UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Emerging growth company
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Item 2.02 Results of Operations and Financial Condition.
On February 27, 2024, Innodata Inc. issued a press release elaborating on guidance it provided on November 2, 2023 in its third quarter conference call and on February 22, 2024 in its fourth quarter conference call. A copy of the press release is furnished with this Current Report on Form 8-K as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
See Exhibit Index below.
Exhibit Index
| Exhibit No. | Description | |
| 99.1 | Press Release dated February 27, 2024 | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| INNODATA INC. | ||
| Date: February 27, 2024 | By: | /s/ Amy Agress |
Amy Agress SVP and General Counsel | ||
Exhibit 99.1
Innodata CEO Elaborates on Growth Expectations in Interview with Tiernan Ray, Editor of The Technology Letter
NEW YORK – February 27, 2024 – INNODATA INC. (NASDAQ: INOD) today reported that its CEO, Jack Abuhoff, was interviewed by Tiernan Ray, editor of The Technology Letter on February 24.
In the interview, Abuhoff states that Innodata’s internal goal is to have a $30 million quarter this year, and that while not guaranteed, it is absolutely within the range of possibility.
About The Technology Letter and Tiernan Ray
The Technology Letter provides daily news in the world of tech companies and stocks, lengthy interviews with tech CEOs and CFOs, podcasts, and updates to The Technology Letter 20 group of stocks to consider — and future great features. Editor Tiernan Ray has covered technology and business since 1994, the year Amazon got started. He was the resident technology blogger and columnist at Barrons dot com and Barron’s magazine for over a decade. He has been a reporter for SmartMoney and Bloomberg, and his work has been featured in Fortune, Forbes, ZDNet, Capital Market Labs, and The New York Times. His writing on artificial intelligence can be seen weekly at ZDNet. A selection of recent CEO and CFO interviews with the best tech companies can be seen at Capital Market Labs. Mr. Ray does not take positions in or receive compensation from the companies he covers.
About Innodata
Innodata (NASDAQ: INOD) is a global data engineering company delivering the promise of AI to many of the world’s most prestigious companies. We provide AI-enabled software platforms and managed services for AI data collection/annotation, AI digital transformation, and industry-specific business processes. Our low-code Innodata AI technology platform is at the core of our offerings. In every relationship, we honor our 30+ year legacy delivering the highest quality data and outstanding service to our customers. Visit www.innodata.com to learn more.
Forward Looking Statements
This press release may contain certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These forward-looking statements include, without limitation, statements concerning our operations, economic performance, and financial condition. Words such as “project,” “believe,” “expect,” “can,” “continue,” “could,” “intend,” “may,” “should,” “will,” “anticipate,” “indicate,” “predict,” “likely,” “estimate,” “plan,” “potential,” “possible,” “promises,” or the negatives thereof, and other similar expressions generally identify forward-looking statements.
These forward-looking statements are based on management’s current expectations, assumptions and estimates and are subject to a number of risks and uncertainties, including, without limitation, impacts resulting from the continuing conflict between Russia and the Ukraine and Hamas’ attack against Israel and the ensuing conflict; investments in large language models; that contracts may be terminated by customers; projected or committed volumes of work may not materialize; pipeline opportunities and customer discussions which may not materialize into work or expected volumes of work; the likelihood of continued development of the markets, particularly new and emerging markets, that our services support; the ability and willingness of our customers and prospective customers to execute business plans that give rise to requirements for our services; continuing reliance on project-based work in the Digital Data Solutions (DDS) segment and the primarily at-will nature of such contracts and the ability of these customers to reduce, delay or cancel projects; potential inability to replace projects that are completed, canceled or reduced; continuing DDS segment revenue concentration in a limited number of customers; our dependency on content providers in our Agility segment; the Company’s ability to achieve revenue and growth targets; difficulty in integrating and deriving synergies from acquisitions, joint ventures and strategic investments; potential undiscovered liabilities of companies and businesses that we may acquire; potential impairment of the carrying value of goodwill and other acquired intangible assets of companies and businesses that we acquire; a continued downturn in or depressed market conditions; changes in external market factors; changes in our business or growth strategy; the emergence of new, or growth in existing competitors; various other competitive and technological factors; our use of and reliance on information technology systems, including potential security breaches, cyber-attacks, privacy breaches or data breaches that result in the unauthorized disclosure of consumer, customer, employee or Company information, or service interruptions and other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.
Our actual results could differ materially from the results referred to in forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the risks discussed in Part I, Item 1A. “Risk Factors,” Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and other parts of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 24, 2023, as updated or amended by our other filings that we may make with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements will occur, and you should not place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date hereof.
We undertake no obligation to update or review any guidance or other forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by the Federal securities laws.
Company Contact
Marcia Novero
Innodata Inc.
Mnovero@innodata.com
(201) 371-8015
Cover |
Feb. 24, 2024 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Feb. 24, 2024 |
| Entity File Number | 001-35774 |
| Entity Registrant Name | INNODATA INC. |
| Entity Central Index Key | 0000903651 |
| Entity Tax Identification Number | 13-3475943 |
| Entity Incorporation, State or Country Code | DE |
| Entity Address, Address Line One | 55 Challenger Road |
| Entity Address, City or Town | Ridgefield Park |
| Entity Address, State or Province | NJ |
| Entity Address, Postal Zip Code | 07660 |
| City Area Code | 201 |
| Local Phone Number | 371-8000 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock |
| Trading Symbol | INOD |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
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