Innovid Reports Third Quarter Loss of $11.8 Million

Innovid mrc

(Image credit: Innovid)

Innovid reported a loss in the third quarter despite a big increase in revenue.

Innovid's net loss was $11.8 million, or 9 cents a share, compared to loss of $8.4 million, or 34 cents a share, a year ago, when the company went public. Costs were up following the acquisition of TVSquared earlier this year.

Revenue rose 47% to $34.5 million.

"Our growth was predominantly driven by CTV, which accounted for 50% of revenue excluding TVSquared, a new record for the business," said Zvika Netter, co-founder and CEO. "I'm especially happy to share that we reported $2.9 million in third quarter Adjusted EBITDA, significantly exceeding our expectations. This is a result of the proactive measures we have taken to implement post-merger synergies to improve margins during the quarter and on a go-forward basis."

Measurement generated $7.8 million, or about 23% of Innovid’s revenue in the quarter, up from 1% a year ago, and up 23% on a pro-forma basis including the revenue from TVSquared a year ago.

Also: The Trade Desk Adds Innovid Measurement in U.K., Germany

Innovid said fourth quarter revenue is expected to be in line with its previous full-year guide, in the range of $34 million to $36 million, reflecting 31% to 39% year-over-year growth on an as-reported basis, and 6% to 12% year-over-year growth on a pro forma basis.

Adjusted EBITDA is expected to be in the range of $1 million to $3 million.

For the full year, total annual adjusted EBITDA is expected to be nearly breakeven or positive with revenue in the $127 million to $129 million range. ■

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.