Stocks·NASDAQ:INOD

Innodata (INOD)

OverviewFinancialsOwnersFilings
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Revenue, last 12 months$350M+47% vs. a year before
Free cash flow, last 12 months$83MBringing in cash
Cash and short-term investments$164MNo debt reported
Shares outstanding, past year+8%34.4M shares now

My take

Average analyst target about $122 4 analysts · as of Oct 30, 2026 · Scorecard

Every video where I mention INOD

The last 12 months

  1. Nov 5, 202610-QQuarterly report
  2. Nov 5, 20268-KReleased quarterly results
  3. Oct 30, 2026VideoMy video: Why This $45 Profitable AI Stock Has a $122 Price Target (INOD)
  4. Oct 27, 2026S-8Registered shares for employee stock plans
  5. Sep 30, 20268-K/AExecutive or board change
  6. Sep 15, 20268-KExecutive or board change
  7. Aug 6, 20268-KSigned a major agreement
  8. Aug 6, 2026424B5Prospectus for a sale off the shelf (new shares, an at-the-market program, or bonds)
  9. Aug 6, 2026S-3ASRAutomatic shelf registration: can sell stock or debt later
  10. Aug 6, 202610-QQuarterly report
  11. Aug 6, 20268-KReleased quarterly results; Executive or board change
  12. Jul 31, 2026SCHEDULE 13GAn investor reported a 5%+ stake
  13. Jun 17, 20268-KReleased quarterly results; Executive or board change
  14. Jun 8, 20268-KShareholder vote results

All filings →

Revenue by year
2016: $63.1M20162017: $60.9M20172018: $57.4M20182019: $55.9M20192020: $58.2M20202021: $69.8M20212022: $79M20222023: $86.8M20232024: $170M20242025: $252M2025$252M
Show the numbers
Revenue by year
2016$63.1M
2017$60.9M
2018$57.4M
2019$55.9M
2020$58.2M
2021$69.8M
2022$79M
2023$86.8M
2024$170M
2025$252M
Revenue by quarter calendar quarter the period ended in
Q4 23: $26.1MQ1 24: $26.5MQ1 24Q2 24: $32.6MQ3 24: $52.2MQ3 24Q4 24: $59.2MQ1 25: $58.3MQ1 25Q2 25: $58.4MQ3 25: $62.5MQ3 25Q4 25: $72.4MQ1 26: $90.1MQ1 26Q2 26: $92.1MQ3 26: $95.6MQ3 26$95.6M
Show the numbers
Revenue by quarter
Q4 23$26.1M
Q1 24$26.5M
Q2 24$32.6M
Q3 24$52.2M
Q4 24$59.2M
Q1 25$58.3M
Q2 25$58.4M
Q3 25$62.5M
Q4 25$72.4M
Q1 26$90.1M
Q2 26$92.1M
Q3 26$95.6M
Operating income (loss) by year profit from the business before interest and taxes
2016: -$4.72M20162017: -$5.10M20172023: $318K20232024: $24.3M20242025: $39.9M2025$39.9M
Show the numbers
Operating income (loss) by year
2016-$4.72M
2017-$5.10M
2023$318K
2024$24.3M
2025$39.9M
Free cash flow by year cash from operations minus spending on buildings and equipment
2016: -$5.47M20162017: -$2.77M20172018: $1.53M20182019: $2.61M20192020: $4.25M20202021: $783K20212022: -$7.74M20222023: $339K20232024: $27.1M20242025: $35.6M2025$35.6M
Show the numbers
Free cash flow by year
2016-$5.47M
2017-$2.77M
2018$1.53M
2019$2.61M
2020$4.25M
2021$783K
2022-$7.74M
2023$339K
2024$27.1M
2025$35.6M
Cash vs. debt

