Revenue growth accelerated to 54.4% in 2026Q1, though gross margins remain constrained at 43.4% due to the labor-intensive nature of the company's human-in-the-loop service model.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 283.42M | 251.66M | 170.46M | 86.78M | 79M | 69.75M | 58.24M | 55.86M | 57.42M | 60.93M | 63.07M | 58.52M | 59.08M | 64.25M | 86.59M | 73.94M | 61.51M | 79.33M | 75M | 67.73M | 40.95M | 42.05M | 53.95M | 36.71M | 36.38M | 58.28M | 50.73M | 27.5M | 19.6M | 20.1M | 20.5M |
| Revenue Growth % | 40.1% | 47.64% | 96.44% | 9.84% | 13.26% | 19.77% | 4.26% | -2.72% | -5.76% | -3.4% | 7.78% | -0.94% | -8.05% | -25.8% | 17.11% | 20.21% | -22.46% | 5.77% | 10.73% | 65.39% | -2.61% | -22.05% | 46.94% | 0.9% | -37.57% | 14.88% | 84.48% | 40.31% | -2.49% | -1.95% | -1.44% |
| Cost of Goods Sold | 167.44M | 151.84M | 103.53M | 54.86M | 51.34M | 43.49M | 38.4M | 37.18M | 38.89M | 45.27M | 47.01M | 43.72M | 43.81M | 47.68M | 56.34M | 51.38M | 47.28M | 54.76M | 53.27M | 48.58M | 34.14M | 30.92M | 33.05M | 27.03M | 32.01M | 44.35M | 31.5M | 16.1M | 11.8M | 14.7M | 15.4M |
| COGS % of Revenue | - | 60.33% | 60.73% | 63.22% | 64.99% | 62.35% | 65.93% | 66.56% | 67.74% | 74.31% | 74.53% | 74.7% | 74.15% | 74.21% | 65.07% | 69.49% | 76.87% | 69.03% | 71.03% | 71.73% | 83.37% | 73.53% | 61.26% | 73.62% | 87.96% | 76.11% | 62.09% | 58.55% | 60.2% | 73.13% | 75.12% |
| Gross Profit | 115.98M | 99.83M | 66.93M | 31.91M | 27.66M | 26.26M | 19.84M | 18.68M | 18.52M | 15.65M | 16.07M | 14.81M | 15.27M | 16.57M | 30.25M | 22.56M | 14.23M | 24.57M | 21.73M | 19.15M | 6.81M | 11.13M | 20.9M | 9.69M | 4.38M | 13.92M | 19.23M | 11.4M | 7.8M | 5.4M | 5.1M |
| Gross Margin % | 40.92% | 39.67% | 39.27% | 36.78% | 35.01% | 37.65% | 34.07% | 33.44% | 32.26% | 25.69% | 25.47% | 25.3% | 25.85% | 25.79% | 34.93% | 30.51% | 23.13% | 30.97% | 28.97% | 28.27% | 16.63% | 26.47% | 38.74% | 26.38% | 12.04% | 23.89% | 37.91% | 41.45% | 39.8% | 26.87% | 24.88% |
| Gross Profit Growth % | - | 49.15% | 109.73% | 15.37% | 5.33% | 32.35% | 6.23% | 0.83% | 18.33% | -2.57% | 8.52% | -3.03% | -7.83% | -45.23% | 34.07% | 58.57% | -42.08% | 13.06% | 13.48% | 181.12% | -38.81% | -46.73% | 115.79% | 121.12% | -68.54% | -27.6% | 68.71% | 46.15% | 44.44% | 5.88% | -34.62% |
| Operating Expenses | 68.9M | 59.61M | 42.74M | 30.98M | 37.94M | 27.8M | 18.66M | 19.48M | 15.85M | 20.3M | 19.29M | 16.8M | 16.31M | 17.3M | 22.09M | 19.08M | 15.66M | 16.32M | 15.91M | 15.28M | 14.26M | 13.68M | 9.24M | 8.9M | 10.04M | 11.28M | 10.21M | 8.6M | 6.3M | 6.6M | 6.2M |
| OpEx % of Revenue | - | 23.68% | 25.07% | 35.7% | 48.02% | 39.86% | 32.04% | 34.88% | 27.6% | 33.32% | 30.58% | 28.7% | 27.61% | 26.92% | 25.51% | 25.81% | 25.46% | 20.57% | 21.22% | 22.56% | 34.81% | 32.54% | 17.13% | 24.24% | 27.59% | 19.35% | 20.12% | 31.27% | 32.14% | 32.84% | 30.24% |
