Innodata (INOD) Financials

$43.53 +0.70 (+1.63%)

Closing price 08/8/2025 04:00 PM Eastern

Extended Trading

$43.25 -0.28 (-0.64%)

As of 08/8/2025 07:59 PM Eastern

Annual Income Statements for Innodata

This table shows Innodata's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-0.97	-2.83	-5.52	-5.06	-0.25	-2.14	0.62	-1.67	-12	-0.91	29
Consolidated Net Income / (Loss)	-1.93	-3.38	-5.91	-5.36	-0.25	-2.16	0.64	-1.81	-12	-0.89	29
Net Income / (Loss) Continuing Operations	-1.93	-3.38	-5.91	-5.36	-0.25	-2.16	0.64	-1.81	-12	-0.89	29
Total Pre-Tax Income	-1.52	-2.18	-4.79	-5.07	1.56	-1.07	1.05	-0.96	-10	0.14	24
Total Operating Income	-1.62	-2.21	-4.72	-5.10	1.60	-0.95	1.18	-1.65	-10	0.32	24
Total Gross Profit	59	59	63	61	57	56	58	70	79	87	170
Total Revenue	59	59	63	61	57	56	58	70	79	87	170
Operating Revenue	59	59	63	61	57	56	58	70	79	87	170
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	61	61	68	66	56	57	57	71	89	86	146
Selling, General & Admin Expense	16	17	20	20	16	19	19	28	38	31	43
Other Operating Expenses / (Income)	44	44	47	46	39	37	38	43	52	55	103
Total Other Income / (Expense), net	0.10	0.03	-0.06	0.02	-0.03	-0.12	-0.14	0.69	-0.01	-0.18	0.15
Interest & Investment Income	0.10	0.03	-0.06	0.02	-0.03	-0.12	-0.14	0.11	-0.01	-0.18	0.15
Income Tax Expense	0.41	1.20	1.13	0.29	1.81	1.09	0.40	0.84	1.52	1.03	-4.19
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.95	-0.56	-0.39	-0.30	0.01	-0.02	0.03	-0.13	-0.07	0.02	0.02
Basic Earnings per Share	($0.04)	($0.11)	($0.22)	$0.20	$0.01	($0.08)	$0.03	($0.06)	($0.44)	($0.03)	$0.98
Weighted Average Basic Shares Outstanding	25.23M	25.40M	25.54M	25.82M	25.88M	25.77M	24.61M	26.63M	27.28M	28.13M	29.16M
Diluted Earnings per Share	($0.04)	($0.11)	($0.22)	$0.20	$0.01	($0.08)	$0.02	($0.06)	($0.44)	($0.03)	$0.89
Weighted Average Diluted Shares Outstanding	25.23M	25.40M	25.54M	25.82M	25.88M	25.77M	25.57M	26.63M	27.28M	28.13M	32.18M
Weighted Average Basic & Diluted Shares Outstanding	25.23M	25.40M	25.54M	25.82M	25.88M	25.77M	25.86M	27.16M	27.40M	28.75M	31.30M
Cash Dividends to Common per Share	-	-	-	-	-	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00

This table shows Innodata's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-1.96	-2.12	-0.82	0.37	1.65	0.99	-0.01	17	10	7.79	7.22
Consolidated Net Income / (Loss)	-1.96	-2.11	-0.82	0.38	1.66	0.99	-0.01	17	10	7.79	7.22
Net Income / (Loss) Continuing Operations	-1.96	-2.11	-0.82	0.38	1.66	0.99	-0.01	17	10	7.79	7.22
Total Pre-Tax Income	-1.73	-1.90	-0.63	0.76	1.90	1.41	0.28	11	11	8.40	9.49
Total Operating Income	-1.72	-1.83	-0.63	0.82	1.96	1.33	0.33	11	11	8.27	8.91
Total Gross Profit	19	19	20	22	26	27	33	52	59	58	58
Total Revenue	19	19	20	22	26	27	33	52	59	58	58
Operating Revenue	19	19	20	22	26	27	33	52	59	58	58
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	21	21	20	21	24	25	32	41	48	50	49
Selling, General & Admin Expense	8.36	7.80	7.57	7.40	8.20	8.31	9.02	9.91	16	15	14
Other Operating Expenses / (Income)	13	13	13	14	16	17	23	31	32	35	35
Total Other Income / (Expense), net	-0.01	-0.06	0.01	-0.07	-0.06	0.08	-0.06	0.03	0.09	0.13	0.58
Interest & Investment Income	-0.01	-0.06	0.01	-0.07	-0.06	0.08	-0.06	0.03	0.09	0.13	0.58
Income Tax Expense	0.23	0.22	0.19	0.37	0.25	0.42	0.29	-5.94	1.05	0.61	2.27
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	0.00	0.01	0.00	0.00	0.01	0.00	0.01	0.00	0.00
Basic Earnings per Share	($0.08)	($0.08)	($0.03)	$0.01	$0.07	$0.03	$0.00	$0.60	$0.35	$0.25	$0.23
Weighted Average Basic Shares Outstanding	27.28M	27.46M	27.86M	28.46M	28.13M	28.75M	28.88M	28.99M	29.16M	31.43M	31.79M
Diluted Earnings per Share	($0.08)	($0.08)	($0.03)	$0.01	$0.07	$0.03	$0.00	$0.51	$0.35	$0.22	$0.20
Weighted Average Diluted Shares Outstanding	27.28M	27.46M	27.86M	32.46M	28.13M	32.24M	28.88M	34.01M	32.18M	34.95M	35.30M
Weighted Average Basic & Diluted Shares Outstanding	27.40M	27.55M	28.30M	28.71M	28.75M	28.75M	28.99M	29.00M	31.30M	31.75M	31.85M

