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    Inuvo Reports Record Fourth Quarter 2024 Revenue of $26.2 Million, 26% Year-Over-Year Growth and Net Income

    2/27/25 4:05:00 PM ET
    $INUV
    Advertising
    Consumer Discretionary
    Get the next $INUV alert in real time by email

    Q4 2024 Net Income of $141 thousand and Adjusted EBITDA of $1.2 million

    Inuvo management to host conference call today at 4:15 PM ET

    LITTLE ROCK, Ark., Feb. 27, 2025 (GLOBE NEWSWIRE) -- Inuvo, Inc. (NYSE:INUV), a leading provider of artificial intelligence AdTech solutions, today provided a business update and announced its financial results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 Financial Highlights:

    • Revenue was a record $26.2 million, a 26% increase compared to $20.8 million in Q4 2023
    • Gross profit increased 20% to $21.8 million, compared to $18.2 million in Q4 2023
    • Net income was $141 thousand, compared to net loss of $2.4 million for Q4 2023
    • Adjusted EBITDA was $1.2 million, compared to a loss of $1.2 million for Q4 2023

    Full Year 2024 Financial Highlights:

    • Revenue increased 13% to $83.8 million, compared to $73.9 million in 2023
    • Gross profit increased 13% to $71.8 million, compared to $63.4 million in 2023
    • Net loss decreased by 45% to a loss of $5.8 million, compared to a net loss of $10.4 million in 2023
    • Adjusted EBITDA loss improved sixfold to $816,000 compared to $5.3 million in 2023
    • $230,000 in Net Cash from Operating activities was generated in 2024

    2024 Operational Highlights:

    • Secured a Master Services Agreement with one of the largest retailers in the world
    • Signed 33 new agencies/brands and one new platform during the year
    • Secured a $10.0 million credit line in July
    • Launched enhancements to the IntentKey Self-Serve Platform, an advanced AI agent specifically designed for audience modeling

    Richard Howe, CEO of Inuvo, stated, "Q4 2024 was a record-breaking quarter, delivering 26% year-over-year growth and generating $26.2 million in revenue—our largest quarter ever. This strong performance contributed to a 13% revenue increase for the full fiscal year. Over the past 18 quarters, we have sustained an approximately 7% compounded quarterly growth rate. This year, all our key financial metrics had strong year-over-year improvements. Notably, in Q4, we achieved positive net income and adjusted EBITDA."

    Mr. Howe continued, "We made a number of significant technological advancements in 2024, most notably the enhancements to the IntentKey Self-Serve Platform. This groundbreaking innovation democratizes advertising by allowing anyone of any caliber to describe and then immediately execute targeting, giving the AI nothing other than some simple audience descriptions."

    Financial Results for the Fourth Quarter and Full Year Ended December 31, 2024

    Net revenue for the fourth quarter of 2024 totaled $26.2 million, compared to $20.8 million for the same period last year, a 26% year-over-year increase. The higher revenue was due to increasing demand within both Platforms and Agencies & Brands. Net revenue for the year ended December 31, 2024 totaled $83.8 million, compared to $73.9 million during the same period in 2023, a 13% year-over-year increase.

    Cost of revenue for the fourth quarter of 2024, totaled $4.4 million compared to $2.6 million for the same period last year. Cost of revenue for the full year ended December 31, 2024, totaled $12.0 million, as compared to $10.5 million for the same period last year. The increase in the cost of revenue for the three months and full year ended December 31, 2024, as compared to the same period last year, was due to higher revenue within a Platform client this year.

    Gross profit for the fourth quarter of 2024 and full year ended December 31, 2024 totaled $21.8 million and $71.8 million, respectively, as compared $18.2 million and $63.4 million, respectively, for the same periods last year. Gross profit margin for the fourth quarter of 2024 and the full year ended December 31, 2024 was approximately 83.1% and 85.6%, respectively, as compared to 87.3% and 85.8%, respectively, for the same periods last year.

