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.
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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. ■
