On Thursday, artificial intelligence AdTech solutions provider Inuvo, Inc. (NYSE:INUV) announced its financial results for the fourth quarter ended December 31, 2024.
Net revenue for the quarter of 2024 totaled $26.2 million, up by 26% year-over-year, backed by demand within Platforms and Agencies & Brands. The analyst consensus estimate was $24.8 million.
Cost of revenue totaled $4.4 million compared to $2.6 million a year ago.
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Gross profit totaled $21.8 million, compared to $18.2 million a year ago. The gross profit margin was ~83.1%, down from 87.3% a year ago, as higher costs offset revenue growth.
Operating expenses totaled $21.5 million, compared to $20.6 million.
Net income was $141 thousand, or $0.00 per share, compared to a net loss of $(2.4) million, or $(0.02) per share. The analyst loss estimate was $(0.01).
Adjusted EBITDA was ~$1.2 million compared to an adjusted EBITDA loss of ~$(1.2) million.
On December 31, 2024, Inuvo held $2.5 million in cash and equivalents, an unused working capital facility of $10.0 million.
CEO Richard Howe noted that the fourth quarter was record-breaking, marking its largest quarter ever. Notably, the company achieved positive net income and adjusted EBITDA in the quarter.
He also highlighted significant technological advancements in 2024, most notably the enhancements to the IntentKey Self-Serve Platform.
The company bagged a Master Services Agreement with one of the largest retailers in the world. It inked 33 new agencies/brands and one new platform. It also secured a $10.0 million credit line in July.
Price Action: INUV stock was down 3.30% at $0.4303 at the last check on Thursday.
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