Innodata Awarded New Programs from "Magnificent Seven" Big Tech Customer Valued at Approximately $20 Million in Annualized Run Rate Revenue

NEW YORK, NY / ACCESSWIRE / April 24, 2024 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that it has been awarded three new large language model (LLM) development programs by one of its existing "Magnificent Seven" Big Tech customers. Innodata anticipates that the new programs, once ramped up, will together result in approximately $20 million of additional annualized run rate revenue. Prior to the new awards, annualized run rate revenue from the customer was approximately $23 million. Innodata expects that an amendment to its agreement with this customer reflecting these awards will be signed in the next few weeks. Innodata has already begun work on the newly awarded programs.

"We are very excited to announce this significant expansion," stated Jack Abuhoff, Innodata CEO. "Moreover, we anticipate potential opportunities for further expansion in 2024. The customer continues to express how our high-quality, large-scale, custom data results in superior fine-tuning of their LLMs and that their AI engineering teams greatly value the Innodata partnership."

For large technology companies, Innodata provides scaled data services for fine-tuning LLMs, as well as LLM evaluation services. By the end of 2023, Innodata has signed five of the Magnificent Seven as customers for LLM services. Two of the Magnificent Seven, including the customer referred in this release, contributed significantly to revenue in 2023. In Q4-2023, a third Magnificent Seven customer also contributed to growth and Innodata continued ramping up this customer in Q1-2024. In its February 22, 2024 Q4/FY2023 earnings release, Innodata stated that it was optimistic it would grow revenues with these three customers in 2024 and optimistic about making significant inroads with the remaining two of the signed Magnificent Seven customers in 2024.

About Innodata

Innodata (NASDAQ: INOD) is a global data engineering company delivering the promise of AI to many of the world's most prestigious companies. We provide AI-enabled software platforms and managed services for AI data collection/annotation, AI digital transformation, and industry-specific business processes. Our low-code Innodata AI technology platform is at the core of our offerings. In every relationship, we honor our 30+ year legacy delivering the highest quality data and outstanding service to our customers. Visit www.innodata.com to learn more.

Forward Looking Statements

This press release may contain certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These forward-looking statements include, without limitation, statements concerning our operations, economic performance, and financial condition. Words such as "project," "believe," "expect," "can," "continue," "could," "intend," "may," "should," "will," "anticipate," "indicate," "predict," "likely," "estimate," "plan," "potential," "possible," "promises," or the negatives thereof, and other similar expressions generally identify forward-looking statements.

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Our actual results could differ materially from the results referred to in forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the risks discussed in Part I, Item 1A. "Risk Factors," Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations," and other parts of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 4, 2024, as updated or amended by our other filings that we may make with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements will occur, and you should not place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date hereof.

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Company Contact

Marcia Novero
Innodata Inc.
Mnovero@innodata.com
(201) 371-8015

SOURCE: Innodata Inc.