This table details how cash moves in and out of Innodata's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-0.54	0.69	-11	-2.77	-0.54	0.01	6.70	1.33	-9.11	4.01	33
Net Cash From Operating Activities	4.61	2.66	-2.74	0.64	3.57	4.28	5.66	5.15	-1.22	5.90	35
Net Cash From Continuing Operating Activities	4.61	2.66	-2.74	0.64	3.57	4.28	5.66	5.15	-1.22	5.90	35
Net Income / (Loss) Continuing Operations	-1.93	-3.38	-5.91	-5.36	-0.25	-2.16	0.64	-1.81	-12	-0.89	29
Consolidated Net Income / (Loss)	-1.93	-3.38	-5.91	-5.36	-0.25	-2.16	0.64	-1.81	-12	-0.89	29
Depreciation Expense	3.05	2.77	3.20	3.67	3.37	2.70	2.27	2.87	3.89	4.72	5.80
Non-Cash Adjustments To Reconcile Net Income	2.21	1.76	1.40	0.80	1.91	1.17	1.75	1.68	4.83	5.50	6.04
Changes in Operating Assets and Liabilities, net	1.28	1.51	-1.42	1.52	-1.47	2.57	1.00	2.41	2.07	-3.42	-5.50
Net Cash From Investing Activities	-5.41	-0.70	-6.97	-3.41	-2.03	-1.67	-1.38	-4.37	-7.03	-5.07	-7.74
Net Cash From Continuing Investing Activities	-5.41	-0.70	-6.97	-3.41	-2.03	-1.67	-1.38	-4.37	-7.03	-5.07	-7.74
Purchase of Property, Plant & Equipment	-2.03	-0.70	-2.74	-3.41	-2.03	-1.67	-1.41	-4.37	-6.53	-5.56	-7.74
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	-	-0.51	0.49	0.00
Net Cash From Financing Activities	0.42	-1.13	-0.84	-0.28	-2.03	-2.40	2.31	0.77	-0.31	2.87	6.06
Net Cash From Continuing Financing Activities	0.42	-1.13	-0.84	-0.28	-2.03	-2.40	2.31	0.77	-0.31	2.87	6.06
Repayment of Debt	-0.79	-0.93	-0.70	-1.08	-2.03	-0.57	-0.86	-0.69	-0.64	-0.45	-0.51
Other Financing Activities, net	0.35	0.00	-	-	-	0.01	2.60	1.46	0.33	3.32	6.57
Effect of Exchange Rate Changes	-0.16	-0.14	-0.20	0.29	-0.05	-0.21	0.10	-0.23	-0.55	0.31	-0.26
Cash Interest Paid	-	-	-	-	-	0.13	0.14	0.03	0.02	0.40	0.29
Cash Income Taxes Paid	0.96	1.06	1.31	1.09	0.68	0.96	0.35	1.54	1.11	0.75	2.42

This table details how cash moves in and out of Innodata's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-0.94	0.54	3.32	1.16	-1.01	5.17	-2.47	9.86	21	9.66	3.24
Net Cash From Operating Activities	0.44	1.78	2.40	1.61	0.11	6.77	-0.45	11	17	11	4.24
Net Cash From Continuing Operating Activities	0.44	1.78	2.40	1.61	0.11	6.77	-0.45	11	17	11	4.24
Net Income / (Loss) Continuing Operations	-1.96	-2.11	-0.82	0.38	1.66	0.99	-0.01	17	10	7.79	7.22
Consolidated Net Income / (Loss)	-1.96	-2.11	-0.82	0.38	1.66	0.99	-0.01	17	10	7.79	7.22
Depreciation Expense	1.05	1.09	1.15	1.24	1.24	1.27	1.42	1.54	1.58	1.56	1.60
Non-Cash Adjustments To Reconcile Net Income	1.76	1.12	1.40	1.27	1.71	1.34	1.08	1.41	2.21	3.22	3.05
Changes in Operating Assets and Liabilities, net	-0.41	1.69	0.67	-1.28	-4.49	3.17	-2.94	-8.96	3.24	-1.71	-7.64
Net Cash From Investing Activities	-1.78	-1.71	-0.81	-1.31	-1.25	-1.34	-2.73	-1.46	-2.22	-2.35	-1.71
Net Cash From Continuing Investing Activities	-1.78	-1.71	-0.81	-1.31	-1.25	-1.34	-2.73	-1.46	-2.22	-2.35	-1.71
Purchase of Property, Plant & Equipment	-1.27	-1.70	-1.31	-1.31	-1.24	-1.34	-2.73	-1.46	-2.22	-2.35	-1.71
Net Cash From Financing Activities	-0.07	0.25	1.74	0.84	0.04	-0.29	0.68	-0.20	5.86	0.86	0.38
Net Cash From Continuing Financing Activities	-0.07	0.25	1.74	0.84	0.04	-0.29	0.68	-0.20	5.86	0.86	0.38
Repayment of Debt	-0.13	-0.07	-0.12	-0.14	-0.12	-0.29	-0.00	-0.22	0.00	-0.10	-0.13
Other Financing Activities, net	0.06	0.32	1.86	0.98	0.17	0.00	0.69	0.03	5.86	0.96	0.51
Effect of Exchange Rate Changes	0.47	0.21	-0.00	0.02	0.08	0.03	0.03	0.13	-0.45	0.28	0.33
Cash Interest Paid	0.02	0.09	0.04	0.16	0.11	0.07	0.10	0.02	0.10	0.00	0.02
Cash Income Taxes Paid	0.13	0.02	0.36	0.12	0.25	0.16	0.30	0.31	1.65	0.11	2.56

This table presents Innodata's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	55	51	48	48	45	49	57	59	48	59	113
Total Current Assets	38	37	27	25	26	24	32	34	24	32	81
Cash & Equivalents	24	25	14	11	11	11	18	19	9.79	14	47
Accounts Receivable	10	9.25	9.95	10	11	9.72	10	11	9.53	14	28
Prepaid Expenses	3.02	2.90	3.12	3.63	4.67	3.41	4.24	3.68	3.86	3.97	6.09
Plant, Property, & Equipment, net	5.92	4.72	5.40	7.19	6.81	6.89	1.85	2.95	2.51	2.28	4.10
Total Noncurrent Assets	11	9.46	15	15	12	19	24	22	22	25	28
Goodwill	1.64	1.48	2.73	2.83	2.05	2.11	2.15	2.14	2.04	2.08	2.00
Intangible Assets	5.26	3.99	8.19	7.61	6.28	5.48	10	10	13	14	13
Noncurrent Deferred & Refundable Income Taxes	1.40	1.66	1.64	1.76	1.20	1.91	2.19	1.95	1.48	1.74	7.49
Other Noncurrent Operating Assets	2.72	2.33	2.38	3.16	2.44	9.12	9.17	7.87	5.81	7.50	5.51
Total Liabilities & Shareholders' Equity	55	51	48	48	45	49	57	59	48	59	113
Total Liabilities	19	17	17	21	19	27	31	33	30	34	50
Total Current Liabilities	12	12	13	16	14	16	18	21	21	23	40
Accounts Payable	1.27	1.25	1.02	1.87	1.83	1.42	1.44	1.82	2.63	2.66	4.55
Accrued Expenses	3.43	3.31	4.33	3.76	2.80	3.34	3.49	7.56	7.25	3.06	4.89
Current Deferred Revenue	-	-	-	-	-	-	-	-	-	3.52	8.01
Current Deferred & Payable Income Tax Liabilities	1.40	1.26	1.33	1.10	3.24	4.18	5.00	3.21	3.23	3.85	5.70
Current Employee Benefit Liabilities	4.46	4.91	5.04	5.54	4.49	4.27	5.72	6.39	6.14	7.80	14
Other Current Liabilities	-	-	-	-	-	1.11	0.99	1.03	1.57	2.04	2.52
Total Noncurrent Liabilities	6.42	4.23	4.60	5.09	4.63	12	13	12	9.18	12	11
Noncurrent Deferred & Payable Income Tax Liabilities	0.88	0.79	0.68	0.61	0.57	0.36	0.04	0.02	0.07	0.02	0.03
Other Noncurrent Operating Liabilities	-	-	-	-	-	6.73	6.33	5.28	9.12	11	11
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	39	38	34	31	30	26	30	30	19	26	63
Total Preferred & Common Equity	39	38	34	31	30	26	30	30	19	26	63
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Total Common Equity	39	38	34	31	30	26	30	30	19	26	63
Common Stock	23	25	26	28	28	29	32	35	36	43	53
Retained Earnings	21	18	12	7.35	6.60	4.22	4.83	3.16	-8.78	-9.68	19
Treasury Stock	-4.29	-4.49	-4.62	-4.62	-4.62	-6.47	-6.47	-6.47	-6.47	-6.47	-6.47
Accumulated Other Comprehensive Income / (Loss)	-0.29	-0.08	-0.32	0.85	-0.02	-0.92	-0.94	-2.19	-2.11	-1.62	-2.47
Noncontrolling Interest	-	-	-	-	-	-	-	-	-	-	-0.08

