Innodata Inc. reported a 66% YoY revenue growth to $32.6M in Q2 2024, driven by new Big Tech contracts and increased guidance for full-year revenue growth.

Innodata Inc., a data management services provider, reported a 66% YoY revenue growth to $32.6 million in Q2 2024, driven by new contracts with Big Tech customers, including large language model (LLM) development programs. The company raised its 2024 full-year revenue growth guidance to 60% or more, attributing the increase to strong organic growth. Innodata's cash balances increased to $16.5 million, while its receivables-based credit facility with Wells Fargo was expanded from $10 million to $30 million, with an accordion feature to potentially reach $50 million.

August 08, 2024
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