| Selling, General & Admin | 67.9M | 59.61M | 42.74M | 30.98M | 37.94M | 27.91M | 18.66M | 19.48M | 15.85M | 20.2M | 19.29M | 16.8M | 16.31M | 17.3M | 22.09M | 19.08M | 15.66M | 16.32M | 16.13M | 15.28M | 13.33M | 13.68M | 9.24M | 8.9M | 10.04M | 11.28M | 7.25M | 6.8M | 5M | 5.3M | 4.8M |
| SG&A % of Revenue | - | 23.68% | 25.07% | 35.7% | 48.02% | 40.01% | 32.04% | 34.88% | 27.6% | 33.15% | 30.58% | 28.7% | 27.61% | 26.92% | 25.51% | 25.81% | 25.46% | 20.57% | 21.51% | 22.56% | 32.56% | 32.54% | 17.13% | 24.24% | 27.59% | 19.35% | 14.29% | 24.73% | 25.51% | 26.37% | 23.41% |
| Research & Development | 1.9M | 0 | 3.5M | 0 | 0 | 0 | 0 | 0 | 100K | 100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 922K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 2.05% | - | - | - | - | - | 0.17% | 0.16% | - | - | - | - | - | - | - | - | - | - | 2.25% | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -902K | 0 | -3.5M | 0 | 0 | -108K | 0 | 0 | -100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -220K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.96M | 1.8M | 1.3M | 1.3M | 1.4M |
| Operating Income | 47.08M | 40.22M | 24.19M | 939K | -10.28M | -1.54M | 1.18M | -803K | 2.68M | -4.64M | -3.22M | -1.99M | -1.04M | -728K | 8.16M | 3.48M | -1.43M | 8.25M | 5.82M | 3.87M | -7.44M | -2.55M | 11.66M | 787K | -5.9M | 1.78M | 9.03M | 2.8M | 1.5M | -1.2M | -1.1M |
| Operating Margin % | 16.61% | 15.98% | 14.19% | 1.08% | -13.01% | -2.21% | 2.03% | -1.44% | 4.67% | -7.62% | -5.11% | -3.4% | -1.76% | -1.13% | 9.42% | 4.71% | -2.32% | 10.4% | 7.76% | 5.71% | -18.17% | -6.07% | 21.61% | 2.14% | -16.22% | 3.05% | 17.79% | 10.18% | 7.65% | -5.97% | -5.37% |
| Operating Income Growth % | - | 66.25% | 2476.57% | 109.14% | -566.11% | -230.76% | 246.95% | -129.97% | 157.67% | -44.21% | -61.94% | -90.88% | -43.13% | -108.92% | 134.44% | 343.43% | -117.33% | 41.83% | 50.35% | 151.98% | -191.65% | -121.89% | 1381.19% | 113.33% | -431.57% | -80.28% | 222.35% | 86.67% | 225% | -9.09% | -144% |
| EBITDA | 53.58M | 47.11M | 29.99M | 5.66M | -6.39M | 1.33M | 3.45M | 1.89M | 6.05M | -1.17M | -26K | 784K | 2M | 2.92M | 12.06M | 6.89M | 2.27M | 11.96M | 9.52M | 7.03M | -4.01M | 608K | 15.58M | 5.32M | -674K | 6.57M | 11.98M | 4.6M | 2.8M | 100K | 300K |
| EBITDA Margin % | 18.91% | 18.72% | 17.59% | 6.52% | -8.09% | 1.9% | 5.92% | 3.39% | 10.54% | -1.91% | -0.04% | 1.34% | 3.39% | 4.55% | 13.93% | 9.32% | 3.7% | 15.08% | 12.69% | 10.37% | -9.78% | 1.45% | 28.88% | 14.48% | -1.85% | 11.27% | 23.62% | 16.73% | 14.29% | 0.5% | 1.46% |
| EBITDA Growth % | 41.57% | 57.09% | 430.33% | 188.51% | -581.83% | -61.52% | 81.94% | -68.71% | 619.57% | -4380.77% | -103.32% | -60.88% | -31.49% | -75.74% | 74.88% | 203.34% | -81% | 25.67% | 35.5% | 275.36% | -758.88% | -96.1% | 193.15% | 888.58% | -110.26% | -45.18% | 160.54% | 64.29% | 2700% | -66.67% | -91.43% |
