That's greater than the loss of $2.4 million, or 2 cents per share, the company posted in the same quarter a year ago.
But revenue for the period ending June 30 was $22.6 million, up 79.3% from the second quarter of 2021.
Inuvo Chairman and CEO Richard Howe told Arkansas Business in July 2021 that his business was emphasizing revenue growth over profitability. He said in a news release Monday that the company is positioning itself for major privacy changes in the industry that will result in the inability to utilize third-party cookies and consumer data.
"The industry we serve is rapidly changing, and within the next two years, we anticipate cookies will be eliminated on all major platforms including Apple and Google ... This disruptive change, already well underway within the industry provides Inuvo a unique opportunity to rapidly capture market share, while incumbents continue to develop and deploy variations on outdated technologies poorly aligned with the future," Howe said.
The company's operating expenses increased in the quarter to $16.2 million, up nearly 27% from $12.7 million a year ago. That includes a one-time marketing expense of $1.4 million related to fraudulent media purchased from a prominent advertising platform, from whom Inuvo expects reimbursement.
Inuvo ended the quarter with $8.4 million in cash, cash equivalents and marketable securities, along with $8.9 million of working capital and an unused working capital facility of $5 million. The company has no debt.
Inuvo shares were up more than 4% late Monday morning. For the year to date, shares are down nearly 10%.