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Inuvo Inc. (INUV+1.91%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $22,371,153 from $24,570,588 in the same quarter the previous year. The decrease is attributed to a focus on new product enhancements for Platform customers.
Cost of revenue for the quarter was $2,594,642, representing an increase of 14.1% from the previous year. This increase is linked to higher revenue within Agencies & Brands.
The company reported a gross profit of $19,776,511 for the quarter, compared to $22,295,962 in the previous year, with the decline attributed to lower revenue.
Marketing costs decreased by 3.5% to $17,006,131 due to lower revenue from Platform advertisers.
Compensation expenses were reduced by 11.9% to $3,106,384, primarily due to lower stock-based compensation and accrued incentive expenses.
General and administrative expenses fell by 31.2% to $1,607,258, mainly due to an adjustment in the reserve for expected credit losses.
Net loss for the quarter was $2,044,293, compared to $1,170,980 in the previous year.
Cash used in operating activities was $100,345, while cash used in investing and financing activities was $1,409,762 and $343,526, respectively.
Inuvo had a working capital deficit of $3.4 million as of September 30, 2024. The company plans to support future operations through cash generated from its credit facility.
The filing also details a Financing and Security Agreement with SLR Digital Finance LLC, providing a $10 million line of credit.
Inuvo continues to focus on its AI technology, IntentKey, to differentiate its advertising capabilities and improve margins.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Inuvo Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.