| D&A (Non-Cash Add-back) | 6.5M | 6.89M | 5.8M | 4.72M | 3.89M | 2.87M | 2.27M | 2.7M | 3.37M | 3.48M | 3.19M | 2.77M | 3.05M | 3.65M | 3.9M | 3.41M | 3.7M | 3.71M | 3.7M | 3.16M | 3.44M | 3.16M | 3.92M | 4.53M | 5.23M | 4.79M | 2.96M | 1.8M | 1.3M | 1.3M | 1.4M |
| EBIT | 49.24M | 41.42M | 24.48M | 318K | -10.48M | -1.65M | 1.18M | -948K | 1.59M | -5.17M | -4.72M | -2.18M | -1.52M | -7.38M | 6.84M | 5.36M | -1.21M | 8.31M | 5.6M | 4.55M | -7.39M | -2.1M | 11.12M | 787K | -5.66M | 2.65M | 9.03M | 2.79M | 1.49M | -1.2M | -1.1M |
| Net Interest Income | 1.45M | 1.55M | 149K | -179K | 0 | 108K | -135K | -120K | -33K | 23K | -63K | 31K | 95K | 313K | 324K | 587K | 215K | 30K | 206K | 645K | 676K | 439K | 62K | 21K | 60K | 207K | 111.52K | 0 | -100K | 0 | 0 |
| Interest Income | 1.45M | 1.55M | 149K | 0 | 0 | 108K | 0 | 0 | 0 | 23K | 0 | 31K | 95K | 313K | 324K | 673K | 224K | 58K | 262K | 678K | 683K | 457K | 87K | 30K | 89K | 216K | 154.41K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 179K | 0 | 0 | 135K | 120K | 33K | 0 | 63K | 0 | 0 | 0 | 0 | 86K | 9K | 28K | 56K | 33K | 7K | 18K | 25K | 9K | 29K | 9K | 42.88K | 0 | 100K | 0 | 0 |
| Other Income/Expense | 3.29M | 1.2M | 291K | -800K | -205K | 580K | -135K | -265K | -1.12M | -529K | -1.56M | -192K | -478K | -6.66M | -1.32M | 1.79M | 215K | 30K | -269K | 645K | 43K | 439K | -563K | 21K | 60K | 207K | 111.52K | 100K | 500K | -2.9M | 100K |
| Pretax Income | 50.37M | 41.42M | 24.48M | 139K | -10.48M | -963K | 1.04M | -1.07M | 1.56M | -5.17M | -4.79M | -2.18M | -1.52M | -7.38M | 6.84M | 5.27M | -1.22M | 8.28M | 5.55M | 4.51M | -7.4M | -2.11M | 11.09M | 808K | -5.84M | 1.99M | 9.14M | 2.9M | 2M | -4.1M | -1M |
| Pretax Margin % | 17.77% | 16.46% | 14.36% | 0.16% | -13.27% | -1.38% | 1.79% | -1.91% | 2.72% | -8.49% | -7.59% | -3.73% | -2.57% | -11.49% | 7.9% | 7.13% | -1.98% | 10.44% | 7.4% | 6.66% | -18.07% | -5.02% | 20.56% | 2.2% | -16.06% | 3.41% | 18.01% | 10.55% | 10.2% | -20.4% | -4.88% |
| Income Tax | 11.08M | 9.24M | -4.19M | 1.03M | 1.52M | 842K | 401K | 1.09M | 1.81M | 185K | 1.13M | 1.2M | 406K | 5.45M | 1.15M | 1.36M | -468K | 967K | -2.04M | -52K | -77K | -462K | 3.24M | 333K | -677K | 639K | 2.97M | 800K | -300K | 100K | -400K |
| Effective Tax Rate % | 21.99% | 22.32% | -17.11% | 739.57% | -14.52% | -87.44% | 38.37% | -102.15% | 115.75% | -3.58% | -23.53% | -55.16% | -26.71% | -73.82% | 16.82% | 25.82% | 38.52% | 11.68% | -36.7% | -1.15% | 1.04% | 21.86% | 29.18% | 41.21% | 11.59% | 32.16% | 32.49% | 27.59% | -15% | -2.44% | 40% |
| Net Income | 39.29M | 32.18M | 28.66M | -908K | -11.94M | -1.67M | 617K | -2.14M | -253K | -5.05M | -5.52M | -2.83M | -974K | -10.63M | 7.47M | 4.47M | -747K | 7.31M | 7.58M | 4.57M | -7.32M | -1.65M | 7.86M | 475K | -5.17M | 1.35M | 6.17M | 2.1M | 2.3M | -4.2M | -600K |