This table presents Innodata's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	50	48	49	52	56	64	66	88	125	133
Total Current Assets	25	24	23	26	29	37	38	55	92	101
Cash & Equivalents	10	11	10	14	15	19	17	26	57	60
Accounts Receivable	11	9.37	8.46	8.36	11	14	18	23	30	34
Prepaid Expenses	3.79	3.82	4.19	3.84	3.83	3.82	3.65	5.22	6.22	6.77
Plant, Property, & Equipment, net	2.90	2.72	2.59	2.43	2.37	2.14	3.27	3.33	4.68	4.71
Total Noncurrent Assets	22	21	23	23	25	25	24	30	28	27
Goodwill	2.08	1.98	2.04	2.07	2.03	2.06	2.04	2.08	2.02	2.09
Intangible Assets	12	12	13	13	13	14	14	14	14	14
Noncurrent Deferred & Refundable Income Taxes	1.67	1.53	1.58	1.59	1.55	1.85	1.74	7.89	7.28	6.04
Other Noncurrent Operating Assets	6.40	5.71	6.36	6.17	7.69	6.83	6.68	6.21	5.31	5.17
Total Liabilities & Shareholders' Equity	50	48	49	52	56	64	66	88	125	133
Total Liabilities	30	31	31	32	34	37	38	41	50	46
Total Current Liabilities	20	21	21	21	23	25	26	30	39	35
Accounts Payable	2.05	2.95	2.23	2.72	2.42	2.09	3.73	3.49	4.50	4.49
Accrued Expenses	6.21	6.74	6.84	5.22	8.12	3.19	5.35	4.20	5.73	5.14
Current Deferred Revenue	-	-	-	-	-	6.67	4.77	6.50	8.03	6.49
Current Deferred & Payable Income Tax Liabilities	3.39	2.99	3.58	5.00	3.43	4.06	3.91	3.96	4.86	4.22
Current Employee Benefit Liabilities	6.40	6.91	6.77	6.80	7.15	7.30	6.64	9.62	14	12
Other Current Liabilities	0.78	0.74	1.75	1.65	1.79	1.96	1.98	2.02	2.41	2.41
Total Noncurrent Liabilities	10	9.83	10	10	11	11	11	11	11	11
Noncurrent Deferred & Payable Income Tax Liabilities	0.02	0.02	0.06	0.02	0.02	0.08	0.09	0.03	0.04	0.07
Other Noncurrent Operating Liabilities	4.09	3.93	10	10	11	11	11	11	11	11
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	21	18	18	21	23	28	29	48	75	87
Total Preferred & Common Equity	21	18	18	21	23	28	29	48	75	87
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	21	18	18	21	23	28	29	48	75	87
Common Stock	34	35	37	40	42	45	46	47	57	61
Retained Earnings	-3.49	-6.82	-11	-12	-11	-8.69	-8.71	8.68	27	34
Treasury Stock	-6.47	-6.47	-6.47	-6.47	-6.47	-6.47	-6.47	-6.47	-6.47	-6.47
Accumulated Other Comprehensive Income / (Loss)	-3.28	-4.09	-1.63	-1.46	-1.62	-1.79	-2.04	-1.57	-2.09	-1.29
Noncontrolling Interest	-	-	-	-	-	-	-	-	-0.08	-0.08