Cash and short-term investmentsDebt

2016 · Cash and short-term investments: $14.2M2016 · Debt: $5.04M20162017 · Cash and short-term investments: $11.4M2017 · Debt: $7.81M20172018 · Cash and short-term investments: $10.9M2018 · Debt: $5.59M20182019 · Cash and short-term investments: $10.9M2019 · Debt: $5.97M20192020 · Cash and short-term investments: $17.6M2020 · Debt: $7.99M20202021 · Cash and short-term investments: $18.9M2021 · Debt: $7.50M20212022 · Cash and short-term investments: $9.79M2022 · Debt: $5.96M20222023 · Cash and short-term investments: $13.8M20232024 · Cash and short-term investments: $46.9M20242025 · Cash and short-term investments: $82.2M2025
Show the numbers
Cash and short-term investmentsDebt
2016$14.2M$5.04M
2017$11.4M$7.81M
2018$10.9M$5.59M
2019$10.9M$5.97M
2020$17.6M$7.99M
2021$18.9M$7.50M
2022$9.79M$5.96M
2023$13.8Mn/a
2024$46.9Mn/a
2025$82.2Mn/a
How it makes money: Q3 2026 revenue by region; the thin line is a year earlier
  • United States$85.1M 89% +61% vs. a year ago
  • Canada$3.23M 3% +7% vs. a year ago
  • United Kingdom$2.77M 3% +1% vs. a year ago
  • Others - European countries principally, Germany, Belgium and France$2.35M 2% +8% vs. a year ago
  • The Netherlands$2.17M 2% +17% vs. a year ago

From the 10-Q filed Nov 5, 2026. Source.

Stock pay vs. buybacks

Stock-based pay to employeesSpent buying back shares

2020 · Stock-based pay to employees: $913K2020 · Spent buying back shares: $020202021 · Stock-based pay to employees: $1.75M2021 · Spent buying back shares: $020212022 · Stock-based pay to employees: $3.28M2022 · Spent buying back shares: $020222023 · Stock-based pay to employees: $4.03M2023 · Spent buying back shares: $020232024 · Stock-based pay to employees: $4M2024 · Spent buying back shares: $020242025 · Stock-based pay to employees: $11.1M2025 · Spent buying back shares: $02025
Show the numbers
Stock-based pay to employeesSpent buying back shares
2020$913K$0
2021$1.75M$0
2022$3.28M$0
2023$4.03M$0
2024$4M$0
2025$11.1M$0

If buybacks are smaller than stock pay, the buyback isn't shrinking the share count; it's soaking up shares handed to employees.

Compare INOD with other stocks →

From the company's own SEC filings via SEC EDGAR, latest period ended Sep 30, 2026. Numbers can be restated later. Not investment advice.

Dilution

Shares outstanding
Feb 2023: 27.4MMay 2023: 27.5MMay 2023Jul 2023: 28.3MOct 2023: 28.7MOct 2023Feb 2024: 28.8MMay 2024: 28.8MMay 2024Aug 2024: 29MNov 2024: 29MNov 2024Feb 2025: 31.3MApr 2025: 31.7MApr 2025Jul 2025: 31.8MOct 2025: 31.9MOct 2025Feb 2026: 32.6MApr 2026: 32.7MApr 2026Jul 2026: 34.4MOct 2026: 34.4MOct 202634.4M
Show the numbers
Shares outstanding
Feb 202327.4M
May 202327.5M
Jul 202328.3M
Oct 202328.7M
Feb 202428.8M
May 202428.8M
Aug 202429M
Nov 202429M
Feb 202531.3M
Apr 202531.7M
Jul 202531.8M
Oct 202531.9M
Feb 202632.6M
Apr 202632.7M
Jul 202634.4M
Oct 202634.4M

The share count is up +8% in a year, so each share is a slightly smaller slice of the company. What dilution means.

