Innodata Reports Record 2024 Growth and Positive Outlook for 2025

Innodata Inc., a data engineering company, announced a substantial financial increase for the fourth quarter and full year of 2024. The company's Q4 revenue surged by 127% to $59.2 million, compared to $26.1 million in the same period in 2023. For the entire year, revenues reached $170.5 million, marking a 96% rise from the previous year.

CEO Jack Abuhoff highlighted significant growth drivers including strengthened relationships with their largest customer, leading to $24 million in new programs. Other Big Tech clients also contributed with a 159% revenue increase, affirming Innodata's strategic expansion.

The company sees favorable industry trends in AI and plans to reinvest cash for sustainable growth in 2025, projecting at least 40% revenue growth. The balance sheet remains robust with $46.9 million in cash and an undrawn $30 million credit line, providing strategic flexibility.