This table displays calculated financial ratios and metrics derived from Innodata's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.05%	-0.94%	7.78%	-3.40%	-5.76%	-2.72%	4.26%	19.77%	13.26%	9.84%	96.44%
EBITDA Growth	138.35%	-60.80%	-372.19%	6.81%	449.19%	-64.80%	97.03%	-47.82%	-466.13%	176.47%	498.57%
EBIT Growth	78.13%	-36.97%	-113.47%	-7.94%	131.29%	-159.44%	224.47%	-190.76%	-877.78%	103.04%	7,552.83%
NOPAT Growth	79.02%	-36.97%	-113.47%	-7.94%	92.96%	-164.17%	209.58%	-258.93%	-534.28%	72.25%	1,501.32%
Net Income Growth	84.99%	-75.70%	-74.67%	9.34%	95.41%	-777.64%	129.83%	-380.28%	-565.10%	92.59%	3,325.53%
EPS Growth	90.70%	-175.00%	-100.00%	190.91%	-95.00%	-900.00%	125.00%	-400.00%	-633.33%	93.18%	3,066.67%
Operating Cash Flow Growth	642.83%	-42.36%	-202.86%	123.36%	458.22%	19.99%	32.24%	-8.99%	-123.61%	585.44%	493.17%
Free Cash Flow Firm Growth	-232.17%	160.90%	-434.63%	35.44%	135.83%	48.05%	-60.95%	-59.38%	-115.19%	-6,866.62%	524.46%
Invested Capital Growth	22.55%	-22.85%	41.85%	12.22%	-10.39%	-18.54%	-3.16%	-10.03%	-48.35%	44.25%	47.58%
Revenue Q/Q Growth	0.77%	-0.63%	0.24%	-0.03%	-1.17%	-0.53%	1.07%	6.08%	0.11%	8.42%	24.07%
EBITDA Q/Q Growth	-18.83%	16.63%	-33.01%	-569.64%	119.38%	-7.41%	33.36%	-43.69%	-5.50%	330.26%	46.99%
EBIT Q/Q Growth	-45.50%	12.50%	-17.81%	-47.18%	233.36%	8.23%	332.23%	-280.61%	-5.87%	109.46%	61.78%
NOPAT Q/Q Growth	-45.50%	12.50%	-17.81%	-47.18%	70.00%	8.23%	120.01%	-383.52%	-5.87%	13.58%	42.28%
Net Income Q/Q Growth	-102.31%	-9.59%	-5.74%	-25.27%	88.75%	-14.90%	162.83%	-391.13%	-6.39%	80.26%	43.17%
EPS Q/Q Growth	0.00%	-22.22%	-4.76%	225.00%	-96.88%	-300.00%	118.18%	0.00%	-10.00%	83.33%	45.90%
Operating Cash Flow Q/Q Growth	-6.71%	147.81%	-274.66%	242.63%	2.47%	-3.84%	12.23%	-8.82%	43.47%	-5.29%	96.74%
Free Cash Flow Firm Q/Q Growth	26.55%	177.02%	-36.09%	1.27%	-15.62%	30.85%	189.26%	-67.54%	98.80%	-275.25%	244.86%
Invested Capital Q/Q Growth	6.52%	-2.74%	8.26%	1.64%	6.95%	4.02%	16.26%	14.00%	-39.44%	52.60%	-20.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	2.42%	0.96%	-2.42%	-2.34%	8.65%	3.13%	5.92%	2.58%	-8.33%	5.80%	17.68%
Operating Margin	-2.73%	-3.78%	-7.49%	-8.37%	2.78%	-1.70%	2.03%	-2.37%	-13.26%	0.37%	14.28%
EBIT Margin	-2.73%	-3.78%	-7.49%	-8.37%	2.78%	-1.70%	2.03%	-1.54%	-13.26%	0.37%	14.28%
Profit (Net Income) Margin	-3.26%	-5.78%	-9.37%	-8.80%	-0.43%	-3.87%	1.11%	-2.59%	-15.20%	-1.02%	16.82%
Tax Burden Percent	126.71%	155.16%	123.53%	105.62%	-15.75%	202.15%	61.63%	187.44%	114.52%	-639.57%	117.11%
Interest Burden Percent	94.12%	98.60%	101.33%	99.55%	97.93%	112.66%	88.56%	89.92%	100.11%	43.71%	100.61%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	115.75%	0.00%	38.37%	0.00%	0.00%	739.57%	-17.11%
Return on Invested Capital (ROIC)	-6.48%	-9.10%	-18.45%	-16.00%	-1.12%	-3.46%	4.29%	-7.30%	-64.45%	-21.50%	206.03%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.27%	0.83%	-0.50%	12.14%	-1.24%	25.92%	5.44%	-1.11%	-21.38%	-30.99%	205.45%
Return on Net Nonoperating Assets (RNNOA)	1.18%	-0.43%	0.22%	-2.70%	0.21%	-5.44%	-1.63%	0.44%	10.44%	17.37%	-141.14%
Return on Equity (ROE)	-5.31%	-9.54%	-18.23%	-18.69%	-0.92%	-8.90%	2.66%	-6.86%	-54.01%	-4.13%	64.89%
Cash Return on Invested Capital (CROIC)	-26.75%	16.70%	-53.06%	-27.52%	9.83%	16.98%	7.50%	3.26%	-0.69%	-57.73%	167.59%
Operating Return on Assets (OROA)	-3.08%	-4.17%	-9.56%	-10.68%	3.44%	-2.01%	2.21%	-1.84%	-19.53%	0.59%	28.15%
Return on Assets (ROA)	-3.67%	-6.38%	-11.96%	-11.23%	-0.53%	-4.57%	1.21%	-3.10%	-22.39%	-1.65%	33.17%
Return on Common Equity (ROCE)	-5.79%	-10.40%	-20.24%	-21.16%	-1.04%	-10.15%	3.04%	-7.76%	-59.18%	-4.27%	65.47%
Return on Equity Simple (ROE_SIMPLE)	-4.91%	-8.86%	-17.50%	-17.22%	-0.83%	-8.46%	2.17%	-6.03%	-63.95%	-3.46%	45.18%
Net Operating Profit after Tax (NOPAT)	-1.13	-1.55	-3.31	-3.57	-0.25	-0.66	0.73	-1.16	-7.33	-2.03	29
NOPAT Margin	-1.91%	-2.65%	-5.24%	-5.86%	-0.44%	-1.19%	1.25%	-1.66%	-9.28%	-2.34%	16.72%
Net Nonoperating Expense Percent (NNEP)	-4.22%	-9.93%	-17.95%	-28.14%	0.12%	-29.38%	-1.15%	-6.19%	-43.07%	9.49%	0.57%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-7.91%	44.90%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	27.78%	28.70%	30.98%	33.15%	27.60%	34.88%	32.04%	40.01%	48.02%	35.70%	25.07%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	102.73%	103.78%	107.49%	108.37%	97.22%	101.70%	97.97%	102.37%	113.26%	99.63%	85.72%
Earnings before Interest and Taxes (EBIT)	-1.62	-2.21	-4.72	-5.10	1.60	-0.95	1.18	-1.07	-10	0.32	24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1.43	0.56	-1.53	-1.42	4.97	1.75	3.45	1.80	-6.58	5.03	30
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.89	1.90	1.86	1.13	1.30	1.14	4.42	5.37	4.32	9.09	18.06
Price to Tangible Book Value (P/TBV)	2.29	2.22	2.75	1.70	1.81	1.62	7.51	9.22	19.29	23.68	23.82
Price to Revenue (P/Rev)	1.25	1.24	1.00	0.58	0.68	0.52	2.25	2.30	1.03	2.69	6.72
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	212.54	0.00	0.00	0.00	39.99
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.47%	0.00%	0.00%	0.00%	2.50%
Enterprise Value to Invested Capital (EV/IC)	2.81	3.32	2.38	1.17	1.43	1.21	7.09	9.72	9.06	19.61	66.65
Enterprise Value to Revenue (EV/Rev)	0.91	0.84	0.79	0.45	0.52	0.37	2.03	2.09	0.89	2.53	6.45
Enterprise Value to EBITDA (EV/EBITDA)	37.71	87.76	0.00	0.00	6.07	11.88	34.29	81.10	0.00	43.54	36.48
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	18.90	0.00	100.14	0.00	0.00	689.21	45.16
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	162.50	0.00	0.00	0.00	38.56
Enterprise Value to Operating Cash Flow (EV/OCF)	11.70	18.52	0.00	43.28	8.45	4.86	20.88	28.31	0.00	37.13	31.39
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	17.33	0.00	0.00	13.71	6.38	92.96	282.43	0.00	0.00	47.41
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.20	0.14	0.17	0.29	0.21	0.27	0.30	0.28	0.00	0.00	0.00
Long-Term Debt to Equity	0.15	0.10	0.13	0.16	0.15	0.21	0.24	0.24	0.00	0.00	0.00
Financial Leverage	-0.52	-0.52	-0.45	-0.22	-0.17	-0.21	-0.30	-0.40	-0.49	-0.56	-0.69
Leverage Ratio	1.44	1.49	1.52	1.67	1.73	1.95	2.21	2.21	2.41	2.50	1.96
Compound Leverage Factor	1.36	1.47	1.54	1.66	1.70	2.19	1.95	1.99	2.42	1.09	1.97
Debt to Total Capital	16.46%	12.63%	14.31%	22.32%	17.47%	21.27%	23.34%	22.11%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	3.70%	3.98%	3.18%	9.53%	4.78%	5.13%	5.00%	3.77%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	12.76%	8.65%	11.13%	12.79%	12.69%	16.14%	18.34%	18.34%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-6.79%	-8.83%	-10.33%	-11.25%	-10.62%	-12.16%	-9.90%	-10.39%	-4.03%	-2.83%	-0.13%
Common Equity to Total Capital	90.33%	96.20%	96.01%	88.93%	93.15%	90.90%	86.56%	88.28%	104.03%	102.83%	100.13%
Debt to EBITDA	4.99	8.94	-3.30	-5.49	1.13	3.42	2.32	4.17	0.00	0.00	0.00
Net Debt to EBITDA	-11.93	-35.45	5.98	2.53	-1.06	-2.80	-2.78	-6.34	0.00	0.00	0.00
Long-Term Debt to EBITDA	3.87	6.12	-2.57	-3.15	0.82	2.59	1.82	3.46	0.00	0.00	0.00
Debt to NOPAT	-6.32	-3.24	-1.52	-2.19	-22.26	-9.00	10.99	-6.49	0.00	0.00	0.00
Net Debt to NOPAT	15.10	12.85	2.76	1.01	21.01	7.38	-13.17	9.87	0.00	0.00	0.00
Long-Term Debt to NOPAT	-4.90	-2.22	-1.19	-1.25	-16.17	-6.83	8.64	-5.38	0.00	0.00	0.00
