We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Innovid Corp | NYSE:CTV | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.06 | -1.94% | 3.03 | 3.0995 | 3.02 | 3.0904 | 6,632,607 | 23:07:10 |
From Jul 2024 to Jan 2025
Innovid Corp. (NYSE:CTV) (the "Company"), an independent software platform for the creation, delivery, measurement, and optimization of advertising across connected TV (CTV), linear TV, and digital, today announced financial results for the second quarter ended June 30, 2024.
“I am pleased to report Innovid delivered another quarter of double-digit, profitable revenue growth,” said Zvika Netter, Co-Founder and CEO. “Since the beginning of 2024, we have made momentous progress, including the launch of our strategic Harmony Initiative and new partnerships with leading players in the market. We continue to invest significantly in strategic innovation for the future of CTV, while also delivering Adjusted EBITDA margin expansion.”
Second Quarter 2024 Financial Summary
Recent Business Highlights
Financial Outlook
Innovid is providing the following financial guidance for Q3 and reiterating full year 2024 guidance:
*See non-GAAP financial measures and reconciliation of GAAP to non-GAAP tables.
Conference Call
The Company will host a conference call and webcast to discuss second quarter 2024 financial results today at 8:30 a.m. Eastern Time. Hosting the call will be Zvika Netter, Co-founder and Chief Executive Officer and Anthony Callini, Chief Financial Officer. The conference call will be available via webcast at investors.innovid.com. To participate via telephone, please dial (+1) 877-407-3211 (toll free) or (+1) 201-389-0862 (toll-free international).
Following the call, a replay of the webcast will be available for 90 days on the Innovid Investor Relations website.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures under the rules of the U.S. Securities and Exchange Commission. This non-GAAP information supplements and is not intended to represent a measure of performance in accordance with disclosures required by generally accepted accounting principles. Non-GAAP financial measures are used internally as measures of operational efficiency to understand and evaluate our core business operations, as well as comparisons to peers as similar measures are frequently used by securities analysts, investors, ratings agencies and other interested parties to evaluate businesses in our industry. Accordingly, Innovid believes it is useful for investors and others to review both GAAP and non-GAAP measures in order for (a) period-to-period comparisons of our core business, (b) comparisons to peers as similar measures are frequently used by securities analysts, investors, ratings agencies and other interested parties to evaluate businesses in our industry, and (c) providing an understanding and evaluation of our trends when comparing our operating results, on a consistent basis, by excluding items that we do not believe are indicative of our core operating performance. However, these non-GAAP financial measures should not take the place of GAAP financial measures in evaluating our business. The primary limitations associated with the use of non-GAAP financial measures are that these measures may not be directly comparable to the amounts reported by other companies and they do not include all items of income and expense that affect operations. Innovid management compensates for these limitations by considering the company’s financial results and outlook as determined in accordance with GAAP and by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures in the tables attached to this press release. We are not able to provide a reconciliation of the projected Adjusted EBITDA to expected net (loss) income attributable to Innovid for the second quarter of 2024 or the full year of 2024, without unreasonable effort. This is due to the unknown effect, timing, and potential significance of the effects of taxes on income in multiple jurisdictions, finance (income)/expenses including valuations, among others. These items have in the past, and may in the future, significantly affect GAAP results in a particular period.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1996. The Company's actual results may differ from its expectations, estimates, and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," "aim," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company's expectations regarding its future financial results, expected growth, and future market opportunity. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results, including Innovid's ability to achieve and, if achieved, maintain profitability, decrease and/or changes in CTV audience viewership behavior, Innovid's failure to make the right investment decisions or to innovate and develop new solutions, inaccurate estimates or projections of future financial performance, Innovid's failure to manage growth effectively, the dependence of Innovid's revenues and business on the overall demand for advertising and a limited number of advertising agencies and advertisers, the actual or potential impacts of international conflicts and humanitarian crises on global markets, the rejection of digital advertising by consumers, future restrictions on Innovid's ability to collect, use and disclose data, market pressure resulting in a reduction of Innovid's revenues per impression, Innovid's failure to adequately scale its platform infrastructure, exposure to fines and liability if advertisers, publishers and data providers do not obtain necessary and requisite consents from consumers for Innovid to process their personal data, competition for employee talent, seasonal fluctuations in advertising activity, payment-related risks, interruptions or delays in services from third parties, errors, defects, or unintended performance problems in Innovid's platform, intense market competition, failure to comply with the terms of third party open source components, changes in tax laws or tax rulings, failure to maintain an effective system of internal controls over financial reporting, failure to comply with data privacy and data protection laws, infringement of third party intellectual property rights, difficulty in enforcing Innovid's own intellectual property rights, system failures, security breaches or cyberattacks, additional financing if required may not be available, the volatility of the price of Innovid's common stock and warrants, and other important factors discussed under the caption "Risk Factors" in Innovid's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commissions (“SEC”) on February 29, 2024, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC's website at www.sec.gov and the Investors Relations section of Innovid's website at investors.innovid.com. You should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the Company's control and are difficult to predict. The Company cautions not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
About Innovid
Innovid (NYSE:CTV) is an independent software platform for the creation, delivery, measurement, and optimization of advertising across connected TV (CTV), linear, and digital. Through a global infrastructure that enables cross-platform ad serving, data-driven creative, and measurement, Innovid offers its clients always-on intelligence to optimize advertising investment across channels, platforms, screens, and devices. Innovid is an independent platform that leads the market in converged TV innovation, through proprietary technology and exclusive partnerships designed to reimagine TV advertising. Headquartered in New York City, Innovid serves a global client base through offices across the Americas, Europe, and Asia Pacific. To learn more, visit https://www.innovid.com/ or follow us on LinkedIn or X.
