olivLaw · US equity research
Innodata Inc. INOD
Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)
Innodata provides data engineering and AI systems services, from preparing training data to evaluating and securing AI models. Revenue reached 251.7 million USD in fiscal 2025, and growth accelerated to 58% year over year in the second quarter of 2026, which makes the company relevant as demand for reliable, auditable AI grows.
At the close of 04 Nov 2026, Innodata Inc. (INOD) stock was 43.30 USD (+3.34% on the day), with market capitalisation 1.5 bn USD, P/E 32.8 on diluted EPS of 1.32 USD over the last 12 months, dividend yield 0.00%, beta 2.97, 52-week range 34.45–121.50 USD. Latest reported quarter (Q2 2026): revenue of 92.1 m USD (+57.8% YoY), net income of 14.4 m USD (+99.6% YoY), diluted EPS 0.41 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.7
- weak (30–45)
- Bollinger (20, 2)
- 38.82 – 67.33
- in the lower half of the band · %B 0.16 · band width 53.7%
- SMA 50 / 200
- 57.75 / 61.13
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -4.96 / -3.52
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −35.3% | −1.1% | −34.2 pp | — |
| 3 months | −37.6% | −0.5% | −37.1 pp | — |
| 6 months | −6.9% | +4.4% | −11.3 pp | — |
| Year to date | −15.0% | +12.3% | −27.3 pp | — |
| 1 year | −35.2% | +13.5% | −48.8 pp | −17.2% |
| 3 years | +389.3% | +76.4% | +312.9 pp | −21.7% |
| 5 years | +374.8% | +63.7% | +311.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 52.2 m | 59.2 m | 58.3 m | 58.4 m | 62.6 m | 72.4 m | 90.1 m | 92.1 m |
| Gross profit | 21.3 m | 26.8 m | 23.3 m | 23.0 m | 25.5 m | 27.7 m | — | — |
| SG&A | 9.9 m | 15.5 m | 15.0 m | 14.1 m | 13.7 m | 16.8 m | 22.9 m | 26.6 m |
| Operating income | 11.4 m | 11.3 m | 8.3 m | 8.9 m | 11.8 m | 10.9 m | — | — |
| Depreciation & amortisation | 1.5 m ≈ | 1.6 m | 1.6 m | 1.6 m ≈ | 1.7 m ≈ | 2.0 m | 2.2 m | 2.3 m ≈ |
| Pre-tax income | 11.4 m | 11.3 m | 8.4 m | 9.5 m | 12.2 m | 11.4 m | 17.3 m | 17.6 m |
| Income tax | -5.9 m | 1.0 m | 612.0 k | 2.3 m | 3.8 m | 2.5 m | 2.4 m | 3.1 m |
| Net income | 17.4 m | 10.3 m | 7.8 m | 7.2 m | 8.3 m | 8.8 m | 14.9 m | 14.4 m |
| Diluted EPS | 0.51 | 0.36 ≈ | 0.22 | 0.20 | 0.24 | 0.25 ≈ | 0.42 | 0.41 |
| Operating cash flow | 11.4 m ≈ | 17.2 m | 10.8 m | 4.2 m ≈ | 18.9 m ≈ | 12.9 m | 37.3 m | 127.2 m ≈ |
| Capex | 1.5 m ≈ | 2.2 m | 2.4 m | 1.7 m ≈ | 4.2 m ≈ | 2.8 m | 2.4 m | 2.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 11 percentile of its own 18-quarter history (min 22.2, median 50.5, max 456.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 57.4 m | 55.9 m | 58.2 m | 69.8 m | 79.0 m | 86.8 m | 170.5 m | 251.7 m |
| Revenue YoY | −5.8% | −2.7% | +4.3% | +19.8% | +13.3% | +9.8% | +96.4% | +47.6% |
| Net income | -253.0 k | 617.0 k | 617.0 k | -1.7 m | -11.9 m | -908.0 k | 28.7 m | 32.2 m |
| Net income YoY | unavailable | unavailable | 0.0% | −371.2% | unavailable | unavailable | unavailable | +12.3% |
| Diluted EPS | unavailable | -0.08 | 0.02 | -0.06 | -0.44 | -0.03 | 0.89 | 0.92 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −400.0% | unavailable | unavailable | unavailable | +3.4% |
| net % | -0.4% | 1.1% | 1.1% | -2.4% | -15.1% | -1.0% | 16.8% | 12.8% |
| Free cash flow | 1.5 m | 2.6 m | 4.2 m | 783.0 k | -7.7 m | 339.0 k | 27.1 m | 35.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 82.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 107.1 m USD
- Total assets
- 168.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.68x
- ROE
- 37.8%
- ROA
- 22.8%
- FCF margin
