INOD

MKT CAP:$1B

Innodata Inc.

Market Cap

$1B

Technology·Information Technology Services·🇺🇸 United States·NASDAQ

Technology·IT Services·🇺🇸·NASDAQ

Stock Price

$43.98-$9.01 (-17.00%)

Apr 24, 2026

Company Details

Innodata Inc. operates as a global data engineering company in the United States, the United Kingdom, the Netherlands, Canada, and internationally. The company operates through three segments: Digital Data Solutions (DDS), Synodex, and Agil...

CEO

Jack S. Abuhoff

IPO Date

Aug 10, 1993

Website

www.innodata.com

Key Metrics TTM

Revenue

$252M

+53.4% YoY

Net Income

$32M

EPS (Diluted)

$0.91

Free Cash Flow

$36M

Revenue / Share

$7.10

Gross Margin

39.8%

Operating Margin

15.6%

Net Margin

12.8%

FCF Margin

14.2%

P/S

5.5x

P/E

42.9x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$252M+47.6%EPS $0.92

Q4 2025

Feb 26, 2026

$72M+22.3%EPS $0.25

Q3 2025

Nov 6, 2025

$63M+19.8%EPS $0.24

Q2 2025

Jul 31, 2025

$58MEPS $0.20

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$17M	$7M	-$130.0K
Q4 21	$19M	$7M	-$1M
Q1 22	$21M	$8M	-$2M
Q2 22	$20M	$8M	-$3M
Q3 22	$18M	$6M	-$3M
Q4 22	$19M	$6M	-$2M
Q1 23	$19M	$6M	-$2M
Q2 23	$20M	$7M	-$722.0K
Q4 23	$26M	$10M	$2M
Q1 24	$27M	$10M	$1M
Q3 24	$52M	$22M	$12M
Q4 24	$59M	$27M	$11M
Q1 25	$58M	$23M	$8M
Q2 25	$58M	$23M	$9M
Q3 25	$63M	$26M	$11M
Q4 25	$72M	$28M	$11M

Valuation

Quarter	P/S	P/E
Q3 21	21.5x	2832.0x
Q4 21	20.0x	—
Q1 22	18.4x	—
Q2 22	17.7x	—
Q3 22	17.5x	—
Q4 22	17.5x	—
Q1 23	18.0x	—
Q2 23	18.1x	—
Q4 23	16.5x	—
Q1 24	15.2x	—
Q3 24	11.1x	71.9x
Q4 24	8.4x	45.6x
Q1 25	7.0x	37.9x
Q2 25	6.1x	32.4x
Q3 25	5.8x	41.1x
Q4 25	5.5x	42.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$56.0K	-$1M
Q4 21	-$491.0K	-$2M
Q1 22	-$1M	-$3M
Q2 22	-$2M	-$4M
Q3 22	$2M	$597.0K
Q4 22	$444.0K	-$829.0K
Q1 23	$2M	$82.0K
Q2 23	$2M	$1M
Q4 23	$114.0K	-$1M
Q1 24	$7M	$5M
Q3 24	$11M	$10M
Q4 24	$17M	$15M
Q1 25	$11M	$9M
Q2 25	$4M	$3M
Q3 25	$19M	$15M
Q4 25	$13M	$10M

Capital Expenditures

Quarter	CapEx
Q3 21	$1M
Q4 21	$1M
Q1 22	$2M
Q2 22	$2M
Q3 22	$2M
Q4 22	$1M
Q1 23	$2M
Q2 23	$1M
Q4 23	$1M
Q1 24	$1M
Q3 24	$1M
Q4 24	$2M
Q1 25	$2M
Q2 25	$2M
Q3 25	$4M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+25.9%	+26.5%
Q4 21	+32.5%	+42.1%
Q1 22	+38.6%	+62.3%
Q2 22	+17.2%	+30.8%
Q3 22	+5.7%	+22.0%
Q4 22	+0.4%	+7.2%
Q1 23	-11.1%	-11.1%
Q2 23	-1.7%	-10.3%
Q4 23	+41.6%	+12.6%
Q1 24	+36.8%	+15.7%
Q3 24	+177.2%	+96.3%
Q4 24	+201.1%	+135.2%
Q1 25	+123.4%	+107.3%
Q2 25	+120.3%	+95.1%
Q3 25	+19.8%	+28.4%
Q4 25	+22.3%	+28.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$633.0K	3.3%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$913.0K	4.7%
Q1 23	$962.0K	5.1%
Q2 23	$1M	5.2%
Q4 23	$1M	3.9%
Q1 24	$1M	3.9%
Q3 24	$855.0K	1.6%
Q4 24	$1M	1.9%
Q1 25	$3M	4.9%
Q2 25	$3M	4.7%
Q3 25	$3M	4.3%
Q4 25	$3M	3.9%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 21	—	$7M
Q4 21	—	$8M
Q1 22	—	$10M
Q2 22	—	$10M
Q3 22	—	$9M
Q4 22	—	$8M
Q1 23	—	$8M
Q2 23	—	$8M
Q4 23	—	$8M
Q1 24	—	$8M
Q3 24	—	$10M
Q4 24	—	$16M
Q1 25	—	$15M
Q2 25	$900.0K	$14M
Q3 25	$1M	$14M
Q4 25	—	$17M

