Advanced-advertising company Innovid reported a first-quarter loss, but said it expects to be in the black for the year, with TVSquared contributing 25 million in revenue.
Innovid lost $7.4 million, or 6 cents a share, compared to a loss of $25.7 million, or $1.55 a year ago. The company’s operating loss grew to $9.8 million from $1.8 million a year ago.
Revenue rose 44% to $25.9 million. Excluding TVSquared, acquired in February, revenue was up 30% to $23.4 million.
The company said that excluding TVSquared, CTV accounted for 47% of revenue, up from 44% a year ago.
Innovid also said it added major new clients in General Motors and KFC and bolstered its relationship with NBCUniversal, becoming a part of NBCU’s Certified Measurement Program.
For the second quarter, Innovid said it expects revenues of between $33 million and 4$35 million, up 44% to 54% from a year ago, with TVSquared contributing more than $6 million in revenue. It expects an adjusted EBITDA loss of between $1.5 million and $3.5 million.
For the full year, revenue is expected to be between $145 million and $140 million including TVSquared, with TVSquared contributing more than $25 million revenue between March 1 and the end of the year. The company expects adjusted EBITDA to be positive for the year.
“Innovid delivered outstanding performance in the first quarter — achieving revenue growth of 30% year-over-year, excluding TVSquared, and exceeding our prior guidance,“ co-founder and CEO Zvika Netter said. “We successfully completed the strategic acquisition of TVSquared, expanding our measurement infrastructure to address the growing needs of marketers in today's converged TV marketplace.”
“Our integration efforts are progressing well, and we believe we are well-positioned to serve the fast-growing global CTV market through a unified, independent measurement platform, anchored to the backbone of our global ad server business. We remain optimistic about our growth prospects and opportunities for 2022 and beyond,” Netter said. ■
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.