Marketing technology provider Inuvo Inc. of Little Rock (NYSE American: INUV) on Friday reported a third-quarter loss of $2 million, a 67% increase from a $1.2 million loss in the same quarter last year.
The loss includes $1.6 million of non-cash expenses, including a one-time $600,000 impairment charge related to a referral and support services agreement that is no longer active.
Operating expenses for the quarter totaled $21.7 million, down 7.9% compared to $23.5 million for the same period last year. Marketing costs were $17 million, down 3.5% from $17.6 million in the third quarter of 2023.
The loss comes out to 1 cent per share, which is the same as the third quarter of last year.
Revenue for the quarter was $22.4 million, down 9.4% from $24.6 million in the same quarter last year, but up 23% from the second quarter of this year.
A press release stated Inuvo “closed a significant new retail client agreement” in the quarter and that it secured a $10 million credit line in July.
“We are preparing for the launch of an exciting update to our self-service IntentKey product, which we expect to announce early in Q1 2025,” CEO Richard Howe said in the release. “This update will take AI driven audience curation and targeting to an entirely new level never before achieved within marketing.”
Inuvo bills its IntentKey technology as the first large-language generative artificial intelligence solution able to identify and target ad audiences without tracking or using consumer cookies.
As of Sept. 30, Inuvo had $2.6 million in cash and cash equivalents and an unused working capital facility of $10 million and no debt.
Shares of the company were trading at at 24 cents Friday morning, down 44% year to date.
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