Marketing technology provider Inuvo Inc. (Nasdaq: INUV) of Little Rock said Thursday it lost $7.3 million in 2020 and $714,965 in the fourth quarter.
Inuvo lost less, $4.49 million, in 2019. But its quarterly loss was improved from the $858,621 loss the company reported for the same quarter last year.
Quarterly earnings per share came to a penny, down from 2 cents. Earnings per share for the year were 9 cents, down from 11 cents.
Fourth-quarter revenue for the company was $12.9 million, down from $18.2 million in the fourth quarter of 2019, which the company attributed to the pandemic. Fiscal year 2020 revenue was $44.6 million, down from the $61.5 million.
“The IntentKey platform grew year-over-year 34% in the fourth quarter and 22% overall, driven by the expansion of existing client relationships and an increase in the total number of campaigns on the platform,” CEO Richard Howe said in a news release.
“While year-over-year revenue was down due to the pandemic, the recovery within ValidClick, where revenue was lost year-over-year, has been strong with December revenue up over 100% from the low in May 2020. We would expect ValidClick to be back to normal in 2021 and the IntentKey to continue its growth trajectory, which combined is expected to result in positive Adjusted EBITDA for 2021.”
Inuvo closed on an $8 million common stock offering and a $6.25 million common stock offering. In the news release, Howe said the company’s balance sheet “has never been stronger. The additional working capital will allow us to continue focusing on our organic growth while also evaluating acquisition opportunities that can accelerate that growth, with a focus on companies whose client relationships are suited to the software and services of the IntentKey.”
The company also launched the Software-as-a-Service (SaaS) version of its IntentKey product during the quarter.
Inuvo said the SaaS version packages proprietary artificial intelligence, analytic modeling and data technologies to help clients leverage the core IntentKey engine while complimenting that with their own services. The company also said client beta testing in the fourth quarter proved the SaaS version is comparable in performance to the managed service version.
Operating expenses for the year decreased 4.7% to $44.4 million.
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