Altman Z-Score	4.46	4.71	3.89	2.40	3.18	2.02	4.02	4.39	2.36	5.51	16.62
Noncontrolling Interest Sharing Ratio	-9.09%	-9.10%	-11.01%	-13.21%	-13.69%	-14.05%	-14.07%	-13.13%	-9.56%	-3.33%	-0.90%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.12	3.01	2.12	1.62	1.88	1.52	1.74	1.59	1.14	1.40	2.05
Quick Ratio	2.85	2.78	1.88	1.39	1.55	1.31	1.51	1.42	0.95	1.23	1.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4.66	2.84	-9.51	-6.14	2.20	3.26	1.27	0.52	-0.08	-5.46	23
Operating Cash Flow to CapEx	226.91%	381.49%	-99.82%	18.74%	175.46%	256.75%	411.64%	117.93%	-18.63%	106.09%	452.33%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.13	1.10	1.28	1.28	1.24	1.18	1.09	1.20	1.47	1.61	1.97
Accounts Receivable Turnover	5.29	5.94	6.57	6.02	5.49	5.49	5.89	6.51	7.56	7.29	8.06
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	9.85	11.00	12.47	9.68	8.20	8.15	13.33	29.07	28.95	36.22	53.42
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	68.95	61.41	55.56	60.63	66.48	66.48	61.95	56.06	48.30	50.09	45.29
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	68.95	61.41	55.56	60.63	66.48	66.48	61.95	56.06	48.30	50.09	45.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	19	15	21	24	21	17	17	15	7.75	11	16
Invested Capital Turnover	3.39	3.44	3.52	2.73	2.57	2.91	3.44	4.41	6.95	9.17	12.32
Increase / (Decrease) in Invested Capital	3.53	-4.39	6.20	2.57	-2.45	-3.92	-0.54	-1.67	-7.25	3.43	5.32
Enterprise Value (EV)	54	49	50	28	30	21	118	146	70	219	1,099
Market Capitalization	74	73	63	35	39	29	131	161	81	234	1,146
Book Value per Share	$1.55	$1.50	$1.32	$1.20	$1.15	$1.00	$1.20	$1.10	$0.69	$0.90	$2.19
Tangible Book Value per Share	$1.28	$1.29	$0.89	$0.80	$0.83	$0.70	$0.71	$0.64	$0.15	$0.34	$1.66
Total Capital	43	40	35	35	32	28	34	34	18	25	63
Total Debt	7.15	5.02	5.04	7.81	5.59	5.97	7.99	7.50	0.00	0.00	0.00
Total Long-Term Debt	5.54	3.44	3.92	4.48	4.06	4.53	6.28	6.22	0.00	0.00	0.00
Net Debt	-17	-20	-9.14	-3.60	-5.28	-4.90	-9.58	-11	-10	-14	-47
Capital Expenditures (CapEx)	2.03	0.70	2.74	3.41	2.03	1.67	1.38	4.37	6.53	5.56	7.74
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3.16	1.43	1.36	1.66	2.93	-1.18	-2.35	-4.97	-7.43	-4.68	-5.40
Debt-free Net Working Capital (DFNWC)	27	26	16	13	14	9.69	15	14	2.87	9.14	41
Net Working Capital (NWC)	26	25	14	9.73	12	8.25	14	13	2.87	9.14	41
Net Nonoperating Expense (NNE)	0.80	1.84	2.61	1.79	-0.01	1.50	0.08	0.65	4.67	-1.14	-0.17
Net Nonoperating Obligations (NNO)	-17	-20	-9.14	-3.60	-5.28	-4.90	-9.58	-11	-10	-14	-47
Total Depreciation and Amortization (D&A)	3.05	2.77	3.20	3.67	3.37	2.70	2.27	2.87	3.89	4.72	5.80
Debt-free, Cash-free Net Working Capital to Revenue	5.34%	2.44%	2.15%	2.72%	5.10%	-2.12%	-4.03%	-7.12%	-9.40%	-5.39%	-3.17%
Debt-free Net Working Capital to Revenue	46.34%	45.00%	24.62%	21.44%	24.03%	17.35%	26.15%	19.98%	3.63%	10.54%	24.34%
Net Working Capital to Revenue	43.62%	42.30%	22.84%	15.97%	21.36%	14.77%	23.21%	18.15%	3.63%	10.54%	24.34%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.04)	($0.11)	($0.22)	($0.20)	$0.00	$0.06	$0.03	($0.06)	($0.44)	($0.03)	$0.98
Adjusted Weighted Average Basic Shares Outstanding	25.23M	25.45M	25.62M	25.88M	25.95M	24.46M	24.61M	26.63M	27.28M	28.13K	29.16M
Adjusted Diluted Earnings per Share	($0.04)	($0.11)	($0.22)	($0.20)	$0.00	$0.06	$0.02	($0.06)	($0.44)	($0.03)	$0.89
Adjusted Weighted Average Diluted Shares Outstanding	25.23M	25.45M	25.62M	25.88M	25.95M	24.46M	25.57M	26.63M	27.28M	28.13K	32.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.11)	($0.22)	($0.20)	$0.00	$0.06	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	25.34M	25.40M	25.54M	25.82M	25.88M	25.77M	25.86M	27.16M	27.40M	28.75M	31.30M
Normalized Net Operating Profit after Tax (NOPAT)	-0.87	-1.55	-2.58	-3.57	1.59	-0.66	0.73	-1.16	-7.33	0.22	17
Normalized NOPAT Margin	-1.47%	-2.65%	-4.09%	-5.86%	2.77%	-1.19%	1.25%	-1.66%	-9.28%	0.26%	9.99%
Pre Tax Income Margin	-2.57%	-3.73%	-7.59%	-8.33%	2.72%	-1.91%	1.79%	-1.38%	-13.27%	0.16%	14.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	-0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-5.91%	-2.27%	0.00%	-0.81%	-85.36%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Innodata's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.45%	-11.10%	-1.66%	20.18%	34.77%	40.69%	65.62%	135.57%	126.64%	120.13%	79.38%
EBITDA Growth	-106.19%	51.85%	122.18%	200.64%	580.18%	450.34%	238.30%	528.93%	301.22%	278.85%	501.03%
EBIT Growth	-51.05%	24.05%	80.68%	126.90%	214.08%	172.60%	152.21%	1,287.73%	473.89%	521.95%	2,592.15%
NOPAT Growth	-51.05%	24.05%	80.68%	119.45%	241.74%	172.61%	97.57%	4,067.10%	499.07%	723.60%	62,915.46%
Net Income Growth	-58.29%	26.89%	78.73%	111.52%	184.58%	146.85%	98.90%	4,440.73%	522.16%	686.57%	80,311.11%
EPS Growth	-100.00%	20.00%	78.57%	108.33%	187.50%	137.50%	100.00%	5,000.00%	400.00%	633.33%	0.00%
Operating Cash Flow Growth	190.43%	219.25%	200.97%	-27.40%	-74.32%	279.32%	-118.92%	608.03%	15,102.63%	60.59%	1,032.82%
Free Cash Flow Firm Growth	590.96%	2,064.85%	267.64%	431.20%	-128.48%	-101.04%	-156.08%	-31.31%	384.52%	-3,948.00%	-51.37%
Invested Capital Growth	-48.35%	-57.13%	-62.08%	-42.76%	44.25%	14.78%	87.64%	181.73%	47.58%	139.62%	128.55%
Revenue Q/Q Growth	5.03%	-2.77%	4.33%	12.79%	17.79%	1.50%	22.82%	60.43%	13.32%	-1.41%	0.08%
EBITDA Q/Q Growth	67.46%	-11.26%	169.77%	298.45%	55.24%	-18.82%	-32.63%	640.77%	-0.96%	-23.35%	6.88%
EBIT Q/Q Growth	43.81%	-6.57%	65.39%	229.81%	138.27%	-32.18%	-75.11%	3,350.45%	-1.46%	-26.50%	7.72%
NOPAT Q/Q Growth	43.81%	-6.57%	65.39%	193.82%	309.61%	-45.40%	-101.16%	160,858.78%	-41.11%	-24.94%	-11.60%
Net Income Q/Q Growth	41.13%	-7.92%	61.43%	146.99%	332.38%	-40.22%	-100.91%	193,333.33%	-40.76%	-24.42%	-7.29%
EPS Q/Q Growth	33.33%	0.00%	62.50%	133.33%	600.00%	-57.14%	-100.00%	0.00%	-31.37%	-37.14%	-9.09%
Operating Cash Flow Q/Q Growth	-79.93%	301.80%	34.47%	-33.06%	-92.90%	5,835.96%	-106.71%	2,604.63%	52.41%	-37.30%	-61.03%
Free Cash Flow Firm Q/Q Growth	440.33%	29.74%	24.93%	-39.96%	-129.26%	95.25%	-6,620.04%	173.55%	21.20%	-167.58%	-151.29%
Invested Capital Q/Q Growth	-39.44%	-11.55%	-8.63%	16.96%	52.60%	-29.62%	49.37%	75.61%	-20.06%	14.27%	42.47%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-3.44%	-3.93%	2.63%	9.29%	12.25%	9.79%	5.37%	24.81%	21.68%	16.86%	18.00%
Operating Margin	-8.87%	-9.72%	-3.23%	3.71%	7.51%	5.02%	1.02%	21.87%	19.02%	14.18%	15.26%
EBIT Margin	-8.87%	-9.72%	-3.23%	3.71%	7.51%	5.02%	1.02%	21.87%	19.02%	14.18%	15.26%
Profit (Net Income) Margin	-10.11%	-11.22%	-4.15%	1.73%	6.34%	3.74%	-0.03%	33.30%	17.41%	13.35%	12.36%
Tax Burden Percent	113.24%	111.50%	129.98%	50.59%	86.97%	70.01%	-3.26%	151.93%	90.79%	92.71%	76.09%
Interest Burden Percent	100.58%	103.44%	98.90%	91.98%	97.09%	106.32%	83.38%	100.23%	100.84%	101.54%	106.48%
Effective Tax Rate	0.00%	0.00%	0.00%	49.41%	13.03%	29.99%	103.26%	-51.93%	9.21%	7.29%	23.91%
Return on Invested Capital (ROIC)	-43.14%	-45.70%	-15.14%	14.95%	59.91%	45.09%	-0.40%	326.60%	212.75%	199.11%	137.26%
ROIC Less NNEP Spread (ROIC-NNEP)	-36.19%	-36.91%	-10.88%	15.30%	60.32%	44.70%	-0.41%	326.41%	212.47%	198.80%	136.11%
Return on Net Nonoperating Assets (RNNOA)	17.67%	16.72%	4.72%	-7.45%	-33.80%	-29.93%	0.26%	-194.47%	-145.96%	-146.87%	-90.39%
