Short answer
INNODATA INC (INOD) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $252M (+47.6% year over year) and net income of $32M.
- Top risk flagged: Regulatory risk: evolving AI regulations and data privacy laws impacting international operations, including India, Philippines, Sri Lanka, US and Europe
FY2025 key financial metrics · XBRL
- Revenue
- $252M
- +47.6% YoY
- Net income
- $32M
- +12.3% YoY
- Operating margin
- 15.8%
- +1.6 pp YoY
- Gross margin
- 39.5%
- +0.2 pp YoY
- EPS (diluted)
- $0.92
- +3.4% YoY
- ROE
- 30.0%
- −15.1 pp YoY
- Operating cash flow
- $47M
- +33.5% YoY
Source: XBRL data from the INNODATA INC (INOD) FY2025 10-K on SEC EDGAR. USD.
INNODATA INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: global data engineering and AI system services supporting full AI lifecycle from training data to deployment
- New Federal Practice launched 2025 for U.S. government AI programs with high security, compliance, and evaluation demands
- Strategic emphasis on agentic and behavioral model evaluations beyond output correctness, enhancing trust and safety frameworks
- Workforce of 12,200 professionals across 70+ countries enabling multilingual, follow-the-sun delivery and operational resilience
- 2025 revenue concentration: one DDS segment customer accounted for 58% of total revenues, up from 48% in 2024
Management Discussion & Analysis
- Revenue $251.7M in 2025, up 48% YoY from $170.5M; DDS up 57% to $220.9M, Synodex down 8% to $7.3M, Agility up 9% to $23.5M
- Operating margin 15.8% in 2025 vs 14.3% in 2024; consolidated gross margin 40% vs 39%; DDS margin 39% vs 37%; Synodex margin down to 18% from 27%
- Best segment DDS: revenue $220.9M (+$79.8M), gross profit $85.4M (+$32.6M); worst segment Synodex: revenue $7.3M (-$0.6M), gross profit $1.3M (-$0.8M)
- Net income $32.2M in 2025 vs $28.7M in 2024; selling/admin expenses $59.6M (+40%); adjusted EBITDA $57.9M vs $34.6M; no goodwill impairment recorded
- Income tax provision $9.2M in 2025, effective tax rate 22.3% vs benefit of $4.2M and -17.1% in 2024; outlook includes investments in AI, R&D, and sales to drive growth
Risk Factors
- Regulatory risk: evolving AI regulations and data privacy laws impacting international operations, including India, Philippines, Sri Lanka, US and Europe
- Geopolitical risk: political unrest, terrorism and natural calamities in India, Israel, Philippines, Sri Lanka threatening operational continuity
- Operational risk: 63% of accounts receivable ($29.2M) concentrated with one customer, posing significant credit risk if unpaid
- Competitive risk: risk from new vendors with lean cost and flexible cost models challenging Innodata’s services and platforms
- Financial risk: Revolving Credit Facility requires fixed charge coverage ratio ≥1.10, restrictive covenants may limit business flexibility
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