- 14.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 58.2 m | 69.8 m | 79.0 m | 86.8 m | 170.5 m | 251.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | — | — | — | 31.3 m | 67.1 m | 99.5 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 18.7 m | 27.9 m | 37.9 m | 31.0 m | 42.7 m | 59.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | — | — | — | 318.0 k | 24.3 m | 39.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 2.3 m | 2.9 m | 3.9 m | 4.7 m | 5.8 m | 6.9 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | — | — | — | 5.0 m ≈ | 30.1 m ≈ | 46.8 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Pre-tax income | 1.0 m | -963.0 k | -10.5 m | 139.0 k | 24.5 m | 41.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 401.0 k | 842.0 k | 1.5 m | 1.0 m | -4.2 m | 9.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 617.0 k | -1.7 m | -11.9 m | -908.0 k | 28.7 m | 32.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 0.02 | -0.06 | -0.44 | -0.03 | 0.89 | 0.92 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 25.6 m | 26.6 m | 27.3 k | 28.1 m | 32.2 m | 35.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 17.6 m | 18.9 m | 9.8 m | 13.8 m | 46.9 m | 82.2 m | SEC (XBRL)· 06 Aug 2026verified |
| Receivables | 10.0 m | 11.4 m | 9.5 m | 14.3 m | 28.0 m | 46.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 31.9 m | 34.0 m | 23.7 m | 32.1 m | 81.0 m | 135.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 1.9 m | 2.9 m | 2.5 m | 2.3 m | 4.1 m | 8.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 2.2 m | 2.1 m | 2.0 m | 2.1 m | 2.0 m | 2.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 10.0 m | 10.3 m | 12.5 m | 13.8 m | 13.4 m | 14.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 57.3 m | 59.2 m | 48.0 m | 59.4 m | 113.4 m | 168.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 1.4 m | 1.8 m | 2.6 m | 2.7 m | 4.6 m | 9.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 1.7 m | 1.3 m | 877.0 k | — | — | — | SEC (XBRL)· 24 Feb 2023verified |
| Long-term debt | 6.3 m | 6.2 m | 5.1 m | — | — | — | SEC (XBRL)· 24 Feb 2023verified |
| Current liabilities | 18.3 m | 21.3 m | 20.8 m | 22.9 m | 39.5 m | 50.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 31.0 m | 32.8 m | 30.0 m | 34.4 m | 50.1 m | 61.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 29.6 m † | 29.9 m † | 18.8 m † | 25.0 m | 63.4 m | 107.1 m | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 5.7 m | 5.2 m | -1.2 m | 5.9 m | 34.9 m | 46.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 1.4 m | 4.4 m | 6.5 m | 5.6 m | 7.7 m | 11.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 4.2 m ≈ | 783.0 k ≈ | -7.7 m ≈ | 339.0 k ≈ | 27.1 m ≈ | 35.6 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -1.4 m | -4.4 m | -7.0 m | -5.1 m | -7.7 m | -11.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 2.3 m | 773.0 k | -307.0 k | 2.9 m | 6.2 m | -426.0 k | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn USD
Key indicators
Coverage and freshness
Score by group
72% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 31.4% | 0 (on a fixed band) | 15% |
| EBIT margin · Quality | 12.6% | 78 (vs peers) | 12% |
| FCF margin · Quality | 58.0% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 47.1% | 100 (on a fixed band) | 24% |
| Revenue growth (YoY) · Growth | 47.6% | 86 (vs peers) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 55 (on a fixed band) | 9% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 12.3% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial55/100 · 1/2 factors with a value
- Growth95/100 · 2/2 factors with a value
- Quality55/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partial100/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INNODATA INC (INOD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 251.7 m USD in 2025; YoY growth 47.6%; net margin 14.7%; ROE 37.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 12.6%
- FCF margin: 58.0%
- Revenue CAGR 3Y: 47.1%
- Revenue growth (YoY): 47.6%
- FCF yield: 12.3%
What contradicts it
- Gross margin: 31.4%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| VRSKVerisk Analytics, Inc. | 25.9 bn | 30.1 | — | 29.3% | +6.6% | −12% / −18% |
| ATHMAutohome Inc. | 10.4 bn | 53.5 | 6.3% | 443.2% | +11.1% | −5% / −18% |
| DXCDxc Technology Company | 2.3 bn | 21.9 | 3.7% | 0.9% | −1.8% | +13% / −36% |
| EVTCEVERTEC, Inc. | 2.1 bn | 22.9 | 14.4% | 9.0% | +10.2% | +20% / −6% |
| INFQInfleqtion, Inc. | 1.9 bn | — | -70.8% | — | unavailable | unavailable / unavailable |
| INODInnodata Inc | 1.5 bn | 32.8 | 37.7% | 14.7% | +47.6% | −35% / +389% |