Return on Equity (ROE)	-25.47%	-28.98%	-10.41%	7.50%	26.11%	15.16%	-0.14%	132.13%	66.79%	52.24%	46.87%
Cash Return on Invested Capital (CROIC)	-0.69%	19.32%	45.47%	30.99%	-57.73%	16.60%	-26.67%	48.10%	167.59%	181.76%	138.52%
Operating Return on Assets (OROA)	-13.07%	-14.32%	-4.85%	5.70%	12.13%	8.41%	1.86%	41.56%	37.50%	30.39%	35.06%
Return on Assets (ROA)	-14.89%	-16.52%	-6.23%	2.65%	10.24%	6.26%	-0.05%	63.28%	34.33%	28.61%	28.40%
Return on Common Equity (ROCE)	-27.91%	-29.99%	-10.79%	7.78%	26.98%	15.65%	-0.14%	134.83%	67.39%	52.65%	47.19%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-60.96%	-39.77%	-19.70%	0.00%	8.03%	10.42%	41.98%	0.00%	46.99%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.20	-1.28	-0.44	0.42	1.71	0.93	-0.01	17	10	7.67	6.78
NOPAT Margin	-6.21%	-6.81%	-2.26%	1.88%	6.53%	3.51%	-0.03%	33.23%	17.27%	13.14%	11.61%
Net Nonoperating Expense Percent (NNEP)	-6.95%	-8.79%	-4.25%	-0.35%	-0.41%	0.39%	0.01%	0.19%	0.28%	0.31%	1.15%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	6.64%	3.38%	-	-	16.10%	10.17%	7.83%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	43.13%	41.39%	38.53%	33.38%	31.41%	31.33%	27.71%	18.98%	26.20%	25.68%	24.17%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	108.87%	109.72%	103.23%	96.29%	92.49%	94.98%	98.98%	78.13%	80.98%	85.82%	84.74%
Earnings before Interest and Taxes (EBIT)	-1.72	-1.83	-0.63	0.82	1.96	1.33	0.33	11	11	8.27	8.91
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.67	-0.74	0.52	2.06	3.20	2.60	1.75	13	13	9.84	11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.32	12.71	15.12	10.56	9.09	6.89	14.72	10.19	18.06	14.89	18.75
Price to Tangible Book Value (P/TBV)	19.29	70.71	61.29	32.71	23.68	16.25	32.75	15.31	23.82	18.76	23.00
Price to Revenue (P/Rev)	1.03	3.05	4.09	3.02	2.69	2.01	3.97	3.54	6.72	5.55	7.13
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	86.38	142.23	24.29	39.99	31.69	38.09
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	1.16%	0.70%	4.12%	2.50%	3.16%	2.63%
Enterprise Value to Invested Capital (EV/IC)	9.06	32.47	47.56	30.84	19.61	21.62	34.83	22.25	66.65	56.62	58.33
Enterprise Value to Revenue (EV/Rev)	0.89	2.90	3.90	2.82	2.53	1.80	3.81	3.34	6.45	5.27	6.86
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	193.04	43.54	20.32	42.61	22.39	36.48	28.55	33.95
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	689.21	48.87	92.05	30.52	45.16	34.11	39.29
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	76.11	132.62	22.92	38.56	30.27	37.44
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	107.79	43.54	36.23	37.13	15.62	50.94	25.79	31.39	27.28	35.75
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	100.87	57.51	72.47	0.00	139.23	0.00	68.29	47.41	43.96	58.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.49	-0.45	-0.43	-0.49	-0.56	-0.67	-0.63	-0.60	-0.69	-0.74	-0.66
Leverage Ratio	2.41	2.49	2.52	2.66	2.50	2.53	2.44	2.09	1.96	1.85	1.73
Compound Leverage Factor	2.43	2.58	2.50	2.45	2.42	2.69	2.03	2.10	1.97	1.87	1.84
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-4.03%	-4.09%	-3.63%	-3.21%	-2.83%	-2.63%	-2.48%	-1.49%	-0.13%	-0.11%	-0.10%
Common Equity to Total Capital	104.03%	104.09%	103.63%	103.21%	102.83%	102.63%	102.48%	101.49%	100.13%	100.11%	100.10%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	2.97	5.65	7.14	5.55	5.60	4.68	8.46	9.55	16.24	16.18	24.11
Noncontrolling Interest Sharing Ratio	-9.56%	-3.49%	-3.62%	-3.68%	-3.33%	-3.21%	-2.96%	-2.04%	-0.90%	-0.77%	-0.68%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.14	1.11	1.21	1.28	1.40	1.46	1.45	1.84	2.05	2.36	2.87
Quick Ratio	0.95	0.91	1.03	1.11	1.23	1.31	1.32	1.66	1.90	2.20	2.67
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	6.05	7.85	9.80	5.89	-1.72	-0.08	-5.50	4.04	4.90	-3.31	-8.32
Operating Cash Flow to CapEx	34.88%	104.82%	183.13%	122.78%	9.16%	505.38%	-16.64%	781.51%	781.03%	462.43%	247.95%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.47	1.47	1.50	1.54	1.61	1.68	1.83	1.90	1.97	2.14	2.30
Accounts Receivable Turnover	7.56	7.92	7.90	7.98	7.29	8.39	8.09	8.11	8.06	9.27	8.73
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	28.95	28.02	28.64	31.44	36.22	39.96	37.66	48.23	53.42	59.36	57.17
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	48.30	46.11	46.19	45.72	50.09	43.53	45.09	44.98	45.29	39.37	41.83
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	48.30	46.11	46.19	45.72	50.09	43.53	45.09	44.98	45.29	39.37	41.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7.75	6.85	6.26	7.32	11	7.87	12	21	16	19	27
Invested Capital Turnover	6.95	6.71	6.70	7.96	9.17	12.83	11.92	9.83	12.32	15.15	11.82
Increase / (Decrease) in Invested Capital	-7.25	-9.13	-10	-5.47	3.43	1.01	5.49	13	5.32	11	15
Enterprise Value (EV)	70	222	298	226	219	170	409	459	1,099	1,067	1,566
Market Capitalization	81	234	312	241	234	190	426	486	1,146	1,124	1,626
Book Value per Share	$0.69	$0.67	$0.75	$0.81	$0.90	$0.96	$1.01	$1.65	$2.19	$2.41	$2.73
Tangible Book Value per Share	$0.15	$0.12	$0.18	$0.26	$0.34	$0.41	$0.45	$1.10	$1.66	$1.91	$2.23
Total Capital	18	18	20	22	25	27	28	47	63	75	87
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-10	-11	-14	-15	-14	-19	-17	-26	-47	-57	-60
Capital Expenditures (CapEx)	1.27	1.70	1.31	1.31	1.24	1.34	2.73	1.46	2.22	2.35	1.71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-7.43	-8.52	-9.19	-8.42	-4.68	-7.38	-4.56	-1.39	-5.40	-3.34	5.78
Debt-free Net Working Capital (DFNWC)	2.87	2.32	4.48	6.41	9.14	12	12	25	41	53	66
Net Working Capital (NWC)	2.87	2.32	4.48	6.41	9.14	12	12	25	41	53	66
Net Nonoperating Expense (NNE)	0.75	0.83	0.37	0.03	0.05	-0.06	-0.00	-0.04	-0.09	-0.12	-0.44
Net Nonoperating Obligations (NNO)	-10	-11	-14	-15	-14	-19	-17	-26	-47	-57	-60
Total Depreciation and Amortization (D&A)	1.05	1.09	1.15	1.24	1.24	1.27	1.42	1.54	1.58	1.56	1.60
Debt-free, Cash-free Net Working Capital to Revenue	-9.40%	-11.11%	-12.04%	-10.52%	-5.39%	-7.82%	-4.25%	-1.01%	-3.17%	-1.65%	2.53%
Debt-free Net Working Capital to Revenue	3.63%	3.03%	5.87%	8.00%	10.54%	12.29%	11.15%	18.19%	24.34%	26.30%	28.74%
Net Working Capital to Revenue	3.63%	3.03%	5.87%	8.00%	10.54%	12.29%	11.15%	18.19%	24.34%	26.30%	28.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.08)	($0.08)	($0.03)	$0.01	$0.07	$0.03	$0.00	$0.60	$0.35	$0.25	$0.23
Adjusted Weighted Average Basic Shares Outstanding	27.28M	27.46M	27.86M	28.46M	28.13M	28.75M	28.88M	28.99M	29.16M	31.43M	31.79M
Adjusted Diluted Earnings per Share	($0.08)	($0.08)	($0.03)	$0.01	$0.07	$0.03	$0.00	$0.51	$0.35	$0.22	$0.20
Adjusted Weighted Average Diluted Shares Outstanding	27.28M	27.46M	27.86M	32.46M	28.13M	32.24M	28.88M	34.01M	32.18M	34.95M	35.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	27.40M	27.55M	28.30M	28.71M	28.75M	28.75M	28.99M	29.00M	31.30M	31.75M	31.85M
Normalized Net Operating Profit after Tax (NOPAT)	-1.20	-1.28	-0.44	0.42	1.71	0.93	0.23	7.99	10	7.67	6.78
Normalized NOPAT Margin	-6.21%	-6.81%	-2.26%	1.88%	6.53%	3.51%	0.71%	15.31%	17.27%	13.14%	11.61%
Pre Tax Income Margin	-8.92%	-10.06%	-3.19%	3.41%	7.29%	5.34%	0.85%	21.92%	19.18%	14.40%	16.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Positive Trends for Innodata (NASDAQ: INOD):

