INOD · Innodata Inc
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AI Brief
Q2 FY26 earnings call · Aug 6, 2026TL;DR. Innodata reported record Q2 2026 results with 58% revenue growth, 49% adjusted gross margin (9 points above the 40% target), and 92% adjusted EBITDA growth, beating consensus on all key metrics. The company reiterated full-year 2026 guidance of 40%+ revenue growth, announced a planned CEO transition with Rahul Singhal replacing Jack Abuhoff effective September 30, and filed an at-the-market equity program with Goldman Sachs.
- + Adjusted EBITDA grew 92% year-over-year to $25.4 million, beating consensus of $16.8 million by approximately 50%, demonstrating operating leverage. new
- + Adjusted gross margin reached 49%, 9 points above the publicly stated 40% target, driven by mix shift to higher-margin programs. new
- + Diluted EPS of $0.41 nearly doubled consensus of $0.21, with net income of $14.4 million doubling year-over-year. new
- + Cash position strengthened to $250.4 million, with $134 million net of customer prepayments, up $37 million sequentially, with no debt outstanding. new
- − Effective tax rate of approximately 18% benefited from one-time tax benefits recognized this quarter, well below the long-term 23%-25% target range.
- − Largest customer's revenue declined sequentially in Q2 due to changes in program structure and service mix, despite expected full-year YoY growth. new
- − Company filed a new at-the-market equity program with Goldman Sachs, signaling potential share dilution to support growth initiatives and M&A. new
- − Revenue concentration risk persists with the largest customer still at 37% of revenue and the second-largest at 34%, meaning two customers represent 71% of revenue. new
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | $25.36M | the three months ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Net income attributable to Innodata Inc. and Subsidiaries 14.41M
+3.14M Provision for income taxes
-1.7M Interest income, net
+2.3M Depreciation and amortization
+7.2M Stock-based compensation
= Adjusted EBITDA 25.36M
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| Adjusted Gross Margin non-GAAP | 49% | the three months ended June 30, 2026 filing | — |
| Adjusted Gross Profit non-GAAP | $45.38M | the three months ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Gross Profit attributable to Innodata Inc. and Subsidiaries 42.46M
+2.24M Depreciation and amortization
+681K Stock-based compensation
= Adjusted Gross Profit 45.38M
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Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Information Technology Services — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
INOD
this stock
Innodata Inc
|
$2.38B | +41.0% | +9.8% | 52.0 | 14.0% |
|
IBM
International Business Machines Corp
|
$212.46B | -23.8% | +7.6% | 20.0 | 2.4% |
|
ACN
Accenture plc
|
$116.59B | -20.9% | +7.4% | 14.0 | 3.7% |
|
INFY
Infosys Ltd
|
$42.53B | -36.3% | — | — | 3.1% |
|
CTSH
Cognizant Technology Solutions Corp
|
$27.26B | -26.7% | +7.0% | 12.5 | 7.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| INOD | 0.0% | +32.3% | +101.9% | +9.3% | +41.0% |
| SPY | -0.4% | -0.2% | +12.4% | +0.2% | +12.0% |
| vs SPY | +0.4% | +32.5% | +89.5% | +9.1% | +29.0% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.