Insider trades

Insider buys, 12 months0none
Insider sales, 12 months82$175M

Bought or sold on the open market

DateWhoWhatSharesValueFiling
Sep 14, 2026Louise C Forlenza
Director
Sold on the market10K$535KForm 4
Sep 4, 2026Louise C Forlenza
Director
Sold on the market10K$550KForm 4
Jun 16, 2026Jack Abuhoff
CEO, Director
Sold on the market
7 trades that day
200K$22MForm 4
Jun 15, 2026Jack Abuhoff
CEO, Director
Sold on the market
6 trades that day
94.1K$9.94MForm 4
Jun 2, 2026Ashok Mishra
EVP and COO
Sold on the market
5 trades that day
38.7K$4.42MForm 4
May 29, 2026Marissa B Espineli
Interim CFO
Sold on the market
3 trades that day
19.7K$2.08MForm 4
May 29, 2026Jack Abuhoff
CEO, Director
Sold on the market
8 trades that day
106K$10.9MForm 4
May 22, 2026Jack Abuhoff
CEO, Director
Sold on the market
2 trades that day
38.1K$3.82MForm 4
May 21, 2026Louise C Forlenza
Director
Sold on the market
4 trades that day
18K$1.70MForm 4
May 21, 2026Jack Abuhoff
CEO, Director
Sold on the market
4 trades that day
150K$14.3MForm 4
May 20, 2026Louise C Forlenza
Director
Sold on the market
4 trades that day
15K$1.38MForm 4
May 20, 2026Jack Abuhoff
CEO, Director
Sold on the market
3 trades that day
150K$14MForm 4
May 19, 2026Louise C Forlenza
Director
Sold on the market5K$431KForm 4
May 19, 2026Jack Abuhoff
CEO, Director
Sold on the market2.8K$260KForm 4
May 18, 2026Jack Abuhoff
CEO, Director
Sold on the market
4 trades that day
150K$14.2MForm 4
Everything else: grants, option exercises, tax withholding (41)
DateWhoWhatSharesValueFiling
Oct 8, 2026Michael S Rogers
Director
Grant or award2.2Kn/aForm 4
Sep 14, 2026Louise C Forlenza
Director
Exercised options10K$14.2KForm 4
Sep 4, 2026Louise C Forlenza
Director
Exercised options
2 trades that day
10K$13.8KForm 4
Jul 6, 2026Jayant Chauhan
EVP and CFO
Grant or award8.9Kn/aForm 4
Jun 16, 2026Jack Abuhoff
CEO, Director
Exercised options
2 trades that day
200K$391KForm 4
Jun 15, 2026Jack Abuhoff
CEO, Director
Exercised options94.1K$321KForm 4
Jun 4, 2026Don Callahan
Director
Grant or award1.5Kn/aForm 4
Jun 4, 2026Richard D Clarke
Director
Grant or award1.5Kn/aForm 4
Jun 4, 2026Stewart R Massey
Director
Grant or award1.5Kn/aForm 4
Jun 4, 2026Louise C Forlenza
Director
Grant or award1.5Kn/aForm 4
Jun 2, 2026Ashok Mishra
EVP and COO
Exercised options26.7K$1.15MForm 4
May 29, 2026Marissa B Espineli
Interim CFO
Exercised options
2 trades that day
19.7K$384KForm 4
May 29, 2026Jack Abuhoff
CEO, Director
Exercised options106K$527KForm 4
May 22, 2026Jack Abuhoff
CEO, Director
Exercised options38.1K$190KForm 4
May 21, 2026Louise C Forlenza
Director
Exercised options18K$22.3KForm 4
May 21, 2026Jack Abuhoff
CEO, Director
Exercised options150K$749KForm 4
May 20, 2026Louise C Forlenza
Director
Exercised options15K$18.6KForm 4
May 20, 2026Jack Abuhoff
CEO, Director
Exercised options150K$749KForm 4
May 19, 2026Louise C Forlenza
Director
Exercised options5K$6.20KForm 4
May 19, 2026Jack Abuhoff
CEO, Director
Exercised options2.8K$14KForm 4
May 18, 2026Jack Abuhoff
CEO, Director
Exercised options150K$749KForm 4
May 15, 2026Jack Abuhoff
CEO, Director
Exercised options100K$499KForm 4
May 14, 2026Jack Abuhoff
CEO, Director
Exercised options77K$384KForm 4
May 13, 2026Jack Abuhoff
CEO, Director
Exercised options
2 trades that day
94.5K$550KForm 4
May 13, 2026Stewart R Massey
Director
Exercised options10K$72.4KForm 4
May 12, 2026Jack Abuhoff
CEO, Director
Exercised options
2 trades that day
71.7K$1.47MForm 4
May 12, 2026Ashok Mishra
EVP and COO
Exercised options243K$1.21MForm 4
May 12, 2026Louise C Forlenza
Director
Exercised options
2 trades that day
30K$33.8KForm 4
Dec 31, 2025Rahul Singhal
President & CRO
Grant or award43.2Kn/aForm 4
Dec 31, 2025Ashok Mishra
EVP and COO
Grant or award43.2Kn/aForm 4
Dec 31, 2025Marissa B Espineli
Interim CFO
Grant or award13.1Kn/aForm 4
Dec 31, 2025Jack Abuhoff
CEO, Director
Grant or award100Kn/aForm 4
Dec 20, 2025Rahul Singhal
President & CRO
Shares withheld for taxes10.2K$541KForm 4
Dec 20, 2025Marissa B Espineli
Interim CFO
Shares withheld for taxes3.1K$162KForm 4
Dec 20, 2025Ashok Mishra
EVP and COO
Shares withheld for taxes8K$424KForm 4
Dec 20, 2025Jack Abuhoff
CEO, Director
Shares withheld for taxes8K$424KForm 4
Dec 4, 2025Ashok Mishra
EVP and COO
Exercised options23.7K$118KForm 4
Nov 12, 2025Ashok Mishra
EVP and COO
Exercised options
3 trades that day
200K$1.02MForm 4
Nov 11, 2025Richard D Clarke
Director
Grant or award1.7Kn/aForm 4
Nov 11, 2025Don Callahan
Director
Grant or award1.7Kn/aForm 4

An insider buying with their own money is a stronger signal than a sale: people sell for taxes, houses and diversification. "Planned" sales were scheduled months ahead under a 10b5-1 plan. Source: SEC Form 4.