INNOVID, CORP. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands)
June 30, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
30,580
$
49,585
Trade receivables, net
45,762
46,420
Prepaid expenses and other current assets
5,375
5,615
Total current assets
81,717
101,620
Long-term restricted deposits
430
412
Property and equipment, net
20,449
18,419
Goodwill
102,473
102,473
Intangible assets, net
22,309
24,318
Operating lease right of use asset
11,047
1,435
Other non-current assets
799
1,278
Total assets
$
239,224
$
249,955
Liabilities and Stockholders’ Equity
Current liabilities:
Trade payables
$
6,548
$
2,810
Employee and payroll accruals
9,312
14,060
Lease liabilities—current portion
1,354
1,200
Accrued expenses and other current liabilities
11,849
7,426
Total current liabilities
29,063
25,496
Long-term debt
—
20,000
Lease liabilities—non-current portion
10,053
634
Other non-current liabilities
10,536
7,528
Warrants liability
664
307
Common stock
14
13
Additional paid-in capital
388,467
378,774
Accumulated deficit
(199,573
)
(182,797
)
Total stockholders’ equity
188,908
195,990
Total liabilities and stockholders’ equity
$
239,224
$
249,955
INNOVID, CORP. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands, except share and per share data)
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Revenue
$
37,951
$
34,546
$
74,689
$
65,031
Cost of revenue (1)
9,097
8,591
17,829
16,856
Research and development (1)
7,304
6,876
13,625
13,993
Sales and marketing (1)
12,215
11,460
23,841
23,097
General and administrative (1)
9,297
8,924
19,832
18,574
Depreciation and amortization
2,831
2,064
5,455
4,094
Goodwill impairment
—
14,503
—
14,503
Operating loss
(2,793
)
(17,872
)
(5,893
)
(26,086
)
Finance income, net
(78
)
(248
)
(120
)
(2,723
)
Loss before taxes
(2,715
)
(17,624
)
(5,773
)
(23,363
)
Taxes on income
7,827
1,335
11,003
4,159
Net loss
$
(10,542
)
$
(18,959
)
$
(16,776
)
$
(27,522
)
Net loss per share common share—basic and diluted
$
(0.07
)
$
(0.14
)
$
(0.12
)
$
(0.20
)
Weighted-average number of shares used in computing net loss per share:
Basic and diluted
144,772,932
137,643,910
143,574,479
134,296,569
(1) Exclusive of depreciation and amortization presented separately.