Revenue Growth: Operating revenue showed a meaningful increase from approximately $19.99 million in Q2 2022 to $58.39 million in Q2 2025, indicating strong top-line growth over the three-year period.
Profitability Improvement: Net income shifted from losses in 2022 to consistent positive net income through 2023 and 2024, reaching $7.2 million in Q2 2025, demonstrating an improving profit trend.
Operating Income Recovery: After losses in 2022, operating income improved significantly, peaking over $11 million in Q4 2024, and maintaining positive levels in early 2025 quarters.
Cash & Equivalents Growth: Strong increase in cash and equivalents from $10.48 million in Q2 2022 to nearly $60 million by Q2 2025 reflects improved liquidity and cash management.
Consistent Positive Cash Flows: Net cash provided by operating activities improved substantially from negative flows in 2022 to positive $4.23 million in Q2 2025, showing solid operating cash generation.
Decreasing Debt Levels: Repayment of debt is ongoing each quarter, suggesting management’s effort to reduce leverage, which can improve financial stability.
Stable Share Count: Weighted average shares outstanding have remained relatively stable, limiting dilution and preserving shareholder value.

Neutral Observations:

Gross Profit Reporting: The cost of revenue is consistently reported as zero in the data, which may be due to accounting treatment or data presentation, limiting gross margin analysis.
Interest and Other Income/Expense: Interest and investment income remains modest and stable, not materially impacting overall earnings.
Treasury Stock and AOCI: Treasury stock and accumulated other comprehensive loss values have remained fairly steady, with slight negative impacts on total equity.