Famous investors who own it

None of the 18 famous investors I track owned INOD at their last 13F. Who I track.

Failed trades

Failed trades (fails to deliver) shares that weren't delivered on time when a trade settled
May 8: 2.1KMay 11: 43.9KMay 12: 1May 13: 338KMay 13May 18: 7.2KMay 21: 2.1KMay 26: 4.6KMay 27: 2.8KMay 27May 29: 3.3KJun 1: 4.9KJun 5: 1.9KJun 9: 1.2KJun 9Jun 10: 2.5KJun 17: 17.8KJun 22: 183Jun 24: 140Jun 24Jun 25: 124Jun 26: 347Jul 1: 89Jul 10: 100Jul 10Jul 16: 114Jul 17: 311Jul 20: 6Aug 6: 1.6KAug 6Aug 10: 3KAug 14: 323Aug 18: 6.3KAug 24: 904Aug 24Aug 26: 240Aug 31: 5.4KSep 14: 1.2KSep 16: 98Sep 16Sep 18: 267Sep 21: 415Sep 24: 2.1KSep 25: 505Sep 25Sep 28: 802Oct 2: 597Oct 5: 200Oct 9: 174Oct 9174
Show the numbers
Failed trades (fails to deliver)
May 82.1K
May 1143.9K
May 121
May 13338K
May 187.2K
May 212.1K
May 264.6K
May 272.8K
May 293.3K
Jun 14.9K
Jun 51.9K
Jun 91.2K
Jun 102.5K
Jun 1717.8K
Jun 22183
Jun 24140
Jun 25124
Jun 26347
Jul 189
Jul 10100
Jul 16114
Jul 17311
Jul 206
Aug 61.6K
Aug 103K
Aug 14323
Aug 186.3K
Aug 24904
Aug 26240
Aug 315.4K
Sep 141.2K
Sep 1698
Sep 18267
Sep 21415
Sep 242.1K
Sep 25505
Sep 28802
Oct 2597
Oct 5200
Oct 9174

From the SEC's fails-to-deliver data, which runs two to four weeks behind. A spike can mean heavy short selling or just back-office delays; it isn't proof of anything on its own. Short interest isn't shown: FINRA's terms don't allow republishing it.

Share offerings

Selling new shares dilutes current owners. A "shelf" is permission to sell later; a 424B5 usually means a sale is actually happening.

What they told the SEC, in plain English

Every 8-K (the report a company files when something big happens) in the last two years. Red ones are worth a closer look: auditor changes, restatements, late reports, listing problems.

What changed in the latest annual report

Comparing the risk factors in the 10-K filed Feb 26, 2026 with the one filed Feb 24, 2025: 2 new and 2 removed, out of 43.

New this year

  • In the event that the governments of the United States, the Philippines, India, Sri Lanka, the United Kingdom, Canada, Germany, or other jurisdictions in which we operate change their tax laws, policies, regulations, or interpretations thereof, our tax expense may increase and adversely affect our…
  • We have not paid any cash dividends in the past, and have no plans to pay cash dividends in the foreseeable future.
Dropped from last year (2)
  • In the event that the governments of India or the Philippines or the government of another country changes its tax policies, rules and regulations, our tax expense may increase and affect our effective tax rates.
  • It is unlikely that we will pay dividends.

Matched by each risk's headline, so a reworded risk can show up as new. This year's report · last year's.

Government contracts

$500 in federal contract money over the last 12 months, across 1 awards and changes.

DateAgencyWhat forAmount
Jan 16, 2026Missile Defense AgencySCALABLE HOMELAND INNOVATIVE ENTERPRISE LAYERED DEFENSE (SHIELD) INITIAL ORDER.$500

From USAspending.gov. Amounts are money the government committed, which can be cut later.

Search inside Innodata's filings

Opens the SEC's own full-text search in a new tab, limited to INOD. Every INOD filing on EDGAR.