Innodata Inc (INOD)

Research as of October 12, 2026. Sources were reviewed using Modeledge MCP 2, covering the 2025–2026 earnings calls through August 6, 2026, related releases, and reporting on the potential Meta/Muse connection. INOD’s language has progressed from potential expansion to a program it says it has won and is scaling. This gives the Muse thesis a concrete...

My read: Rahul Singhal has a credible background in turning AI technology into commercial products, and his public comments show a consistent strategy over several years. The strongest evidence is his older material: he was discussing expert-created training data and continuous model improvement well before the current generative-AI boom. The main...

Actuals: [FY2024 results](https://investor.innodata.com/news/news-details/2025/Innodata-Reports-Fourth-Quarter-and-Full-Year-2024-Results/default.aspx), [FY2025 results](https://investor.innodata.com/news/news-details/2026/Innodata-Reports-Fourth-Quarter-and-Full-Year-2025-Results/default.aspx). Calculation notes: - Guidance history is current through...

Reported comps as of September 29, 2026. All figures USD. Dates and revenue definitions vary; these are reference figures. Annualized run rate is not full-year revenue or necessarily contracted recurring revenue. Private-round valuations are historical transaction marks, not current executable prices. Valuation figures are equity values/market...

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. Financial figures come from the company's statements, including prior-year...

Prepared September 25, 2026; prices through the September 24 close. USD per share. INOD’s five completed major drawdowns in this comparison ranged from 39.7% to 64.5%, with 67–281 calendar days from peak to exceeding that peak again. The current cycle has fallen 58.5% at its worst and remains unrecovered. Major selloffs and recoveries Repeated pattern:...

Known disclosures as of September 24, 2026; Singhal becomes President & CEO September 30. Current package: $500,000 annual salary plus a performance-dependent bonus target described in the 8-K as at least 75% of salary ($375,000), implying $875,000 target cash at 75%, before benefits and discretionary equity. The bonus is not guaranteed. The August...