Inuvo Inc. of Little Rock (NYSE American: INUV) on Friday reported record quarterly revenue of $26.7 million, a 57% increase from $17 million in the same quarter last year.
The company narrowed its net loss to $1.3 million, or 1 cent per share, a 38% improvement from the $2.1 million loss, or 2 cents per share, reported in the first quarter of 2024.
The marketing technology provider had previously swung to profitability for the first time in years in the fourth quarter of 2024.
The increase in revenue primarily came from a 61% increase within the company’s platforms segment and a 31% increase within its agencies & brands segment.
Operating expenses increased 34% to $22.9 million, up from $17 million in the same period last year. The rise was attributed to higher marketing costs, increased compensation expenses and higher general and administrative expenses.
Shares of Inuvo jumped 5% on Friday morning to 41 cents. Over the past 12 months, shares were up more than 31%.
During the quarter, Inuvo added 20 new IntentKey clients and now has 15 self-service clients. Inuvo’s IntentKey AI solution identifies why consumers are interested in products, services or brands.
The company has also been expanding its offerings, launching an enhanced IntentKey Self-Serve Platform and introducing zip code-level audience insights and targeting.
“I’m thrilled to announce another record quarter, our second consecutive, with 57% year-over-year growth driven by both product lines,” Inuvo CEO Richard Howe said in the earnings release. “As Q1 is typically our weakest quarter, this strong performance sets a positive tone for the year ahead.”
Howe also said in the release that the platform product is benefiting from technology enhancements initiated in late 2023, while their Agencies & Brands segment is “thriving” with new capabilities.
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