Innodata (INOD): Revenue Guidance History and Actual Results — 2024–2026

Revenue guidance

Fiscal year	Announcement date / source	Action	Full-year revenue-growth guidance	Implied annual revenue, $m
2024	Feb. 22, 2024 — FY2023 results	Initial guidance, with stated intention to exceed	20% target	104.13
2024	Mar. 13, 2024 — business update	Said it remained on track to outperform the target; no numerical raise	20% target retained	104.13
2024	May 7, 2024 — Q1 results	Raised	40%+ organic growth	≥121.49
2024	Aug. 8, 2024 — Q2 results	Raised again	60%+	≥138.84
2024	Nov. 7, 2024 — Q3 results	Raised again	88%–92%	≈163.14–166.61
2025	Feb. 20, 2025 — FY2024 results	Initial guidance	40%+	≥238.65
2025	May 8, 2025 — Q1 results	Reaffirmed	40%+	≥238.65
2025	July 31, 2025 — Q2 results	Raised	45%+ organic growth	≥247.17
2025	Nov. 6, 2025 — Q3 results	Reaffirmed	45%+	≥247.17
2026	Feb. 26, 2026 — FY2025 results	Initial guidance	Approximately 35%+	≈339.75+
2026	May 7, 2026 — Q1 results	Raised	Approximately 40%+	≈352.33+
2026	June 17, 2026 — CFO announcement	Reaffirmed	Approximately 40%+	≈352.33+
2026	Aug. 6, 2026 — Q2 results	Reaffirmed	40%+	≥352.33

Actual results versus guidance

Fiscal year	Actual annual revenue	Actual YoY growth	Versus initial guidance	Versus final guidance	Assessment
2024	$170.461m	96.44%	+$66.33m / +63.70% versus initial 20% target	+$3.85m / +2.31% above the final range's upper end*	Three raises, then beat
2025	$251.663m	47.64%	+$13.02m / +5.45% above initial 40% floor	+$4.49m / +1.82% above final 45% floor	One raise, then exceeded minimum
2026	Not yet reported	Not yet reported	Pending	Pending	One raise so far; outcome unresolved

Actuals: FY2024 results, FY2025 results.Calculation notes:

• Guidance history is current through October 2, 2026; full-year 2026 results are pending.
• “+” means “or more.” Guidance represents management forecasts, not guaranteed revenue floors.
• Percentage variances measure revenue outperformance, not percentage-point differences in growth.
• Revenue bases for FY2024, FY2025 and FY2026 guidance conversions are $86.775m, $170.461m and $251.663m, respectively.
• Implied guided revenue = preceding-year revenue × (1 + guided growth).
• Revenue outperformance = actual revenue ÷ implied guided revenue − 1. For a guidance range, the final comparison uses the upper end; for “or more” guidance, it uses the stated minimum.
• *The 2024 dollar range is approximate because management expressed annual guidance in rounded growth percentages. The 2.31% final comparison uses 92% growth applied to the exact FY2023 revenue base.
• Innodata raised annual guidance and exceeded its final target in both 2024 and 2025. Two completed years do not establish that another raise or beat in 2026 is certain.