| CLVTClarivate PLC | 1.4 bn | — | -8.2% | -15.1% | −4.0% | −44% / −73% |
| LZLegalZoom.com, Inc. | 1.1 bn | 56.0 | 12.1% | 2.6% | +10.9% | −26% / −40% |
| PLTKPlaytika Holding Corp. | 808.6 m | — | — | -9.9% | +8.1% | −48% / −76% |
| YEXTYext, Inc. | 775.0 m | 40.6 | 27.8% | 5.9% | +6.1% | −7% / +18% |
| NRDSNerdWallet, Inc. | 754.4 m | 13.3 | 18.2% | 7.6% | +21.7% | −21% / +1% |
| NXTTNext Technology Holding Inc. | 736.5 m | — | -59.4% | -2,356.0% | +545.3% | −99% / −100% |
| CARSCars.com Inc. | 682.5 m | 22.4 | 7.4% | 4.7% | +0.6% | +10% / −32% |
| IBEXIBEX Limited | 593.6 m | 14.3 | 30.4% | 7.2% | +15.4% | +27% / +152% |
| SOPHSOPHiA GENETICS SA | 477.3 m | — | -110.0% | -102.2% | +18.6% | +42% / +73% |
| GRVYGravity Co., Ltd. | 475.7 m | 0.0 | 16.5% | 17.0% | −31.0% | +19% / −6% |
| SOHUSohu.com Limited | 355.1 m | 1.0 | 35.8% | 67.4% | −2.4% | −12% / +70% |
| MOVECorvex, Inc. | 176.9 m | — | -9.6% | -623.5% | −57.3% | −17% / −93% |
| SSTKShutterstock, Inc. | 161.1 m | — | -43.4% | -22.9% | +5.8% | −79% / −90% |
| TRAKRepositrak, Inc. | 132.7 m | 18.7 | 14.9% | 32.5% | +3.0% | −46% / −29% |
| GMHSGamehaus Holdings Inc. | 51.4 m | 8.5 | 11.8% | 4.1% | −11.3% | −35% / −93% |
| DDIDoubleDown Interactive Co., Ltd. | 34.1 m | 0.3 | 11.4% | 28.5% | +5.5% | +48% / +72% |
| SJScienjoy Holding Corporation | 23.5 m | — | -66.6% | -47.3% | −4.9% | +28% / −68% |
1- and 3-year price returns: for INOD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 28.95 Total return -33% · Per year -33% | 50.94 Total return 18% · Per year 18% | 76.41 Total return 76% · Per year 76% |
| 3 years | 34.33 Total return -21% · Per year -7% | 67.37 Total return 56% · Per year 16% | 110.03 Total return 154% · Per year 36% |
| 5 years | 40.73 Total return -6% · Per year -1% | 89.10 Total return 106% · Per year 16% | 158.45 Total return 266% · Per year 30% |
- Exit P/E± 16.84
- Net margin± 11.79
- Annual revenue growth± 8.79
- Annual dilution± 0.99
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Innodata provides data engineering and AI systems services, from preparing training data to evaluating and securing AI models. Revenue reached 251.7 million USD in fiscal 2025, and growth accelerated to 58% year over year in the second quarter of 2026, which makes the company relevant as demand for reliable, auditable AI grows.
SWOT
Strengths
- Strong revenue and margin growth in 2026, with a solid cash position after the second quarter 3.
- Over three decades of experience in structured data and a global delivery network with specialized staff 1.
- Work with both frontier AI labs and enterprises gives a feedback loop the company considers valuable 1.
Weaknesses
Opportunities
- U.S. government programs and agent-related research programs could widen the addressable market, if they materialize 13.
- Reducing dependence on one client through new customers and programs could stabilize revenue over time 3.
- Industry platforms and proprietary datasets could generate recurring revenue if widely adopted 13.
Risks
- Dependence on large clientshigh
One DDS client generated most of the revenue in fiscal 2025, and losing or reducing that relationship would affect results 1.
- Project-based revenuemedium
Many services are provided per project, and if completed projects are not replaced, revenue could decline 1.
- Talent dependencemedium
The company relies on specialized staff and current leadership, and high attrition could reduce productivity 1.
- Leadership transitionmedium
The change of CEO scheduled for late September 2026 could affect strategy execution if it does not go smoothly 3.
- Cybersecurity and international operationsmedium
Cyber-attacks, telecommunications disruptions and risks specific to international operations could affect service delivery 1.
Investment thesis
What would need to be true (bull case)
- Revenue and margin growth in 2026, with growth guidance reaffirmed, shows the business model can scale profitably 3.
- Client diversification, with a falling share for the largest client, could reduce concentration risk if the trend holds 3.
