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Fourth quarter revenue growth: $38.6 million, an increase of 15% from the previous year.
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Full-year sales: Increased 10% year over year to $140 million.
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Adjusted EBITDA:More than doubled to $8.3 million in the fourth quarter, representing a 21% profit margin. Full-year adjusted EBITDA reached $19.4 million.
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Improvement in net loss: Net loss improved to $1.7 million in the fourth quarter. Net loss for the year was $31.9 million.
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free cash flow: Achieved positive free cash flow of $1.4 million for the year.
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financial outlook: Innovid expects continued revenue growth and profit expansion in 2024.
On February 27, 2024, Innovid Corp (NYSE:CTV) released its 8-K filing, announcing its financial results for the fourth quarter and year ended December 31, 2023. The company, which provides a software platform for ad delivery, measurement and creative services across connected TV, mobile TV, and desktop TV environments, reported solid growth and financial performance for the year.
In the fourth quarter, Innovid Corp (NYSE:CTV)’s revenue increased to $38.6 million, an increase of 15% compared to the same period last year. This growth was driven by a 14% increase in his CTV revenue from ad serving and personalization to $14.2 million, and a 14% increase in measurement revenue to $8.6 million. The company’s net loss for the quarter improved to $1.7 million from a net loss of $3.4 million in the fourth quarter of 2022. Adjusted EBITDA more than doubled to $8.3 million, resulting in a profit margin of 21%.
For the full year, Innovid Corp (NYSE:CTV) reported revenue increased to $140 million, representing 10% year-over-year growth. The company’s CTV revenue from ad serving and personalization increased 9% to $53.2 million, while Measurement contributed 23% of total revenue to his $31.8 million. His net loss for the year was $31.9 million compared to his $18.4 million in 2022. However, adjusted EBITDA was significantly higher at $19.4 million, with a margin of 14%. Operating cash flow was positive at $12.4 million, compared with cash usage of $11.6 million in the prior year. The company also achieved positive free cash flow of $1.4 million, a significant improvement from its $22 million usage in 2022.
Financial performance analysis
Innovid Corp’s (NYSE:CTV) 2023 results demonstrate the company’s ability to expand revenue streams and improve profitability metrics such as Adjusted EBITDA. The company’s focus on connected TV advertising and measurement services aligns with the industry’s shift to streaming and digital platforms, positioning Innovid for continued growth in a rapidly evolving media landscape.
The improvement in net loss and the achievement of positive free cash flow are particularly noteworthy as they demonstrate a stronger financial position and the potential for sustainable growth. The Company’s cash and cash equivalents also increased to $49.6 million as of December 31, 2023, providing a solid liquidity foundation for future investments and operations.
Innovid’s 2024 financial outlook suggests confidence in its business model and market opportunity, with revenue growth expected to be 10% to 16% and adjusted EBITDA in the range of $22 million to $28 million. I am. These forecasts reflect the company’s strategic initiatives and anticipated continued demand for its advertising technology solutions.
In conclusion, Innovid Corp’s (NYSE:CTV) latest earnings report highlights that it has successfully navigated a dynamic media industry with a clear trajectory towards growth and profitability. The company is capitalizing on the shift to streaming and digital advertising and remains an attractive company for investors interested in the media and technology sectors.
For more detailed analysis and updates on Innovid Corp (NYSE:CTV)’s financial health, please visit GuruFocus.com.
For more information, see Innovid Corp’s full 8-K earnings release here.
This article first appeared on GuruFocus.
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