Innodata (INOD): Eight-Quarter Financials and Largest-Customer Revenue — Q3 2024–Q2 2026
As of September 29, 2026, the latest eight reported quarters are
Q3 2024–Q2 2026. All dollar amounts below are
US$ millions. Largest-customer revenue is estimated from the company's disclosed, rounded concentration percentages; the customer is unnamed in those disclosures.
| Metric | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|
| Revenue | 52.22 | 59.18 | 58.34 | 58.39 | 62.55 | 72.38 | 90.10 | 92.14 |
| Revenue, top customer — estimated | 30.8 | 32.9† | 35.6 | 33.9 | 35.0 | 42.0† | 50.5 | 34.1 |
| Top customer / total revenue | 59% | 55.5%† | 61% | 58% | 56% | 58.0%† | 56% | 37% |
| Gross profit | 21.33 | 26.76 | 23.25 | 23.02 | 25.50 | 27.70 | 39.79 | 42.46 |
| G&A — reported selling & administrative | 9.91 | 15.50 | 14.98 | 14.11 | 13.75 | 16.77 | 22.89 | 26.60 |
| EBIT — calculated | 11.42 | 11.25 | 8.27 | 8.91 | 11.76 | 10.93 | 16.90 | 15.86 |
| Net interest income | 0.03 | 0.09 | 0.13 | 0.58 | 0.42 | 0.43 | 0.44 | 1.70 |
| Tax expense / (benefit) | (5.94) | 1.05 | 0.61 | 2.27 | 3.84 | 2.53 | 2.44 | 3.14 |
| Net income attributable to Innodata | 17.39 | 10.30 | 7.79 | 7.22 | 8.34 | 8.83 | 14.90 | 14.41 |
Financial figures come from the company's statements, including prior-year comparative columns:
Q3 2025 Form 10-Q,
Q4 2025 results,
Q1 2026 results, and
Q2 2026 results.
Methodology and definitions
- Customer revenue: For Q1–Q3, quarterly revenue is multiplied by the disclosed customer concentration. Concentrations are reported in the Q3 2025 filing, Q1 2026 filing reproduced by MarketScreener, and Q2 2026 filing. All customer dollar amounts are approximate.
- † Q4 customer figures are implied estimates: Q4 2024 = 48% × $170.461m − 44% × $111.281m = approximately $32.9m. Q4 2025 = 58% × $251.663m − 58% × $179.287m = approximately $42.0m. The implied quarterly shares are 55.5% and 58.0%, respectively. These are calculated from full-year less nine-month customer revenue, not directly disclosed quarterly percentages, and carry greater rounding uncertainty. Inputs: 2025 annual report and nine-month disclosures.
- Gross profit = revenue less direct operating costs. These are GAAP-based figures, without adjusted gross profit add-backs.
- G&A uses the company's combined selling and administrative expense line; standalone G&A is not presented in this table.
- EBIT = gross profit less selling and administrative expenses, excluding net interest income.
- Net income is attributable to Innodata. EBIT plus net interest income, less tax expense and noncontrolling interests, reconciles to net income before rounding. Noncontrolling-interest deductions were $0.002m in Q3 2024 and $0.007m in Q4 2024, and zero in the remaining quarters.
- Gross profit, expenses, EBIT, taxes and net income are company-wide, not customer-specific.
Observations
- Q2 2026 growth came from other customers. Estimated largest-customer revenue was approximately flat year over year at $34m, while total revenue grew 58%. Sequentially, estimated largest-customer revenue fell approximately 32%, while total revenue rose 2.3%. These are calculations using rounded customer concentrations and reported revenue. Q2 2026 results
- Higher selling and administrative expenses offset the latest gross-profit increase. From Q1 to Q2 2026, gross profit increased $2.67m, but selling and administrative expenses increased $3.71m, reducing EBIT by $1.04m. Q2 2026 results and first-half figures
- Q3 2024 net income includes a $5.94m net tax benefit. This makes EBIT more useful for comparing operating performance across these quarters. Tax disclosure and comparative income statement