    Operating expenses for the fourth quarter of 2024 totaled $21.5 million, compared to $20.6 million for the same period last year. Operating expenses for the full year ended December 31, 2024 totaled $77.3 million, compared to $73.8 million for the same period last year. The higher operating expenses for the year ended December 31, 2024 was primarily driven by a 14.8% increase in Marketing costs compared to the same period in 2023. This increase was largely attributable to higher revenue from Platform advertisers.

    Net interest expense/income for the fourth quarter of 2024 and the full year ended December 31, 2024 was approximately an expense of $103 thousand and an income of $267 thousand, respectively, compared to an income of approximately $8 thousand and an expense of $30 thousand for the same periods last year, respectively. The higher interest expense this year was due to increased borrowing from our line of credit.

    Other expense/income for both the fourth quarter of 2024 and the full year ended December 31, 2024 was income of approximately $27 thousand, respectively, compared to income of approximately $0 and $15 thousand for the same periods last year, respectively. The income for this year was due to setup charges for new Platform partners. Last year's income was due to unrealized and realized gains on trading securities.

    Net income for the fourth quarter of 2024 was $141 thousand, or $0.00 per basic and diluted share, as compared to net loss of $2.4 million, or $0.02 per basic and diluted share, for the same period last year. Net loss for the full year ended December 31, 2024 totaled $5.8 million, or $0.04 per basic and diluted share, as compared to net loss of $10.4 million, or $0.08 per basic and diluted share, for the same period last year.

    Adjusted EBITDA [see reconciliation table below] was approximately $1.2 million in the fourth quarter of 2024, compared to an Adjusted EBITDA loss of approximately $1.2 million for the same period last year. Adjusted EBITDA was a loss of approximately $816 thousand for the full year ended December 31, 2024, compared to a loss of approximately $5.3 million for the same period last year.

    Liquidity and Capital Resources:

    On December 31, 2024, Inuvo had $2.5 million in cash and cash equivalents, an unused working capital facility of $10.0 million and no debt.

    As of February 21, 2025, Inuvo had 142,795,483 common shares issued and outstanding.

    Conference Call Details: 

    Date: Thursday, February 27, 2025

    Time: 4:15 p.m. Eastern Standard Time 

    Toll-free Dial-in Number: 1-800-717-1738

    International Dial-in Number: 1-646-307-1865

    Conference ID: 11158080

    Webcast Link: HERE

    A telephone replay will be available through Thursday, March 13, 2025. To access the replay, please dial 1- 844-512-2921 (domestic) or 1-412-317-6671 (international). At the system prompt, please enter the code 11158080 followed by the # sign. You will then be prompted for your name, company, and phone number. Playback will then automatically begin.

    About Inuvo

    Inuvo®, Inc. (NYSE:INUV) is a market leader in Artificial Intelligence built for advertising. Its IntentKey AI solution is a first-of-its-kind proprietary and patented technology capable of identifying and actioning to the reasons why consumers are interested in products, services, or brands, not who those consumers are. To learn more, visit www.inuvo.com.

    Safe Harbor / Forward-Looking Statements

    This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, without limitation risks detailed from time to time in our filings with the Securities and Exchange Commission (the "SEC"), and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" in Inuvo, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed on February 27, 2025, and our other filings with the SEC. Inuvo cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Inuvo does not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. Inuvo further expressly disclaims any written or oral statements made by a third-party regarding the subject matter of this press release. The information which appears on our websites and our social media platforms is not part of this press release.

    Inuvo Company Contact:

    Wally Ruiz

    Chief Financial Officer

    Tel (501) 205-8397

    [email protected]

    Investor Relations:

    David Waldman / Natalya Rudman

    Crescendo Communications, LLC

    Tel: (212) 671-1020

    [email protected]

    (tables follow)

