Innovid Inc. ( (CTV) ) has released its Q3 earnings. Here is a breakdown of the information Innovid Inc. presented to its investors.
Innovid Corp. is an independent software platform headquartered in New York City, specializing in the creation, delivery, measurement, and optimization of advertising across connected TV (CTV), linear TV, and digital channels. Innovid leverages proprietary technology and exclusive partnerships to lead the market in converged TV innovation, serving a global client base through offices in the Americas, Europe, and Asia Pacific.
In its latest earnings report for the third quarter of 2024, Innovid announced a 6% year-over-year increase in revenue, reaching $38.3 million. The company also reported a significant improvement in net income, achieving $4.7 million compared to a net loss of $2.7 million in the same period last year. Additionally, Innovid’s Adjusted EBITDA increased by 29% to $8.4 million, marking the ninth consecutive quarter of margin expansion.
Key financial highlights include an increase in CTV impression volume by 13% and the selection of Innovid as one of two partners for impression verification on Netflix’s ad-supported platform. Innovid’s strategic initiatives were further bolstered by the launch of a stock repurchase program authorized by its board, aimed at enhancing shareholder value with up to $20 million allocated for buybacks.
Looking ahead, Innovid’s management expressed confidence in the company’s growth strategy and financial stability. The company has set forth guidance for Q4 2024, with projected revenue ranging from $37.5 million to $39.5 million and Adjusted EBITDA expected between $8.0 million and $10.0 million. Full-year projections for 2024 estimate revenue between $150.5 million and $152.5 million and Adjusted EBITDA between $26.7 million and $28.7 million.
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