Innodata Inc.

innodata.com

What Do They Do?

Provides data engineering and AI services—including training data, model alignment, evaluation, safety testing and deployment support—to technology companies, AI labs and enterprises.

How Do They Make Money?

revenue

Segment	Share	Revenue
DDS	88% FY2022: 72%
Synodex	2.9% FY2022: 9.0%
Agility	9.3% FY2022: 19%

Who Are Their Customers?

Technology companies, AI labs and enterprises across several industries buy its services; it sells primarily through its direct sales team and is selectively expanding partnerships and channel relationships.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 48% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 13 cents of every revenue dollar as net income in FY2025 and turned 14 cents into free cash flow.

Operating income, FY2025

16% of revenue

▲ +64% vs FY2024 ($24.3M, 14%)

Net income, FY2025

13% of revenue

▲ +12% vs FY2024 ($28.7M, 17%)

Free cash flow, FY2025

14% of revenue

▲ +31% vs FY2024 ($27.1M, 16%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +58%; vs $58.4M in Q2 FY2025
Net income: ▲ +100%; vs $7.2M in Q2 FY2025

Aug 6, 2026 Announced a planned CEO transition Rahul Singhal is set to become CEO, while Jack Abuhoff becomes Executive Chairman; the company reiterated 2026 revenue growth guidance of 40% or more.
Jun 17, 2026 Appointed a CFO and reaffirmed 2026 growth guidance The company continued to expect 2026 revenue growth of approximately 40% or more, up from approximately 35% or more previously guided.

Growing. Revenue grew 3.6x in 4 years, from $69.8M in FY2021 to $251.7M in FY2025, about 38% a year.

Broader AI services The older report centers on collecting, creating and annotating training data, alongside custom-model deployment and integration. The latest describes a broader role that also covers post-training, alignment, ongoing model evaluation, safety testing and agentic systems.

Revenue over time

DDS Synodex Agility

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Appen, CloudFactory, Surge AI, Invisible Technologies, Turing, Mercor, Define.a, TELUS Digital, Scale AI, Accenture, Cognizant Technology Solutions, EXLService Holdings, Genpact, Infosys, PwC, QuantumBlack, and Tata Consultancy Services

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