Innodata Inc., formerly Innodata Isogen, Inc., is an American company that provides business process, technology and consulting services. The company also provides products that aim to help clients create, manage, use and distribute digital information. As of June 2012, Innodata has a client base that includes many media, publishing and information services companies, as well as enterprises in information-intensive industries such as aerospace, defense, financial services and government.3 Its shares trade on Nasdaq under the symbol INOD.1Wikipedia text CC BY-SA 4.0
Innodata Inc., formerly Innodata Isogen, Inc., is an American company that provides business process, technology and consulting services. The company also provides products that aim to help clients create, manage, use and distribute digital information.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue9101112138$251.7M in 2025+351% since 2019Gross profit138$99.5M in 2025+218% since 2023Operating income138$39.9M in 2025+12439% since 2023Net income101112138$32.2M in 2025+5116% since 2019
Revenue1415$92.1M in Q2 FY2026+2% since Q1 FY2026Net income1415$14.4M in Q2 FY2026−3% since Q1 FY2026
Every line of the income statement as filed: the last 2 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
Revenues
$251.7M
$170.5M
Direct operating costs
$152.2M
$103.4M
Selling and administrative expenses
$59.6M
$42.7M
Interest income, net
-$1.6M
-$149.0K
Total
$210.2M
$146.0M
Income before provision for income taxes
$41.4M
$24.5M
Provision for income taxes
$9.2M
-$4.2M
Income attributable to non-controlling interests
$15.0K
Net Income attributable to Innodata Inc. and Subsidiaries
$32.2M
$28.7M
Basic (in dollars per share)
$1.01
$0.98
Diluted (in dollars per share)
$0.92
$0.89
Basic (in shares)
31.8M shares
29.2M shares
Diluted (in shares)
35.0M shares
32.2M shares
Consolidated net income
$32.2M
$28.7M
Pension liability adjustment, net of taxes
-$384.0K
$179.0K
Foreign currency translation adjustment
$613.0K
-$592.0K
Change in fair value of derivatives, net of taxes
$125.0K
-$436.0K
Other comprehensive income (loss)
$354.0K
-$849.0K
Total comprehensive income
$32.5M
$27.8M
Comprehensive income attributed to non-controlling interest
$15.0K
Comprehensive income attributable to Innodata Inc. and Subsidiaries
$32.5M
$27.8M
No quarter-by-quarter statement was filed.
Total assets9101112138$168.6M in 2025+241% since 2019Total liabilities9101112138$61.5M in 2025+125% since 2019Shareholders’ equity91112138$107.1M in 2025+320% since 2019Cash9101112138$82.2M in 2025+656% since 2019Long-term debt91011$5.1M in 2022+12% since 2019
Total assets1415$356.7M in Q2 FY2026+112% since Q1 FY2025Total liabilities1415$197.1M in Q2 FY2026+220% since Q1 FY2025Shareholders’ equity1415$159.6M in Q2 FY2026+49% since Q1 FY2025Cash1415$240.3M in Q2 FY2026+192% since Q1 FY2025
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$82.2M
$46.9M
Accounts receivable, net of allowance for credit losses
$46.5M
$28.0M
Prepaid expenses and other current assets
$6.7M
$6.1M
Total current assets
$135.4M
$81.0M
Property and equipment, net
$8.0M
$4.1M
Right-of-use-asset, net
$4.1M
$4.2M
Other assets
$1.6M
$1.3M
Deferred income taxes, net
$3.4M
$7.5M
Intangibles, net
$14.0M
$13.4M
Goodwill
$2.1M
$2.0M
Total assets
$168.6M
$113.4M
Accounts payable
$9.6M
$4.6M
Accrued expenses
$9.6M
$4.9M
Accrued salaries, wages and related benefits
$16.5M
$13.8M
Deferred revenues
$7.5M
$8.0M
$3.5M
Income and other taxes
$4.5M
$5.7M
Long-term obligations - current portion
$1.7M
$1.6M
Operating lease liability - current portion
$1.2M
$877.0K
Total current liabilities
$50.5M
$39.5M
Deferred income taxes, net
$146.0K
$32.0K
Long-term obligations, net of current portion
$7.6M
$6.7M
Operating lease liability, net of current portion
$3.2M
$3.8M
Total liabilities
$61.5M
$50.1M
Common stock, $.01 par value; 75,000 shares authorized; 35,521 shares issued and 32,337 outstanding at December 31, 2025 and 34,484 shares issued and 31,300 outstanding at December 31, 2024
$355.0K
$345.0K
Additional paid-in capital
$64.2M
$53.1M
Retained earnings
$51.2M
$19.0M
Accumulated other comprehensive loss
-$2.1M
-$2.5M
Stockholders' equity before treasury stock, total
$113.6M
$69.9M
Less: treasury stock, 3,184 shares at December 31, 2025 and 2024, at cost
-$6.5M
-$6.5M
Stockholders' equity Innodata Inc. and subsidiaries
$107.1M
$63.5M
Non-controlling interests
-$83.0K
-$83.0K
Total Stockholders' equity
$107.1M
$63.4M
$25.0M
Total liabilities and stockholders' equity
$168.6M
$113.4M
Serial preferred stock, shares authorized
5.0M shares
5.0M shares
Serial preferred stock, issued
0 shares
0 shares
Serial preferred stock, outstanding
