash flows from financing activities: | ||||||
| Proceeds from exercise of stock options | 1,468 | 783 | ||||
| Withholding taxes on net settlement of restricted stock units | - | (97 | ) | |||
| Payment of long-term obligations | (229 | ) | (294 | ) | ||
| Net cash provided by financing activities | 1,239 | 392 | ||||
| Effect of exchange rate changes on cash and cash equivalents | 612 | 65 | ||||
| Net increase in cash and cash equivalents | 12,895 | 2,703 | ||||
| Cash and cash equivalents, beginning of period | 46,897 | 13,806 | ||||
| Cash and cash equivalents, end of period | $ | 59,792 | $ | 16,509 |
INNODATA INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIALMEASURES
(Unaudited)
(In thousands)
Adjusted Gross Profit and Adjusted Gross Margin
| Three<br> Months Ended June 30, | Six<br> Months Ended June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated | 2025 | 2024 | 2025 | 2024 | ||||||||
| Gross Profit attributable<br> to Innodata Inc. and Subsidiaries | $ | 23,023 | $ | 9,351 | $ | 46,275 | $ | 18,986 | ||||
| Depreciation and<br> amortization | 1,583 | 1,394 | 3,127 | 2,634 | ||||||||
| Stock-based<br> compensation | 441 | 73 | 868 | 157 | ||||||||
| Adjusted Gross<br> Profit | $ | 25,047 | $ | 10,818 | $ | 50,270 | $ | 21,777 | ||||
| Gross Margin | 39 | % | 29 | % | 40 | % | 32 | % | ||||
| Adjusted Gross Margin | 43 | % | 33 | % | 43 | % | 37 | % | ||||
| Three<br> Months Ended June 30, | Six<br> Months Ended June 30, | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DDS Segment | 2025 | 2024 | 2025 | 2024 | ||||||||
| Gross Profit attributable<br> to DDS Segment | $ | 19,399 | $ | 6,079 | $ | 39,127 | $ | 12,637 | ||||
| Depreciation and<br> amortization | 711 | 455 | 1,426 | 793 | ||||||||
| Stock-based<br> compensation | 430 | 64 | 845 | 138 | ||||||||
| Adjusted Gross<br> Profit | $ | 20,540 | $ | 6,598 | $ | 41,398 | $ | 13,568 | ||||
| Gross Margin | 38 | % | 24 | % | 38 | % | 28 | % | ||||
| Adjusted Gross Margin | 41 | % | 26 | % | 41 | % | 30 | % | ||||
| Three<br> Months Ended June 30, | Six<br> Months Ended June 30, | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Synodex Segment | 2025 | 2024 | 2025 | 2024 | ||||||||
| Gross Profit attributable<br> to Synodex Segment | $ | 447 | $ | 456 | $ | 1,000 | $ | 855 | ||||
| Depreciation and<br> amortization | 89 | 157 | 175 | 294 | ||||||||
| Stock-based<br> compensation | - | - | 1 | - | ||||||||
| Adjusted Gross<br> Profit | $ | 536 | $ | 613 | $ | 1,176 | $ | 1,149 | ||||
| Gross Margin | 24 | % | 23 | % | 24 | % | 22 | % | ||||
| Adjusted Gross Margin | 26 | % | 31 | % | 29 | % | 30 | % | ||||
| Three<br> Months Ended June 30, | Six<br> Months Ended June 30, | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Agility Segment | 2025 | 2024 | 2025 | 2024 | ||||||||
| Gross Profit attributable<br> to Agility Segment | $ | 3,177 | $ | 2,816 | $ | 6,148 | $ | 5,494 | ||||
| Depreciation and<br> amortization | 783 | 782 | 1,526 | 1,547 | ||||||||
| Stock-based<br> compensation | 11 | 9 | 22 | 19 | ||||||||
| Adjusted Gross<br> Profit | $ | 3,971 | $ | 3,607 | $ | 7,696 | $ | 7,060 | ||||
| Gross Margin | 55 | % | 55 | % | 55 | % | 54 | % | ||||
