Innodata Q1 revenue up 33% YoY to $21.2M; net loss $2.8M; reaffirms 30% FY growth target

INNODATA INC

2022-Q1 EPS reported -$0.10 revenue$21,192,000

Revenue $21.2M (+33% YoY); net loss $2.8M ($0.10/sh) vs net income $0.4M in Q1 2021.
Adjusted EBITDA loss $1.0M vs +$1.3M last year; cash $15.4M, no debt.
Added 121 new logos in Q1, up 96% vs 2020 quarterly average; new banking solution launched.
Reaffirms 2022 revenue growth target of 30% YoY; Q2 growth expected 18-24% due to customer reallocation.
Boosts sales & marketing spend 75% YoY ($10.4M) and product dev spend 115% YoY ($7.2M); cash flow positive by YE 2022.

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