- The cash position and expansion into research and federal programs could open new revenue sources 31.
What would break the thesis
- Revenue remains concentrated in a small number of clients, and one large contract ending could change results quickly 1.
- The growth guidance depends on programs not yet included in it, and if those are delayed, growth could be lower than expected 3.
- Competition and new entrants could pressure margins, and the leadership transition adds operational uncertainty 13.
What to watch
- Confirmation of new client programs and any update to the revenue guidanceQ3 2026
- The new CEO's first months and effects on strategyQ4 2026
- Trend in the largest client's share of total revenuenext 10-K
- Adjusted gross margin compared with the company's publicly stated target2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Innodata describes itself as a global data engineering and AI systems services company that supports the development, training, post-training, evaluation and deployment of advanced AI systems 1. Clients are frontier AI labs, Big Tech companies and enterprises, and the company says five of the so-called 'Magnificent Seven' are among its clients 1. It employs and engages 12200 professionals across more than 70 countries 1.
The offering covers training and post-training data, alignment and preference optimization, capability and safety evaluations, and AI enablement including agentic systems 1. The company also runs industry platforms such as Synodex, which turns medical records into structured data, and Agility, a media intelligence and public relations platform 1.
In 2025 Innodata launched a Federal Practice for U.S. government agencies, where data governance and security requirements are stricter 1. In the second quarter of 2026 the company announced a planned leadership transition, with a new President and CEO effective September 30, 2026 3.
Segments
Agility
Agility sells media intelligence and PR software with AI features on a subscription basis. Revenue rose approximately 9% in fiscal 2025, and its adjusted gross margin was above the company-wide level 1.
Synodex
Synodex turns medical records into structured digital data for insurance and healthcare workflows. Revenue declined slightly in fiscal 2025 because a customer contract was terminated, and its margin was below the other segments 1.
Market context
The company cites AI spending forecasts, with IDC forecasting worldwide AI spending could reach 632 billion USD by 2028 1. According to Grand View Research, the data collection and labeling market was about 3.8 billion USD in 2024 and is projected to grow at roughly 28.4% a year from 2025 to 2030 1. These are third-party estimates, not company forecasts.
The media intelligence and PR software market relevant to Agility was estimated at about 10.6 billion USD in 2023 in a March 2024 report 1. The company describes demand for evaluation and safety services as early and expanding 1.
Trends
- Rising AI spendingtailwind
Companies and governments are investing more in AI, and demand for quality data and evaluations grows with those budgets 1. If AI budgets keep rising, Innodata's workload could follow the same path.
- Behavioral and agentic evaluationstailwind
The shift from checking outputs to assessing how models plan and act increases the need for specialized human judgment, an area where the company says it has advantages 1.
- Customer concentrationmixed
One DDS customer accounted for 58% of fiscal 2025 revenue, and in the second quarter of 2026 the largest customer's share fell to 37% as a Big Tech client grew 13. If relationships with major clients change, revenue could fluctuate significantly.
- New entrants and competitionheadwind
Barriers to entry are low, and new vendors with flexible cost models, as well as clients' in-house teams, pressure pricing and share 1.
Competitive position
Innodata competes with AI data service providers, evaluation vendors and clients' in-house teams. The company acknowledges that some competitors have longer histories and greater financial resources, and entry barriers are low 1. Its claimed differentiation is combining work with frontier model developers and with enterprises deploying AI in production 1.
In its Agility segment, the company says a software review site ranks its platform as meeting customer requirements better than its two largest competitors, whose combined revenues exceed one billion USD 1. Competition in AI evaluation and safety services is described less specifically in the sources.
- AI data service providers (unnamed)
The sources mention competitors with longer histories and larger resources, without naming them.
- Clients' in-house data teams
Clients may try to replicate services with their own staff, which is a form of competition.
- Vendors with flexible cost models
Newer firms with lean cost structures, cited as general competitive pressure.
- Agility's two largest competitors
Media and PR software rivals, which the company says have combined revenues above one billion USD.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Cerebras Systems vs. Innodata: Which AI-Driven Tech Stock Is a Better Buy in 2026?Yahoo Finance — News · 18 Sept 2026 · EN
- BigBear.ai vs. Innodata: Which Technology Stock Is a Better Buy in 2026?Yahoo Finance — News · 10 Sept 2026 · EN
- Prosper Stars & Stripes Covered Innodata (INOD) Short Position in Q2Yahoo Finance — News · 10 Sept 2026 · EN
The latest news item in our archive is from 18 Sept 2026; the newest SEC filing is from 30 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (amendment)30 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report15 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report06 Aug 2026Material agreement · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Current report17 Jun 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Current report08 Jun 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement24 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Innodata Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Innodata Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Innodata Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.