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized
75.0M shares
75.0M shares
Common stock, shares issued
35.5M shares
34.5M shares
Common stock, shares outstanding
32.3M shares
31.3M shares
Treasury stock, shares
3.2M shares
3.2M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$82.2M
$46.9M
Accounts receivable, net of allowance for credit losses
$46.5M
$28.0M
Prepaid expenses and other current assets
$6.7M
$6.1M
Total current assets
$135.4M
$81.0M
Property and equipment, net
$8.0M
$4.1M
Right-of-use-asset, net
$4.1M
$4.2M
Other assets
$1.6M
$1.3M
Deferred income taxes, net
$3.4M
$7.5M
Intangibles, net
$14.0M
$13.4M
Goodwill
$2.1M
$2.0M
Total assets
$168.6M
$113.4M
Accounts payable
$9.6M
$4.6M
Accrued expenses
$9.6M
$4.9M
Accrued salaries, wages and related benefits
$16.5M
$13.8M
Deferred revenues
$7.5M
$8.0M
$3.5M
Income and other taxes
$4.5M
$5.7M
Long-term obligations - current portion
$1.7M
$1.6M
Operating lease liability - current portion
$1.2M
$877.0K
Total current liabilities
$50.5M
$39.5M
Deferred income taxes, net
$146.0K
$32.0K
Long-term obligations, net of current portion
$7.6M
$6.7M
Operating lease liability, net of current portion
$3.2M
$3.8M
Total liabilities
$61.5M
$50.1M
Common stock, $.01 par value; 75,000 shares authorized; 35,521 shares issued and 32,337 outstanding at December 31, 2025 and 34,484 shares issued and 31,300 outstanding at December 31, 2024
$355.0K
$345.0K
Additional paid-in capital
$64.2M
$53.1M
Retained earnings
$51.2M
$19.0M
Accumulated other comprehensive loss
-$2.1M
-$2.5M
Stockholders' equity before treasury stock, total
$113.6M
$69.9M
Less: treasury stock, 3,184 shares at December 31, 2025 and 2024, at cost
-$6.5M
-$6.5M
Stockholders' equity Innodata Inc. and subsidiaries
$107.1M
$63.5M
Non-controlling interests
-$83.0K
-$83.0K
Total Stockholders' equity
$107.1M
$63.4M
$25.0M
Total liabilities and stockholders' equity
$168.6M
$113.4M
Serial preferred stock, shares authorized
5.0M shares
5.0M shares
Serial preferred stock, issued
0 shares
0 shares
Serial preferred stock, outstanding
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized
75.0M shares
75.0M shares
Common stock, shares issued
35.5M shares
34.5M shares
Common stock, shares outstanding
32.3M shares
31.3M shares
Treasury stock, shares
3.2M shares
3.2M shares
Cash from operations9101112138$46.8M in 2025+992% since 2019Capital spending9101112138$11.1M in 2025+566% since 2019Free cash flow9101112138$35.6M in 2025+1264% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
Consolidated net income
$32.2M
$28.7M
Depreciation and amortization
$6.9M
$5.8M
Stock-based compensation
$11.1M
$4.0M
Deferred income taxes
$4.1M
-$5.6M
Provision for credit losses
$108.0K
$527.0K
Pension cost
$1.3M
$1.2M
Accounts receivable
-$18.4M
-$14.4M
Prepaid expenses and other current assets
-$480.0K
-$2.2M
Other assets
-$375.0K
$1.2M
Accounts payable and accrued expenses
$9.5M
$3.4M
Deferred revenues
-$517.0K
$4.5M
Accrued salaries, wages and related benefits
$2.6M
$6.1M
Income and other taxes
-$1.3M
$1.9M
Pension benefit payments
-$149.0K
-$151.0K
Net cash provided by operating activities
$46.8M
$34.9M
Capital expenditures
-$11.1M
-$7.7M
Net cash used in investing activities
-$11.1M
-$7.7M
Proceeds from exercise of stock options
$3.3M
$6.7M
Withholding taxes on net settlement of restricted stock units
-$3.3M
-$97.0K
Payment of long-term obligations
-$420.0K
-$362.0K
Net cash provided by (used in) financing activities
-$426.0K
$6.2M
Effect of exchange rate changes on cash and cash equivalents
$111.0K
-$255.0K
Net increase in cash and cash equivalents
$35.3M
$33.1M
Shares withheld for withholding taxes on net settlement for restricted stock
Innodata sits at the top of its group. 6 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
VANGUARD GROUP INCFiled SCHEDULE 13G/A on Innodata, latest Mar 27, 2026 (3 filings since Nov 4, 2024)
Jack AbuhoffFiled SC 13D/A on Innodata, latest Nov 26, 2024 (3 filings since Apr 6, 2023)
InnodataRidgefield Park, New Jersey, United States
ESS Manufacturing Co. Inc. Subsidiary · Philippines
Innodata Book Distribution Services Ltd. Subsidiary · Hong Kong
INNODATA DOCGENIX, LLC Subsidiary · Ridgefield Park, New Jersey, United States
INNODATA INDIA PRIVATE LIMITED Subsidiary · New Delhi, India
Innodata Knowledge Services, Inc. Subsidiary · Philippines
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Innodata reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We maintain leased property in Ridgefield Park, New Jersey, which is our headquarters, and in the Philippines, India, Sri Lanka, Israel and Germany. The square footage of all our leased properties totals approximately 205,000. Our leased properties in the United States, Philippines, Germany and Israel are primarily used by our DDS segment; our leased property in India and Sri Lanka is primarily used by our DDS and Synodex segments and our leased property in Canada is primarily used by our Agility Segment. Our leased property in the United States is our corporate headquarters and is used by all segments.
