October 2 Model Edge reference INOD quote $70.07, refreshed 2026-10-02T17:10:07.229218-06:00. Price alone is not evidence to change operating forecasts; BRUN separately refreshes the existing peer-relative valuation. (accessed 2026-10-02)
October 2 CEO and guidance-history artifacts reviewed. Past guidance beats do not constitute a new raised forecast. September 30 company release confirms the Vicon-equipped New Jersey motion-capture lab, with dataset sales and custom testing services, but discloses no revenue, order value, costs or margin contribution. Preserve $480M FY2027 revenue, 20% EBIT margin after SBC, $134M usable cash, 35.7M shares and 3.5% FCF yield. This is EBIT margin, not a 20% final FCF margin; the model separately deducts tax/capex/working capital. Compensation and customer-concentration risks remain. — modeledge.ai (accessed 2026-10-02)
Additional supporting source for the October 2 INOD review; see the first dated evidence note. — modeledge.ai (accessed 2026-10-02)
Additional supporting source for the October 2 INOD review; see the first dated evidence note. — nasdaq.com (accessed 2026-10-02)
September 30 Modeledge reference INOD price $65.76, refreshed 2026-09-30T15:27:35.140708-06:00. This quote refresh changes market-relative outputs; any intrinsic effects are separately explained. For USAU only, the existing financing-price formula mechanically links valuation to price. (accessed 2026-09-30)
September 30 amended 8-K and both employment amendments specify Rahul Singhal's $636,276 CEO salary and 100% target bonus, and Jack Abuhoff's $600,000 executive-chair salary and target bonus of at least 100%, effective September 30. This supersedes the earlier September 24 no-change-to-compensation observation. The consensual transition waives Good Reason/severance for that transition. No company guidance change or complete incremental cost bridge was disclosed. Preserve $480M 2027 revenue, 20% normalized FCF margin after SBC, 3.5% yield, $134M usable cash and 35.7M shares. — modeledge.ai (accessed 2026-09-30)
September 29 Modeledge reference INOD stock price $66.94, retrieved 2026-09-29T15:15:01.088574-06:00; a post-session reference snapshot, not an asserted official close. No operating or intrinsic valuation inputs changed in this review. (accessed 2026-09-29)
September 29: read both new research artifacts in full. Eight-quarter customer analysis reiterates the existing model's Q2 concentration risk: estimated top-customer revenue fell from about $50.5M to $34.1M sequentially while total revenue increased. Rounded concentrations are estimates and do not name Meta. Private AI-data comps mix old funding marks, estimated valuations, gross revenue and annualized run rates; they do not support a direct public EV/FCF re-rating. Retain $480M FY2027 revenue, 20% EBIT after SBC, 3.5% yield, $134M usable cash and 35.7M shares. — modeledge.ai (accessed 2026-09-29)
Additional supporting record for the September 29 INOD review. — modeledge.ai (accessed 2026-09-29)
September 25, 2026 Model Edge reference INOD price $69.21, refreshed 2026-09-25T15:02:45.338909-06:00. This changes market-relative outputs; intrinsic changes are separately sourced. (accessed 2026-09-26)
The new artifact analyzes historical price volatility, not incremental operating forecasts or confirmed contract economics. — modeledge.ai (accessed 2026-09-26)
September 24: reviewed the new Singhal compensation artifact and primary March 3 and August 7 8-Ks. CEO succession is effective September 30; existing $500,000 salary and performance-contingent target bonus are not an incremental guaranteed award from the succession announcement. Historical grant-date equity values are not recurring annual cash costs. Keep SBC expensed within modeled EBIT, existing 35.7M diluted-share estimate and $134M usable cash. No company-confirmed incremental Meta/Muse contract economics were found; preserve the source attribution and concentration caveats. — sec.gov (accessed 2026-09-24)
September 24 reference INOD price $71.87; quote refresh timestamp 2026-09-24T15:15:28.629614-06:00. This changes market-relative outputs; price alone does not change operating assumptions. (accessed 2026-09-24)
Supporting primary filing for the September 24 source review described above. — sec.gov (accessed 2026-09-24)
Q2 2026 revenue $92.142M, EBIT calculated $15.860M; SBC $7.196M; cash excluding pass-through prepayments approximately $134M; full-year revenue growth guidance at least 40%. — investor.innodata.com
July 31 basic shares 34.382651M and Q2 diluted weighted-average shares 34.771M versus basic 33.468M. Analyst diluted proxy 35.7M approximates latest basic plus Q2 incremental dilution; it is not a reported period-end diluted count. Pension and license obligations total $11.199M. — sec.gov
2026/2027 revenue, margins, capitalization yields and reinvestment assumptions are analyst scenarios, not management guidance or peer-derived multiples. 24% tax follows the 23%-25% long-run range discussed on the August 6 earnings call. D&A 2.5% and capex 3% are near first-half ratios; 6% incremental working capital is judgment. — investor.innodata.com
Meta is reported to be the largest customer; the Muse connection is unconfirmed. Hunterbrook disclosed its affiliate was long INOD. No separate Muse revenue or royalty is assumed. — hntrbrk.com
August 6 $300M ATM authorization is financing capacity, not evidence of issuance. No unverified proceeds or shares included. — sec.gov
Modeledge quote $70.9593 at 2026-09-23T17:04:18Z. This is a price snapshot and market inputs may refresh.
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