INNOVID, CORP. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited and in thousands, except share and per share data)
Three months ended June 30, 2024
Common stock
Additional paid-in capital
Accumulated deficit
Total stockholders’ equity
Shares
Amount
Balance as of March 31, 2024
143,861,609
$
13
$
382,935
$
(189,031
)
$
193,917
Stock-based compensation
5,496
5,496
Issuance of common stock:
—exercised options and RSUs vested
1,942,048
1
36
37
Net loss
(10,542
)
(10,542
)
Balance as of June 30, 2024
145,803,657
$
14
$
388,467
$
(199,573
)
$
188,908
Three months ended June 30, 2023
Common stock
Additional paid-in capital
Accumulated deficit
Total stockholders’ equity
Shares
Amount
Balance as of March 31, 2023
136,616,734
$
13
$
361,948
$
(159,449
)
$
202,512
Stock-based compensation
5,658
5,658
Issuance of common stock:
—exercised options and RSUs vested
2,120,370
—
364
364
Net loss
(18,959
)
(18,959
)
Balance as of June 30, 2023
138,737,104
$
13
$
367,970
$
(178,408
)
$
189,575
Six months ended June 30, 2024
Common stock
Additional paid-in capital
Accumulated deficit
Total stockholders’ equity
Shares
Amount
Balance as of December 31, 2023
141,194,179
$
13
$
378,774
$
(182,797
)
$
195,990
Stock-based compensation
9,614
9,614
Issuance of common stock:
—exercised options and RSUs vested
4,609,478
1
79
80
Net loss
(16,776
)
(16,776
)
Balance as of June 30, 2024
145,803,657
14
$
388,467
$
(199,573
)
$
188,908
Six months ended June 30, 2023
Common stock
Additional paid-in capital
Accumulated deficit
Total stockholders’ equity
Shares
Amount
Balance as of December 31, 2022
133,882,414
$
13
$
356,801
$
(150,886
)
$
205,928
Stock-based compensation
10,555
10,555
Issuance of common stock:
—exercised options and RSUs vested
4,854,690
—
614
614
Net loss
(27,522
)
(27,522
)
Balance as of June 30, 2023
138,737,104
$
13
$
367,970
$
(178,408
)
$
189,575
INNOVID, CORP. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited and in thousands)
Six months ended June 30,
2024
2023
Cash flows from operating activities:
Net loss
$
(16,776
)
$
(27,522
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
5,455
4,094
Goodwill impairment
—
14,503
Stock-based compensation
9,025
9,865
Change in fair value of warrants
357
(3,279
)
Loss on foreign exchange, net
251
—
Changes in operating assets and liabilities:
Trade receivables, net
658
415
Prepaid expenses and other assets
535
(1,390
)
Operating lease right of use assets
404
902
Trade payables
3,739
1,060
Employee and payroll accruals
(4,748
)
804
Operating lease liabilities
(444
)
(1,130
)
Accrued expenses and other liabilities
7,430
2,626
Net cash provided by operating activities
5,886
948
Cash flows from investing activities:
Internal use software capitalization
(4,280
)
(5,591
)
Purchases of property and equipment
(587
)
(189
)
Withdrawal of short-term bank deposits
165
10,000
Increase in deposits
—
27
Net cash (used in) provided by investing activities
(4,702
)
4,247
Cash flows from financing activities:
Proceeds from loan
—
10,000
Payment on loan
(20,000
)
(10,000
)
Proceeds from exercise of options
80
614
Net cash (used in) provided by financing activities
(19,920
)
614
Effect of exchange rates on cash, cash equivalents and restricted cash
(251
)
—
(Decrease) increase in cash, cash equivalents, and restricted cash
(18,987
)
5,809
Cash, cash equivalents, and restricted cash at the beginning of the period
49,997
37,971
Cash, cash equivalents, and restricted cash at the end of the period
$
31,010
$
43,780
INNOVID, CORP. AND ITS SUBSIDIARIES
OTHER INFORMATION
(Unaudited and in thousands)
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN PERCENT
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Net loss
$
(10,542
)
$
(18,959
)
$
(16,776
)
$
(27,522
)
Net loss margin percent
(28
)%
(55
)%
(22
)%
(42
)%
Depreciation and amortization
2,831
2,064
5,455
4,094
Goodwill impairment
—
14,503
—
14,503
Stock-based compensation
5,187
5,334
9,025
9,958
Finance income, net (a)
(78
)
(248
)
(120
)
(2,723
)
Retention bonus expenses (b)
40
148
132
445
Legal claims
206
342
1,134
656
Severance cost
415
—
415
845
Other
(14
)
23
—
272
Taxes on income
7,827
1,335
11,003
4,159
Adjusted EBITDA
$
5,872
$
4,542
$
10,268
$
4,687
Adjusted EBITDA margin percent
15.5
%
13.1
%
13.7
%
7.2
%
(a)
Finance income, net consists mostly of remeasurement related to revaluation of our warrants, remeasurement of our foreign subsidiary’s monetary assets, liabilities and operating results, and our interest expense.
(b)
Retention bonus expenses consists of retention bonuses for certain TVS employees.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Net cash provided by operating activities
$
1,234
$
580
$
5,886
$
948
Loss on foreign exchange, net
(161
)
—
(251
)
—
Capital expenditures
(2,326
)
(2,600
)
(4,867
)
(5,780
)
Free Cash Flow
$
(1,253
)
$
(2,020
)
$
768
$
(4,832
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806855808/en/
Investor Lauren Hartman IR@innovid.com
Media Megan Garnett Coyle megan@innovid.com
1 Year Innovid Chart |
1 Month Innovid Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
