Marketing technology provider Inuvo Inc. of Little Rock said Thursday that it lost $2.2 million, or 2 cents per share, during the first quarter.
That’s an improvement from the loss of $2.8 million, or 5 cents per share, it reported in the same quarter last year.
First-quarter revenue for the company (Nasdaq: INUV) was $10.6 million, down 28.9% from $14.9 million in the first quarter of 2020. Inuvo said that decrease was “predominately due to pandemic-induced lower revenue within the ValidClick platform.”
Its IntentKey business accounted for $2.1 million, up from $1.9 million in the same period last year.
“We continued growing both within the IntentKey platform, which was up 15% year-over-year, and within the ValidClick platform which has grown 9% compounded monthly since its pandemic low in May of 2020,” Chairman and CEO Rich Howe said in a news release.
“The first quarter is our seasonally soft quarter and as such we anticipate our overall growth in Q2 to accelerate and exceed 50% year-over-year on the back of this continued post-pandemic growth within both product lines.
“While we had a negative Adjusted EBITDA in the quarter, it was a 36% year-over-year improvement, which supports our projections that we should be back to producing positive Adjusted EBITDA within the second half of the year. We have a strong balance sheet with $17.8 million of cash and we believe we could not be better positioned to capture market share when the third-party cookie disappears in 2022.”
Operating expenses for the first quarter were $11.8 million, down 16.1% from $14 million for the same quarter of 2020.
Inuvo raised $14.25 million in capital during the quarter.
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