INNODATA INC INOD
Innodata Inc. (Nasdaq: INOD) (together with its subsidiaries, the "Company", "Innodata", "we", "us" or "our") is a global data engineering and AI systems services company that supports the development, training, post-training, evaluation, and deployment of advanced artificial intelligence systems. We partner with leading technology companies, frontier AI laboratories, and enterprises to help enable AI systems that perform reliably, align with intended objectives, and operate safely in real-world environments.
Our mission is to enable the responsible advancement of artificial intelligence by providing the data, evaluation frameworks, and human expertise required to build AI systems that can be trusted at scale. We believe that AI will increasingly function as a foundational layer of the digital economy - embedded across consumer products, enterprise workflows, and mission-critical systems. As AI systems grow more capable and autonomous, we believe the quality of training data, the effectiveness of post-training alignment, and the rigor of ongoing evaluation will be decisive factors in determining whether AI systems are adopted, regulated, and scaled responsibly.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $251.7M | $170.5M | $86.8M | $79.0M | $69.8M | $58.2M | $55.9M | $57.4M | $60.9M | $63.1M |
| Gross profit | $99.5M | $67.1M | $31.3M | — | — | — | — | — | — | — |
| SG&A | $59.6M | $42.7M | $31.0M | $37.9M | $27.9M | $18.7M | $19.5M | $15.8M | $20.2M | $19.5M |
| Total operating expenses | $210.2M | $146.0M | $86.6M | $89.5M | $71.3M | $57.1M | $56.9M | $55.9M | $66.0M | $67.8M |
| Operating income | $39.9M | $24.3M | $318.0K | — | — | — | — | — | -$5.1M | -$4.7M |
| Pre-tax income | $41.4M | $24.5M | $139.0K | -$10.5M | -$963.0K | $1.0M | -$1.1M | $1.6M | -$5.1M | -$4.8M |
| Income tax | $9.2M | $4.2M | $1.0M | $1.5M | $842.0K | $401.0K | $1.1M | $1.8M | $285.0K | $1.1M |
| Net income | $32.2M | $28.7M | -$908.5K | -$11.9M | -$1.7M | $617.0K | $617.0K | -$253.0K | -$5.1M | -$5.5M |
| EPS, basic | 1.01 | 0.98 | -0.03 | -0.44 | -0.06 | 0.03 | -0.08 | — | — | — |
| EPS, diluted | 0.92 | 0.89 | -0.03 | -0.44 | -0.06 | 0.02 | -0.08 | 0.01 | 0.20 | -0.22 |
| Shares, diluted (wtd. avg.) | $35.0M | $32.2M | $28.1M | $27.3K | $26.6M | $25.6M | $25.8M | $25.9M | $25.8M | $25.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $82.2M | $46.9M | $13.8M | $9.8M | $18.9M | $17.6M | $10.9M | $10.9M | $11.4M | $14.2M |
| Receivables | $46.5M | $28.0M | $14.3M | $9.5M | $11.4M | $10.0M | $9.7M | $10.6M | $10.3M | $10.0M |
| Total current assets | $135.4M | $81.0M | $32.1M | $23.7M | $34.0M | $31.9M | $24.0M | $26.2M | $25.3M | $27.2M |
| Property, plant and equipment | $8.0M | $4.1M | $2.3M | $2.5M | $2.9M | $1.9M | $6.9M | $6.8M | $7.2M | $5.4M |
| Goodwill | $2.1M | $2.0M | $2.1M | $2.0M | $2.1M | $2.1M | $2.1M | $2.0M | $2.8M | $2.7M |
| Other intangibles | $14.0M | $13.4M | $13.8M | $12.5M | $10.3M | $10.0M | $5.5M | $6.3M | $7.6M | $8.2M |
| Total assets | $168.6M | $113.4M | $59.4M | $48.0M | $59.2M | $57.3M | $49.5M | $44.9M | $47.9M | $47.6M |
| Accounts payable | $9.6M | $4.6M | $2.7M | $2.6M | $1.8M | $1.4M | $1.4M | $1.8M | $1.9M | $1.0M |
| Short-term debt | — | — | — | $877.0K | $1.3M | $1.7M | $1.4M | $1.5M | $3.3M | $1.1M |
| Total current liabilities | $50.5M | $39.5M | $22.9M | $20.8M | $21.3M | $18.3M | $15.8M | $13.9M | $15.6M | $12.8M |
| Long-term debt | — | — | — | $5.1M | $6.2M | $6.3M | $4.5M | $4.1M | $4.5M | $3.9M |
| Total liabilities | $61.5M | $50.1M | $34.4M | $30.0M | $32.8M | $31.0M | $27.4M | — | — | — |
| Retained earnings | $51.2M | $19.0M | -$9.7M | -$8.8M | $3.2M | $4.8M | $4.2M | $6.6M | $7.3M | $12.4M |
| Total equity | $107.1M | $63.5M | $25.0M | $18.8M | $29.9M | $29.6M | $25.5M | $29.6M | $30.6M | $33.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $46.8M | $34.9M | $5.9M | -$1.2M | $5.2M | $5.7M | $4.3M | $3.6M | $639.0K | -$2.7M |
| Depreciation and amortisation | $6.9M | $5.8M | $4.7M | $3.9M | $2.9M | $2.3M | $2.7M | $3.4M | $3.7M | $3.2M |
| Stock-based compensation | $11.1M | $4.0M | $4.0M | $3.3M | $1.8M | $913.0K | $836.0K | $796.0K | $695.0K | $1.2M |
| Capital expenditure | $11.1M | $7.7M | $5.6M | $6.5M | $4.4M | $1.4M | $1.7M | $2.0M | $3.4M | $2.7M |
| Investing cash flow | -$11.1M | -$7.7M | -$5.1M | -$7.0M | -$4.4M | -$1.4M | -$1.7M | -$2.0M | -$3.4M | -$7.0M |
| Financing cash flow | -$426.0K | $6.2M | $2.9M | -$307.0K | $773.0K | $2.3M | -$2.4M | -$2.0M | -$284.0K | -$837.0K |
| Buybacks | — | — | — | — | — | — | — | — | $0 | $134.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-048201.
Others in SIC 7374
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ADP | AUTOMATIC DATA PROCESSING INC | $110.29B | 25.4x | 6.7% |
| WDAY | Workday, Inc. | $48.00B | 75.6x | 13.1% |
| RDDT | Reddit, Inc. | $29.71B | 59.0x | 69.4% |
| VRSK | Verisk Analytics, Inc. | $24.34B | 28.7x | 6.6% |
| TOST | Toast, Inc. | $19.62B | 60.6x | 24.1% |
| APLD | Applied Digital Corp. | $7.69B | — | 167.5% |
| HNGE | Hinge Health, Inc. | $7.29B | — | 50.6% |
| RNG | RingCentral, Inc. | $6.17B | 152.9x | 4.8% |