Revenue Segments

Quarter	Agility	Dds	Synodex
Q3 21	$3M	$13M	$983.0K
Q1 22	$4M	$16M	$2M
Q2 22	$4M	$14M	$2M
Q3 22	$4M	$13M	$2M
Q4 22	$4M	$14M	$1M
Q1 23	$4M	$13M	$2M
Q2 23	$4M	$13M	$2M
Q4 23	$5M	$20M	$2M
Q1 24	$5M	$20M	$2M
Q3 24	$6M	$45M	$2M
Q4 24	$6M	$51M	$2M
Q1 25	$6M	$51M	$2M
Q2 25	$6M	$51M	$2M
Q3 25	$6M	$55M	$2M
Q4 25	$6M	$65M	$2M

Revenue by Geography

Quarter	Canada	Netherlands	Other - Principally Europe	United Kingdom	United States
Q3 21	$1M	$2M	$2M	$3M	$9M
Q1 22	$1M	$2M	$2M	$3M	$13M
Q2 22	$1M	$2M	$2M	$3M	$12M
Q3 22	$579.0K	$2M	$2M	$3M	$12M
Q4 22	$2M	$2M	$2M	$3M	$11M
Q1 23	$1M	$2M	$2M	$3M	$11M
Q2 23	$2M	$2M	$2M	$3M	$11M
Q4 23	$987.0K	$2M	$2M	$3M	$19M
Q1 24	$2M	$2M	$2M	$2M	$18M
Q3 24	$2M	$2M	$2M	$3M	$43M
Q4 24	$2M	$2M	$3M	$3M	$49M
Q1 25	$3M	$2M	$2M	—	$49M
Q2 25	$3M	$2M	$2M	$2M	$49M
Q3 25	$3M	$2M	$2M	$3M	$53M
Q4 25	$3M	$2M	—	$5M	$62M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$15M	$0	$15M
Q2 22	$10M	$0	$10M
Q3 22	$11M	$0	$11M
Q4 22	$10M	$507.0K	$10M
Q1 23	$10M	$512.0K	$11M
Q2 23	$14M	$14.0K	$14M
Q3 23	$15M	$13.0K	$15M
Q4 23	$14M	$14.0K	$14M
Q1 24	$19M	$14.0K	$19M
Q2 24	$17M	$14.0K	$17M
Q3 24	$26M	$14.0K	$26M
Q4 24	$47M	$14.0K	$47M
Q1 25	$57M	$0	$57M
Q2 25	$60M	$0	$60M
Q3 25	$74M	$0	$74M
Q4 25	$82M	$0	$82M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	27M	+1.7%	+10.5%
Q4 21	27M	+0.6%	+7.4%
Q1 22	27M	+0.1%	-2.5%
Q2 22	27M	+0.3%	+2.7%
Q3 22	27M	+0.4%	+1.3%
Q4 22	27M	+0.2%	+0.9%
Q1 23	27M	+0.2%	+1.1%
Q2 23	28M	+1.5%	+2.3%
Q4 23	32M	+14.8%	+17.0%
Q1 24	32M	+0.8%	+17.7%
Q3 24	34M	+5.5%	+23.8%
Q4 24	34M	-1.1%	+20.7%
Q1 25	35M	+3.9%	+9.3%
Q2 25	35M	+1.0%	+9.5%
Q3 25	35M	-0.1%	+3.7%
Q4 25	35M	+0.6%	+5.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$4.7K	4K
Q4 21	$4.0K	5K
Q1 22	$4.3K	5K
Q2 22	$4.1K	5K
Q3 22	$3.8K	5K
Q4 22	$4.6K	4K
Q1 23	$4.5K	4K
Q2 23	$4.7K	4K
Q4 23	$6.0K	4K
Q1 24	$6.1K	4K
Q3 24	$12.1K	4K
Q4 24	$8.9K	7K
Q1 25	$8.8K	7K
Q2 25	$8.8K	7K
Q3 25	$9.4K	7K
Q4 25	$7.2K	10K

Revenue / Employee