Inuvo Inc., a marketing technology company specializing in artificial intelligence, today announced a significant leap in its financial performance for the third quarter of 2023. The company reported a record-breaking revenue of $24.6 million, a 44% increase compared to the same period last year. This growth is largely attributed to the company's strategic focus on indirect channels, which has proven to be beneficial for both revenue and gross profit.
For the quarter ended September 30, 2023, Inuvo's gross profit soared to $22.3 million, contributing to a nine-month gross profit of $45.2 million. Despite this substantial revenue growth, operating expenses also climbed to $23.5 million for the quarter and totaled $53.2 million over the nine months.
The firm's net loss for the third quarter was reduced to $1.2 million, down from a more substantial loss of $3.8 million in the third quarter of 2022. This improvement in net loss reflects the company's enhanced operational efficiency and successful market strategies.
Inuvo's balance sheet remains robust with $7.0 million in cash and cash equivalents as of September 30, 2023. The company also reported having approximately $1.7 million in working capital and access to a working capital facility of $5.0 million, which currently has no outstanding balance.
Alongside its financial achievements, Inuvo has also made significant strides in product development and client acquisition. The company launched version 2.0 of its Audience Discovery (NASDAQ:WBD) Portal and made enhancements to its proprietary tool, IntentKey. These advancements allow advertisers to better target audiences, including Safari browser users who are typically harder to reach due to privacy restrictions.
The addition of a dozen new clients from various sectors demonstrates Inuvo's growing appeal across industries and underscores the effectiveness of its AI-driven marketing solutions.
As of November 6, 2023, Inuvo had 137,981,678 common shares issued and outstanding, reflecting the company's stable equity structure amidst its expansion and innovation efforts.
Today's announcements highlight Inuvo's commitment to leveraging AI technology to drive growth and profitability while continuing to innovate in the digital advertising space.
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