Innodata Inc

Innodata Inc. is a U.S.-based data engineering and AI systems services company that helps customers build, train, evaluate, and deploy advanced AI models. It combines human expertise, proprietary workflows, and industry-specific platforms to turn unstructured information into structured data and AI-ready outputs for technology companies and enterprises.

18,6 %

39,5 %

12,8 %

+47,6 %

2.68

2.68

— Innodata Inc
%
Digital Data Solutions (DDS)80% Custom data engineering, training data creation, evaluation, and AI workflow services for large AI and technology customers.
Synodex10% Software and services that convert medical records into structured digital data for insurance and healthcare workflows.
Agility10% Media intelligence and public relations workflow software enhanced with AI-driven monitoring and analytics.

Innodata sells primarily to large technology companies, frontier AI labs, and enterprises that need high-quality data...

  • Large technology companiesprimary

    Buy data engineering, training data, evaluation, and deployment support to scale AI products and models.

  • Frontier AI labs and model developersprimary

    Buy post-training, alignment, and evaluation services to improve model reliability and safety.

  • Enterprise customerssecondary

    Buy AI integration, workflow customization, and quality assurance to operationalize AI in business processes.

  • Insurance and healthcare organizationssecondary

    Buy Synodex to convert medical records into structured data for claims, underwriting, and clinical workflows.

  • Media and communications teamssecondary

    Buy Agility PR Solutions for media intelligence, monitoring, and PR workflow software.

The company is headquartered in the United States, but its operations are distributed across North America and...

  • •Headquartered in the United States
  • •Major operations in India, the Philippines, and Sri Lanka
  • •Additional operations in Canada, Germany, Israel, and the UK
  • •Customers are primarily in North America and Europe
  • •Non-U.S. customers were 16% of revenue in 2025

Innodata is positioning itself as an AI infrastructure and services partner for customers that need reliable data,...

01
Scale AI data engineering and evaluation servicesshort-term

This is the core revenue engine and benefits from rising demand for training, alignment, and QA work.

02
Develop proprietary AI-enabled platformsmedium-term

Synodex and Agility can create more recurring, differentiated revenue than pure services.

03
Invest in applied research and future capabilitieslong-term

Innodata Labs helps the company adapt to new AI architectures and customer needs before demand matures.

The business is highly concentrated, with one DDS customer generating 58% of total revenue in 2025, so contract loss or...

critical

Customer concentration in DDS

One customer represented about 58% of total revenue in 2025, so loss or downsizing would materially hurt results.

Scope
DDS segment
Materiality
high
high

Cybersecurity and data privacy incidents

The company handles sensitive data and AI workflows, so breaches could interrupt operations and create contractual or legal claims.

Scope
Global operations and customer data
Materiality
high
high

AI technology and execution risk

Rapid changes in model architectures and customer requirements could reduce demand for current services if the company fails to adapt.

Scope
AI data engineering and platform offerings
Materiality
high
medium

International operating and tax risk

A major portion of operations is in India, the Philippines, and Sri Lanka, where tax and regulatory environments can be unpredictable.

Scope
Asia-Pacific delivery centers
Materiality
medium
Revenue recognition
Reported revenue and gross margin timing
Goodwill impairment
Potential non-cash impairment expense
Allowance for credit losses and billing adjustments
Net revenue and working capital
Deferred tax asset valuation
Income tax expense and equity

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: 28/04/2026