| Net Margin % | 13.86% | 12.79% | 16.81% | -1.05% | -15.11% | -2.4% | 1.06% | -3.83% | -0.44% | -8.3% | -8.76% | -4.83% | -1.65% | -16.55% | 8.63% | 6.05% | -1.21% | 9.22% | 10.11% | 6.74% | -17.88% | -3.93% | 14.56% | 1.29% | -14.2% | 2.31% | 12.16% | 7.64% | 11.73% | -20.9% | -2.93% |
| Net Income Growth % | 10.81% | 12.29% | 3256.39% | 92.39% | -613.39% | -371.15% | 128.8% | -746.64% | 95% | 8.49% | -95.47% | -190.14% | 90.84% | -242.27% | 67.14% | 698.53% | -110.21% | -3.57% | 66.1% | 162.35% | -343.55% | -121.01% | 1554.11% | 109.2% | -483.16% | -78.15% | 193.72% | -8.7% | 154.76% | -600% | -140% |
| Net Income (Continuing) | 39.29M | 32.18M | 28.68M | -889K | -12.01M | -1.8M | 644K | -2.16M | -246K | -5.36M | -5.91M | -3.38M | -1.93M | -12.84M | 5.69M | 3.91M | -747K | 7.31M | 7.58M | 4.57M | -7.32M | -1.65M | 7.86M | 475K | -5.17M | 1.35M | 6.17M | 2.1M | 2.3M | -4.2M | -600K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -83K | -83K | -83K | -708K | -727K | -3.52M | -3.39M | -3.42M | -3.44M | -3.94M | -3.63M | -3.51M | -2.95M | -3.65M | -1.6M | -561K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.10 | 0.92 | 0.89 | -0.03 | -0.44 | -0.07 | 0.02 | -0.06 | 0.00 | -0.20 | -0.22 | -0.11 | -0.04 | -0.43 | 0.28 | 0.18 | -0.03 | 0.28 | 0.26 | 0.18 | -0.30 | -0.07 | 0.32 | 0.02 | -0.24 | 0.05 | 0.27 | 0.11 | 0.13 | -0.23 | -0.03 |
| EPS Growth % | 6.78% | 3.37% | 3066.67% | 93.18% | -548.97% | -381.33% | 138.38% | - | 100.1% | 9.09% | -100% | -184.97% | 91.02% | -253.57% | 55.56% | 710.17% | -110.54% | 7.69% | 44.44% | 160% | -317.83% | -122.44% | 1500% | 108.33% | -580% | -81.48% | 145.45% | -15.38% | 156.52% | -607.69% | -138.46% |
| EPS (Basic) | - | 1.01 | 0.98 | -0.03 | -0.44 | -0.07 | 0.03 | -0.06 | 0.00 | -0.20 | -0.22 | -0.11 | -0.04 | -0.43 | 0.30 | 0.18 | -0.03 | 0.30 | 0.27 | 0.19 | -0.30 | -0.07 | 0.35 | 0.02 | -0.24 | 0.06 | 0.31 | 0.11 | 0.13 | -0.23 | -0.03 |
| Diluted Shares Outstanding | 35.57M | 35.02M | 32.18M | 28.13M | 27.28M | 26.63M | 25.57M | 25.77M | 25.88M | 25.82M | 25.54M | 25.4M | 25.23M | 25M | 26.23M | 25.1M | 25.36M | 25.76M | 25.14M | 25.33M | 24.02M | 23.01M | 24.82M | 23.75M | 21.52M | 26.96M | 23.06M | 19.96M | 17.76M | 17.95M | 18.46M |
| Basic Shares Outstanding | 32.63M | 31.81M | 29.16M | 28.13M | 27.28M | 26.63M | 24.61M | 25.77M | 25.3M | 25.27M | 25.11M | 25.4M | 24.35M | 24.73M | 24.89M | 24.92M | 25.36M | 24.61M | 24.39M | 24.14M | 24.02M | 23.01M | 22.29M | 23.75M | 21.52M | 22.47M | 20.19M | 19.96M | 17.76M | 17.95M | 18.46M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Hyperscaler revenue concentration risk
According to recent financial disclosures, INOD achieved a 54.4% year-over-year revenue growth in 2026Q1, signaling that the company is successfully capturing significant demand for specialized data engineering services from hyperscale technology clients, marking a sustained departure from its historical, more modest growth profile.