In addition, we may need to lease additional property in the future. We believe that we will be able to obtain suitable additional facilities on commercially reasonable terms on an “as needed” basis.
Innodata was founded in 1988 in New York City to provide digitized content and created quality assurance and audit procedures.
By 1992, the year the company went public, Innodata had grown to more than 1,000 employees worldwide. Throughout the decade, the company opened major facilities in the Philippines, Sri Lanka and India.
The company tripled its revenue to $60 million from $20 million between 1999 and 2001.
Innodata acquired Isogen International in 2001 and integrated both of the company's content management and publishing technologies, structured information standards and outsourcing services. In 2003, the name of Innodata Isogen Inc. was formally adopted by the company.
In 2007, the company started taking advantage of the growing popularity of e-books to become a producer of technology and processes for transforming books into e-book formats for distribution and sell-through on tablets and e-readers. Innodata has produced over 1.2 million e-books and is distributing more than 1,500 e-books per day across 25 global platforms and e-bookstores.
Feb 20, 2025Reported quarterly or annual results63
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
290 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 44 major events, 110 insider forms, 10 large holders, 106 other. The latest 20:
85 open-market trades by officers, directors and large owners since October 2021: 1 buys and 84 sales. Grants, option exercises and gifts are left out.
Jack AbuhoffSC 13D/A, 3 filings Apr 6, 2023 to Nov 26, 202468
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).16
Risk factors and legal proceedings
The risks Innodata names in Item 1A of its 10-K filed Feb 26, 2026: 42 risks under these headings, as written.16
Risks Related to Our Business and Operations
We have historically relied on a limited number of customers that have accounted for a significant portion of our revenues, and our results of operations could be adversely affected if we were to lose one or more of these significant customers.
A portion of our services is provided on a non-recurring basis for specific projects, and our inability to replace large projects when they are completed or otherwise terminated has adversely affected, and could in the future adversely affect, our revenues and results of operations.
New acquisitions, joint ventures or strategic investments or partnerships could harm our operating results.
Our new customers may sunset their products because of a lack of sufficient revenues or declining revenues, or a change in their business direction, and this may result in termination of our services for these customers.
Our success is dependent on our ability to successfully develop new services, platforms and solutions and enhance our existing services, platforms and solutions, and market acceptance of these offerings. Our success is also dependent on our ability to compete with new vendors with lean cost and flexible cost models.
We operate in highly competitive markets. While we invest in developing and pursuing new services, platforms and solutions, our profitability could be reduced if these services, platforms and solutions do not yield the profit margins we expect, or if the new offerings do not generate the planned revenues.
We depend on third-party technology in the provision of our services.
Our Agility segment relies on third parties to provide certain content and data for our solutions. The cessation by third parties to provide their content and the increase in prices charged by third parties for their content has adversely affected, and could in the future adversely affect, our revenue and results of operations.
Our businesses are reliant on key employees, and we may face high attrition in our talent. We may not be able to replace displaced talent with new talent on a timely basis or with equivalent skill sets.
We operate from multiple locations and our employees are very diverse, so we have significant coordination risks.
Our intellectual property rights are valuable and if we are unable to protect them or are subject to intellectual property rights claims, our business may be harmed.
