EXCLUSIVE: AI-Based Ad Solution Firm Inuvo Reports Positive Q3 Free Cash Flow And Adjusted EBITDA, Sales Jump 44%

Inuvo Inc (NYSE: INUV) has reported Q3 net revenue of $24.6 million, compared to $17.1 million for the same period last year, beating the consensus of $17.254 million.

The higher revenues were primarily attributable to an increased focus on Indirect channels since the start of the year.

The change in the mix between Direct and Indirect revenue in 2023 is attributed to this change in focus. Indirect channels provide access to multiple end clients.

The gross profit margin was 90.7% compared to 60.3% a year ago due to changes in revenue mix, where a greater percentage of the revenue this year was from Indirect customers, which typically have higher gross margins.

The company reported lower Q3 net loss of $(0.01) per share compared to $(0.03) a year ago, beating the consensus of $(0.03).

Adjusted EBITDA was approximately $32 thousand compared to a loss of approximately $2.6 million for the same period last year.

As of September 30, 2023, Inuvo had $7.0 million in cash and cash equivalents, approximately $1.7 million of working capital, and a working capital facility of $5.0 million with no outstanding balance.

Inuvo offers IntentKey, an Artificial Intelligence solution for identifying and actioning why consumers are interested in products, services, or brands.

Price Action: INUV shares closed at $0.18 on Thursday.

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This article EXCLUSIVE: AI-Based Ad Solution Firm Inuvo Reports Positive Q3 Free Cash Flow And Adjusted EBITDA, Sales Jump 44% originally appeared on Benzinga.com

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