| Adjusted Gross Margin | 69 | % | 70 | % | 68 | % | 70 | % |
INNODATA INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIALMEASURES
(Unaudited)
(In thousands)
Adjusted EBITDA
| Three<br> Months Ended June 30, | Six<br> Months Ended June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net income (loss) attributable to Innodata<br> Inc. and Subsidiaries | $ | 7,219 | $ | (14 | ) | $ | 15,006 | $ | 975 | |||
| Provision for income taxes | 2,269 | 285 | 2,881 | 709 | ||||||||
| Interest (income) expense, net | (577 | ) | 101 | (704 | ) | 169 | ||||||
| Depreciation and amortization | 1,602 | 1,418 | 3,164 | 2,684 | ||||||||
| Stock-based compensation | 2,721 | 992 | 5,602 | 2,026 | ||||||||
| Non-controlling<br> interests | - | 5 | - | 6 | ||||||||
| Adjusted EBITDA - Consolidated | $ | 13,234 | $ | 2,787 | $ | 25,949 | $ | 6,569 | ||||
| Three<br> Months Ended June 30, | Six<br> Months Ended June 30, | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DDS Segment | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net income (loss) attributable to DDS Segment | $ | 7,333 | $ | (460 | ) | $ | 15,007 | $ | (34 | ) | ||
| Provision for income taxes | 2,213 | 283 | 2,800 | 704 | ||||||||
| Interest (income) expense, net | (577 | ) | 100 | (705 | ) | 167 | ||||||
| Depreciation and amortization | 730 | 479 | 1,463 | 843 | ||||||||
| Stock-based compensation | 2,516 | 868 | 5,193 | 1,763 | ||||||||
| Non-controlling<br> interests | - | 5 | - | 6 | ||||||||
| Adjusted EBITDA - DDS Segment | $ | 12,215 | $ | 1,275 | $ | 23,758 | $ | 3,449 | ||||
| Three<br> Months Ended June 30, | Six<br> Months Ended June 30, | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||
| Synodex Segment | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net income attributable to Synodex Segment | $ | 307 | $ | 316 | $ | 573 | $ | 592 | ||||
| Depreciation and amortization | 89 | 157 | 175 | 294 | ||||||||
| Stock-based<br> compensation | 65 | 49 | 129 | 98 | ||||||||
| Adjusted EBITDA - Synodex<br> Segment | $ | 461 | $ | 522 | $ | 877 | $ | 984 | ||||
| Three<br> Months Ended June 30, | Six<br> Months Ended June 30, | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| Agility Segment | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net income (loss) attributable to Agility<br> Segment | $ | (421 | ) | $ | 130 | $ | (574 | ) | $ | 417 | ||
| Provision for income taxes | 56 | 2 | 81 | 5 | ||||||||
| Interest expense | - | 1 | 1 | 2 | ||||||||
| Depreciation and amortization | 783 | 782 | 1,526 | 1,547 | ||||||||
| Stock-based<br> compensation | 140 | 75 | 280 | 165 | ||||||||
| Adjusted EBITDA - Agility Segment | $ | 558 | $ | 990 | $ | 1,314 | $ | 2,136 |
INNODATA INC. AND SUBSIDIARIES
CONSOLIDATED REVENUE BY SEGMENT
(Unaudited)
(In thousands)
| Three<br> Months Ended June 30, | For<br> the Six Months Ended June 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| Revenues: | ||||||||
| DDS | $ | 50,576 | $ | 25,410 | $ | 101,406 | $ | 45,116 |
| Synodex | 2,065 | 1,986 | 4,079 | 3,857 | ||||
| Agility | 5,752 | 5,157 | 11,252 | 10,084 | ||||
| Total Consolidated | $ | 58,393 | $ | 32,553 | $ | 116,737 | $ | 59,057 |