INNODATA INC (INOD) FY2025 10-K Annual Report
INNODATA INC (INOD) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
INNODATA INC FY2025 10-K Analysis
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
INNODATA INC FY2025 Key Financial MetricsXBRL
Revenue
$252M
▲ +47.6% YoY
Net Income
$32M
▲ +12.3% YoY
Gross Margin
39.5%
▲ +18bp YoY
Operating Margin
15.8%
▲ +157bp YoY
Net Margin
12.8%
▼ -403bp YoY
ROE
30.0%
▼ -1512bp YoY
Total Assets
$169M
▲ +48.6% YoY
EPS (Diluted)
$0.92
▲ +3.4% YoY
Operating Cash Flow
$47M
▲ +33.5% YoY
Source: XBRL data from INNODATA INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on INNODATA INC
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.