Innodata revenue rises 53% to $95.6 million as it raises 2026 growth outlook

Innodata reported third-quarter revenue of $95.6 million, up 53% from a year earlier and about 15% above analyst consensus, according to the company's results release. Adjusted EBITDA came to $17.7 million and net income to $10.3 million, or $0.29 per diluted share.

The company raised its full-year 2026 revenue growth guidance to 42% or more, from 40% or more, even after absorbing the wind-down of a program at one of its large customers. A customer that made up less than 5% of revenue a year ago became its largest in the quarter, and Innodata has signed an additional program with that customer in the fourth quarter worth about $18 million.

Innodata also won five new programs with a large hyperscaler and forecasts more than $20 million in revenue from that customer in 2027. It launched a motion capture lab in September to produce training data for humanoid robots and world models, and is running pilots with frontier and robotics labs; one pilot, if successful, would bring about $7 million in revenue in 2027, the company said.

"We believe we are on the cusp of a profound market opportunity in physical AI," said Rahul Singhal, who presented his first results as chief executive. Cash and cash equivalents stood at $164.0 million at the end of September.