The following is a summary of the Innodata Inc. (INOD) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Innodata Inc. reported a Q1 2024 revenue of $26.5 million, marking a growth of 41% YoY.

• The company has revised its 2024 revenue growth projection to at least 40%, which doubles their previous forecast.

• The reported net income for Q1 2024 was $1 million, showing a positive shift against a net loss of $2.1 million recorded during the same period last year.

• The adjusted EBITDA reached $3.8 million, significantly up from the $0.8 million recorded in Q1 2023.

• The company's cash balance stands at $19 million, increasing from the $13.8 million recorded at the end of Q4 2023.

Business Progress:

• Innodata is witnessing high growth records owing to their work in AI's large language models (LLMs).

• Their growth strategy is centered on deploying generative AI solutions in larger tech companies and diverse enterprises.

• The company holds contracts with five out of seven of the leading tech companies, referred to as 'the Magnificent Seven,' providing them with generative AI foundation models.

• Innodata was chosen to develop an LLM-based workflow system and an AI-powered tool for a prominent legal information company.

• An open-source LLM Evaluation Toolkit has been released by the company, with plans to launch a commercial version later in the year.

• Innodata plans to invest around $6.5 million in recruitment, sales, marketing, and product development, aiming at supporting and growing the company's business horizons.

More details: Innodata IR

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