The following is a summary of the Inuvo, Inc. (INUV) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Inuvo reported Q4 2023 revenue of $20.8 million, a 21% increase from the same period last year. However, annual revenue slightly dipped by 2% to $73.9 million in 2023 due to a slow start in the first half of the year.

• The gross profit margin for Q4 2023 increased significantly to 87.3% compared to 68% the previous year, generating a total gross profit of 85.8% for the entire year.

• The company incurred a net loss of $2.4 million (or $0.02 per basic and diluted share) for Q4 2023, amounting to an annual loss of $10.4 million (or $0.08 per basic share).

• Inuvo concluded 2023 with cash and cash equivalents of $4.4 million and a net working capital of $211,000.

Business Progress:

• Inuvo's noteworthy operational progress includes the development of an effective audience identification technology and a proprietary large language generative AI system.

• The company announced the IntentKey AI, a pioneer in the realm of open web ad targeting, providing the advertising industry with its first online access to an AI creating audiences based on contextual descriptions.

• Inuvo succeeded in signing a large new client, which led to the addition of 56 new agency and brand customers and one new platform customer for 2023.

• The company plans to recruit additional salespeople focused on self-service oriented buyers and aims to cross the threshold of $100 million in annual revenue in 2024.

More details: Inuvo IR

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