$INOD

INNODATA INC

CIK:0000903651|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Revenues	$ 92,142	$ 58,393	$ 182,238	$ 116,737
Operating costs and expenses:
Direct operating costs	49,682	35,370	99,986	70,462
Selling and administrative expenses	26,600	14,112	49,492	29,092
Interest income, net	(1,695)	(577)	(2,137)	(704)
Total	74,587	48,905	147,341	98,850
Income before provision for income taxes	17,555	9,488	34,897	17,887
Provision for income taxes	3,143	2,269	5,587	2,881
Consolidated net income	14,412	7,219	29,310	15,006
Net Income attributable to Innodata Inc. and Subsidiaries	$ 14,412	$ 7,219	$ 29,310	$ 15,006
Income per share attributable to Innodata Inc. and Subsidiaries:
Basic (in dollars per share)	$ 0.43	$ 0.23	$ 0.89	$ 0.47
Diluted (in dollars per share)	$ 0.41	$ 0.2	$ 0.86	$ 0.43
Weighted average shares outstanding:
Basic (in shares)	33,468	31,785	33,044	31,609
Diluted (in shares)	34,771	35,301	34,268	35,120
Comprehensive Income:
Consolidated net income	$ 14,412	$ 7,219	$ 29,310	$ 15,006
Pension liability adjustments, net of taxes	3	(35)	6	(36)
Foreign currency translation adjustment	(264)	582	(452)	691
Change in fair value of derivatives, net of taxes	77	248	(338)	522
Other comprehensive income (loss)	(184)	795	(784)	1,177
Total comprehensive income	14,228	8,014	28,526	16,183
Comprehensive income attributable to Innodata Inc. and Subsidiaries	$ 14,228	$ 8,014	$ 28,526	$ 16,183

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Consolidated net income	$ 29,310	$ 15,006
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Stock-based compensation	13,104	5,602
Depreciation and amortization	4,475	3,164
Deferred income taxes	(1,175)	1,355
Pension cost	818	672
Changes in operating assets and liabilities:
Accounts receivable	(1,228)	(5,716)
Prepaid expenses and other current assets	(15,384)	(387)
Other assets	236	(76)
Accounts payable, accrued expenses and other liabilities	71,924	26
Advances from customers	65,150
Deferred revenues	(1,247)	(1,525)
Accrued salaries, wages and related benefits	(894)	(1,490)
Income and other taxes	(532)	(1,529)
Pension benefit payments	(116)	(112)
Net cash provided by operating activities	164,441	14,990
Cash flows from investing activities:
Capital expenditures	(5,309)	(4,058)
Purchase of short term investments	(10,079)
Net cash used in investing activities	(15,388)	(4,058)
Cash flows from financing activities:
Proceeds from exercise of stock options	10,904	1,468
Withholding taxes on net settlement of restricted stock units	(62)
Payment of long-term obligations	(877)	(117)
Net cash provided by financing activities	9,965	1,351
Effect of exchange rate changes on cash and cash equivalents	(956)	612
Net increase in cash and cash equivalents	158,062	12,895
Cash and cash equivalents, beginning of period	82,216	46,897
Cash and cash equivalents, end of period	240,278	59,792
Supplemental disclosures of cash flow information:
Vendor financed software licenses acquired	2,527
Shares withheld for withholding taxes on net settlement for restricted stock	62
Cash paid for income taxes	$ 8,205	$ 2,670

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 240,278	$ 82,216
Short term investments	10,093	14
Accounts receivable, net of allowance for credit losses	47,560	46,510
Prepaid expenses and other current assets	22,833	6,654
Total current assets	320,764	135,394
Property and equipment, net	8,392	7,966
Right-of-use-asset, net	3,571	4,094
Other assets	3,206	1,648
Deferred income taxes, net	4,515	3,429
Intangibles, net	14,189	13,983
Goodwill	2,036	2,079
Total assets	356,673	168,593
Current liabilities:
Accounts payable	53,039	9,615
Advances from customers	66,962	1,812
Accrued expenses and other liabilities	36,346	7,800
Accrued salaries, wages and related benefits	15,568	16,480
Deferred revenues	6,246	7,493
Income and other taxes	3,900	4,471
Long-term obligations - current portion	2,255	1,659
Operating lease liability - current portion	1,287	1,202
Total current liabilities	185,603	50,532
Deferred income taxes, net	47	146
Long-term obligations, net of current portion	8,944	7,625
Operating lease liability, net of current portion	2,545	3,228
Total liabilities	197,139	61,531
Commitments and contingencies
STOCKHOLDERS' EQUITY:
Serial preferred stock; 4,998 shares authorized, none issued and outstanding
Common stock, $.01 par value; 75,000 shares authorized; 37,560 shares issued and 34,376 shares outstanding at June 30, 2026 and 35,521 shares issued and 32,337 shares outstanding at December 31, 2025	376	355
Additional paid-in capital	88,138	64,213
Retained earnings	80,468	51,158
Accumulated other comprehensive loss	(2,900)	(2,116)
Stockholders' equity before treasury stock, total	166,082	113,610
Less: treasury stock, 3,184 shares at June 30, 2026 and December 31, 2025, at cost	(6,465)	(6,465)
Stockholders' equity Innodata Inc. and subsidiaries	159,617	107,145
Non-controlling interests	(83)	(83)
Total Stockholders' equity	159,534	107,062
Total liabilities and stockholders' equity	$ 356,673	$ 168,593