Marketing technology provider Inuvo Inc. of Little Rock said Thursday that it grew its revenue but widened its losses in 2021 and in the fourth quarter.
The company (Nasdaq: INUV) lost $7.6 million in 2021, compared to a $7.3 million loss in 2020, and it lost $1.2 million in the quarter, compared to a $714,965 loss in the same quarter a year ago.
But full-year revenue was up by 34% year-over-year. It was $59.8 million compared to $44.6 million in 2020.
Quarterly revenue also increased, by 53% year-over-year, to $19.7 million from $12.9 million. It was also up from the third quarter, by 17.2%.
Inuvo Chairman and CEO Rich Howe told Arkansas Business in July that his business has prioritized revenue growth over profitability.
He said in Thursday’s news release that Inuvo’s latest earnings are "a testament to the demand for both the ValidClick and IntentKey platforms. Additionally, as we had been messaging throughout the year, we delivered a positive Adjusted EBITDA in the fourth quarter."
Full-year revenue from the company’s ValidClick business was up 22% year-over-year, and revenue from its IntentKey platform was up 75%.
Operating expenses for the year were $51.7 million, up from $44.4 million in 2020. For the quarter, they were $12.3 million, up from $12.6 million reported for the same time the year before.