The other 31 risks
Disruptions in telecommunications, system failures, data corruption or virus attacks could harm our ability to execute our global resource model, which could result in customer dissatisfaction and a reduction of our revenues.
The international nature of our operations subjects us to risks inherent in doing business on an international level, any of which could increase our costs and hinder our growth.
Political uncertainty, political unrest, terrorism, and natural calamities in the Philippines, India, Sri Lanka and Israel could adversely affect business conditions in those countries, which in turn could disrupt our business and adversely impact our results of operations and financial condition.
Terrorist attacks or a war could adversely affect our results of operations.
Our global operations expose us to risks associated with public health crises. Public health crises or outbreaks of pandemics could disrupt our operations and materially and adversely affect our results of operations and financial condition.
We may face various risks associated with shareholder activists or shareholder demands for better performance.
Our reputation could be damaged, or our profitability could suffer if we do not meet the controls and procedures in respect of the services, platforms and solutions we provide to our customers, or if we contribute to our customers’ internal control deficiencies.
In the past we have determined that our disclosure controls and procedures were not effective. If in the future we again determine that our disclosure controls and procedures are not effective, this could cause investors to lose confidence in our reported financial information and have a negative effect on the market prices for our common stock.
Risks Related to Our Contracts
A portion of our revenue is generated from projects that we characterize as recurring in nature. Projects that we characterize as recurring are nevertheless subject to termination.
Our solutions for the Agility segment are sold pursuant to subscription agreements, and if subscription customers elect either not to renew these agreements, or to renew these agreements for less expensive services, our revenues and results of operations will be adversely affected.
If our customers are not satisfied with our services, they may terminate our contracts with them or our services and we may suffer reputational damage, which could have an adverse impact on our business.
Risks Related to Financial Performance or General Economic Conditions
Debt under our Revolving Credit Facility has a variable rate of interest that is based on SOFR which may have consequences for us that cannot be reasonably predicted and may increase our cost of borrowing in the future.
Our Revolving Credit Facility contains restrictive covenants that may impair our ability to conduct business.
A large portion of our accounts receivable are payable by one customer; the inability of this customer to pay its obligations could adversely affect our results of operations.
Quarterly fluctuations in our revenues and results of operations could make financial forecasting difficult and could negatively affect our stock price.
Uncertainty and volatility in the global economy, and in particular in the United States, Canada, Europe and the United Kingdom, could negatively impact our revenue and operating results.
Pricing pressures could negatively impact our revenues and operating results.
Our profitability could suffer if we are not able to maintain pricing on our existing projects and win new projects at appropriate margins. If our pricing structures do not accurately anticipate the cost and complexity of performing our services and providing our platforms and solutions, then our contracts could be unprofitable.
We may not be able to obtain price or volume increases that are necessary to offset the effect of wage inflation and other government mandated cost increases.
Our international operations subject us to currency exchange fluctuations, which could adversely affect our results of operations.
In the event that the governments of the United States, the Philippines, India, Sri Lanka, the United Kingdom, Canada, Germany, or other jurisdictions in which we operate change their tax laws, policies, regulations, or interpretations thereof, our tax expense may increase and adversely affect our effective tax rate.
If tax authorities in any of the jurisdictions in which we operate contest the manner in which we allocate our profits, our net loss could be higher.
The expiration or termination of our preferential tax rate incentives could adversely affect our results of operations.
Our earnings may be adversely affected if we change our intent not to repatriate our foreign earnings and profits or if such earnings and profits become subject to U.S. tax on a current basis.
We have not paid any cash dividends in the past, and have no plans to pay cash dividends in the foreseeable future.
Risks Related to Litigation and Regulatory Matters
We are the subject of continuing litigation, including litigation by certain of our former employees and a putative class action. We are also subject to regulatory investigations.
Risks Related to Laws and Regulations
Governmental and customer focus on data security could increase our costs of operations. In addition, any incident in which we fail to protect our customer’s information against security breaches may result in monetary damages against us, and termination of our engagement by our customer, and may adversely impact our results of operations.
The legal and regulatory landscape applicable to artificial intelligence (AI) is rapidly evolving in the United States and internationally. Changes to existing laws and regulations or new laws and regulations could adversely affect our business, financial condition and results of operations.
Anti-outsourcing legislation, if adopted, could adversely affect our business, financial condition and results of operations and impair our ability to service our customers.
Our growth could be hindered by visa restrictions.
New and changing corporate governance and public disclosure requirements add uncertainty to our compliance policies and increase our costs of compliance.
Legal proceedings
Reference is made to Note 7, “Commitments and Contingencies - Litigation,” to the consolidated financial statements in Item 8 of this Report, which is incorporated by reference herein.
