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Innovid Corp. (CTV-0.48%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $38,251,000 from $36,234,000 in the same quarter the previous year. This growth is attributed to an increase in ad serving volume.
Cost of revenue for the quarter was $8,917,000, representing 23% of sales, consistent with 23% in the same quarter of the previous year.
The company reported a net income of $4,665,000 for the quarter, compared to a net loss of $2,731,000 in the previous year, with the increase attributed to changes in the full-year forecast and tax benefits.
Research and development expenses increased to $7,021,000 from $6,486,000, primarily due to personnel and recruitment costs.
Selling, general, and administrative expenses decreased to $9,238,000 from $9,753,000, mainly due to a reduction in personnel costs.
Cash provided by operating activities was $11,915,000, while cash used in investing and financing activities was $6,916,000 and $19,688,000, respectively.
Innovid had a working capital of $59,686,000 as of September 30, 2024. The company believes its existing cash and cash equivalents will be sufficient to meet its cash needs for at least the next twelve months.
The filing also details a stock repurchase program authorized by the board to purchase up to $20,000,000 of common stock.
Innovid continues to focus on expanding its CTV ad serving and measurement solutions, with CTV accounting for 58% of all video impressions served during the quarter.
The company identified no goodwill impairment during the quarter, following a $14,503,000 impairment recorded in the previous year.
Innovid is involved in ongoing litigation with Nielsen Company (US) LLC, with a court-ordered stay in place to allow for settlement negotiations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Innovid Corp. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.