    INUVO, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
                
     Three Months Ended Twelve Months Ended

     December 31 December 31 December 31

     December 31

      2024   2023   2024   2023 
    Net revenue$26,189,924  $20,842,095  $83,793,859  $73,911,528 
    Cost of revenue 4,433,905   2,643,543   12,033,777   10,477,272 
    Gross profit 21,756,019   18,198,552   71,760,082   63,434,256 
    Operating expenses: 83.1%  87.3%  85.6%  85.8%
    Marketing costs 17,122,706   15,212,600   59,663,061   51,982,572 
    Compensation 2,703,309   3,591,109   12,065,783   13,793,309 
    General and administrative 1,709,887   1,821,821   5,545,049   8,050,590 
    Total operating expenses 21,535,902   20,625,530   77,273,893   73,826,771 
    Operating income (loss) 220,117   (2,426,978)  (5,513,811)  (10,392,515)
    Interest expense (income), net 102,910   (7,884)  266,772   29,570 
    Other income 26,812   -   26,812   14,668 
    Income tax expense (benefit) 2,678   (17,764)  8,030   (17,764)
    Net income (loss) 141,341   (2,401,330)  (5,761,801)  (10,389,653)
    Other comprehensive income:               
    Unrealized loss on marketable securities -   -   -   84,868 
    Comprehensive income (loss)$141,341  $(2,401,330) $(5,761,801) $(10,304,785)
                    
    Net loss per share, basic and diluted$0.00  ($0.02) ($0.04) ($0.08)
    Weighted average shares outstanding:               
    Basic 140,494,192   127,381,051   139,968,374   131,116,370 
    Diluted 140,494,192   127,381,051   139,968,374   131,116,370 
           





    INUVO, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
     
        
     December 31 December 31
     2024   2023
    Assets   
        
    Cash and cash equivalent$2,459,245  $4,440,454 
    Accounts receivable, net 12,545,771   9,226,956 
    Prepaid expenses and other current assets 639,805   1,076,121 
    Total current assets 15,644,821   14,743,531 
        
    Property and equipment, net 1,792,903   1,680,788 
        
    Goodwill 9,853,342   9,853,342 
    Intangible assets, net of accumulated amortization 3,897,875   4,664,791 
    Other assets 1,006,990   1,431,692 
        
    Total assets$32,195,931  $32,374,144 
        
    Liabilities and Stockholders' Equity   
        
    Current liabilities   
    Accounts payable$8,422,351  $6,432,120 
    Accrued expenses and other current liabilities 9,463,537   8,100,354 
    Total current liabilities 17,885,888   14,532,474 
        
    Long-term liabilities 835,271   859,484 
        
    Total stockholders' equity 13,474,772   16,982,186 
    Total liabilities and stockholders' equity$32,195,931  $32,374,144 





    RECONCILIATION OF LOSS FROM CONTINUING OPERATIONS BEFORE TAXES TO ADJUSTED EBITDA
    (unaudited)
             
     Three Months Ended Twelve Months Ended
      December 31  December 31 December 31 December 31
      2024   2023   2024   2023 
    Net income (loss) 141,341   (2,401,330) $(5,761,801) $(10,389,653)
    Interest expense (income), net 102,910   (7,884)  266,772   29,570 
    Income tax expense (benefit) 2,678   (17,764)  8,030   (17,764)
    Depreciation and amortization on PP&E 446,608   425,106   1,745,261   1,670,868 
    Amortization 123,412   264,523   824,272   1,080,690 
    EBITDA 816,949   (1,737,349)  (2,917,466)  (7,626,289)
    Stock-based compensation 413,911   514,613   1,501,444   1,986,296 
    Non recurring items:         
    Unrealized loss on marketable securities         14,668 
    Doubtful account reserve         361,097 
    Impairment & amortization of services agreement       600,000   
    Adjusted EBITDA 1,230,860   (1,222,736)  (816,022)  (5,264,228)
              

    Reconciliation of Operating Loss to EBITDA and Adjusted EBITDA 

    We present EBITDA and Adjusted EBITDA as a supplemental measure of our performance. We defined EBITDA as Net loss plus (i) interest expense, (ii) income tax expense, (iii) depreciation, and (iv) amortization. We further define Adjusted EBITDA as EBITDA plus (v) stock-based compensation and (vi) certain identified expenses that are not expected to recur or be representative of future ongoing operation of the business. These adjustments are itemized above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same or similar to some of the adjustments in the presentation. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.



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