Inuvo Inc., Little Rock
Marketing technology provider Inuvo Inc. of Little Rock said Thursday that its second-quarter loss widened to $2.38 million, or 2 cents per share.
The company (Nasdaq: INUV) reported a loss of $1.36 million, or 2 cents per share, in the same quarter last year.
Inuvo Chairman and CEO Rich Howe told Arkansas Business two weeks ago that his business has prioritized revenue growth over profitability. Indeed, second-quarter revenue for the company was up 66.5% year-over-year, to $12.6 million from $7.6 million in the same period a year ago.
Inuvo said revenue for the second, third and fourth quarters of 2020 was affected by the COVID-19 pandemic, which had “a material impact” on the advertising industry beginning in April 2020.
But sales are bouncing back. Second-quarter revenue from the company’s ValidClick business was up 72% year-over-year, and revenue from its IntentKey platform doubled.
“Revenue for the second quarter was strong across each of the IntentKey and ValidClick product lines both year-over-year and sequentially,” Howe said in a news release. “During Q2 the IntentKey performed 74% better than our clients’ goals and its 50% year-over-year and 37% sequential growth are indicative of those results.”
“We expect to see a continuation of double-digit year-over-year growth throughout the second half of 2021 and would expect Adjusted EBITDA to turn positive when monthly revenue run rates exceed $5.5 million,” he said.
Operating expenses for the second quarter were $12.8 million, down from $7.8 million for the same quarter of 2020.
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