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Inuvo Inc., a marketing technology company specializing in artificial intelligence, today announced a significant jump in its financial performance for the third quarter of 2023. The company reported record revenue of $24.6 million, an increase of 44% 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 increased to $23.5 million during the quarter and totaled $53.2 million for the nine months.
The company’s net loss for the third quarter narrowed 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 increased efficiency operational and successful market strategies of the company.
Inuvo’s balance sheet remains strong 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 $5 working capital facility .0 million, which currently has no outstanding balance.
In addition to its financial achievements, Inuvo has also made significant progress in product development and customer acquisition. The company launched version 2.0 of its Audience Discovery portal (NASDAQ and made improvements to its proprietary tool, IntentKey. These advancements allow advertisers to better target their 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 underlines the effectiveness of its ai-powered marketing solutions.
As of November 6, 2023, Inuvo had 137,981,678 common shares issued and outstanding, reflecting the company’s stable capital structure amid its expansion and innovation efforts.
Today’s announcements highlight Inuvo’s commitment to leveraging artificial intelligence technology to drive growth and profitability while continuing to innovate in the digital advertising space.
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