The rapid revenue acceleration suggests that the company's pivot toward high-value AI data preparation is resonating with enterprise demand. Investors should monitor whether this growth trajectory remains durable or if it is primarily driven by front-loaded infrastructure spending that may eventually normalize.
Based on reported figures, INOD maintains a gross margin of 43.4% as of 2026Q1, which reflects the labor-intensive nature of its human-in-the-loop model and suggests that significant scalability may be limited without a fundamental shift toward greater automation in its data curation workflows.
While the current gross margin profile is healthy for a services-oriented business, the proximity of operating margins to gross margins indicates limited leverage in the cost structure. This implies that any future wage inflation in offshore delivery centers could disproportionately impact bottom-line profitability.
As reported in recent filings, INOD recorded $5.9M in stock-based compensation during 2026Q1, a notable increase that warrants investor scrutiny regarding the quality of earnings and the potential for ongoing shareholder dilution as the company attempts to retain specialized engineering talent in a competitive market.
The reliance on equity-based incentives appears to be a strategic tool for talent retention, yet it complicates the assessment of true operational profitability. Analysts should adjust net income figures to account for these non-cash expenses to better understand the underlying cash-generating capability of the core business.
Financial statements indicate that INOD's recent growth is heavily tied to a narrow set of large-scale AI projects, raising concerns that the current revenue surge may be a cyclical infrastructure build-out rather than a permanent, recurring shift in the company's long-term operational revenue base.
The risk of revenue concentration is significant, as the loss of a single major hyperscaler contract could lead to a material contraction in top-line performance. Investors should remain cautious about the potential for synthetic data generation to eventually reduce the market's reliance on human-annotated datasets.
Quick answers to the most common questions about buying INOD stock.
For fiscal year 2025, Innodata Inc. (INOD) reported total revenue of $251.7M. This represents a 1127.6% increase compared to $20.5M in 1996.
Innodata Inc. (INOD) is profitable, generating $32.2M in net income for the fiscal year ending 2025 with a net profit margin of 12.8%.
Innodata Inc. (INOD) reported an operating income of $40.2M, resulting in an operating profit margin of 16.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Innodata Inc. (INOD) generated $99.8M in gross profit for the year, representing a gross profit margin of 39.7%. This demonstrates the company's core pricing power and production efficiency.