Negative Trends and Risks:

High Operating Expenses: Despite revenue growth, other operating expenses remain high (e.g., over $35 million in "Other Operating Expenses" in Q2 2025), which significantly reduce operating income.
Volatility in Net Income: Though improving, net income has historically been volatile, including losses in much of 2022 and early 2023.
Increased Employee Benefit Liabilities: Current employee benefit liabilities increased from $6.4 million in Q2 2022 to $12.4 million by Q2 2025, which could be a growing obligation for the company.
Negative Earnings Per Share in Earlier Years: EPS was negative across most periods in 2022 and early 2023, reflecting prior profitability challenges.
Fluctuating Cash Flows from Investing Activities: The company has steady cash outflows from investing activities (capital expenditures), which may pressure cash balance if operating cash flow weakens.

Summary: Innodata has shown strong revenue growth and significant improvement in profitability and cash position over the last several years. The company is generating positive operating cash flow and building cash reserves, which are positive signs for financial health. However, high operating expenses and some lingering volatility in earnings and liabilities suggest investors should monitor cost control and operational efficiency going forward. The company’s progress in reducing debt is also a positive for reducing financial risk.

08/09/25 05:03 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Innodata's Financials

When does Innodata's fiscal year end?

According to the most recent income statement we have on file, Innodata's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Innodata's net income changed over the last 10 years?

Innodata's net income appears to be on a downward trend, with a most recent value of $28.68 million in 2024, falling from -$1.93 million in 2014. The previous period was -$889 thousand in 2023. Find out what analysts predict for Innodata in the coming months.

What is Innodata's operating income?

Innodata's total operating income in 2024 was $24.34 million, based on the following breakdown:

Total Gross Profit: $170.46 million
Total Operating Expenses: $146.13 million

How has Innodata's revenue changed over the last 10 years?

Over the last 10 years, Innodata's total revenue changed from $59.08 million in 2014 to $170.46 million in 2024, a change of 188.5%.

How much debt does Innodata have?

Innodata's total liabilities were at $50.06 million at the end of 2024, a 45.4% increase from 2023, and a 169.3% increase since 2014.

How much cash does Innodata have?

In the past 10 years, Innodata's cash and equivalents has ranged from $9.79 million in 2022 to $46.90 million in 2024, and is currently $46.90 million as of their latest financial filing in 2024.

How has Innodata's book value per share changed over the last 10 years?

Over the last 10 years, Innodata's book value per share changed from 1.55 in 2014 to 2.19 in 2024, a change of 41.4%.

Related Companies

This page (NASDAQ:INOD) was last updated on 8/9/2025 by MarketBeat.com Staff

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Innodata (INOD) Financials

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Innodata (INOD) Financials

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