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FY2023 Annual Report · Innodata
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(cid:60)

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(cid:60)

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(cid:60)

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(cid:60)

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(cid:60)

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(cid:60)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K

(Mark One)
☑ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023
☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-35774
INNODATA INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)

55 Challenger Road
Ridgefield Park, New Jersey
(Address of principal executive offices)

13-3475943
(I.R.S. Employer Identification No.)

07660
(Zip Code)

(201) 371-8000
(Registrant’s telephone number)

Securities registered under Section 12(b) of the Exchange Act:

Title of each class
Common Stock

Trading Symbol(s)
INOD

Name of each exchange on which registered
The NASDAQ Stock Market LLC

Securities registered under Section 12(g) of the Exchange Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☑

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the

Exchange Act. Yes ☐ No ☑

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be
submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,
a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated
filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Emerging growth company ☐

☐ Accelerated filer ☐ Non-accelerated filer ☑ Smaller reporting company ☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the
Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment
of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley
Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial
statements of the registrant included in the filing reflect the correction of an error to previously issued financial
statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of
incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period
pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant (based on the

closing price reported on The Nasdaq Stock Market on June 30, 2023) was $294,823,074.

The number of outstanding shares of the registrant’s Common Stock, $.01 par value, as of February 16, 2024 was

28,752,874

Portions of the Registrant’s definitive proxy statement for the 2024 Annual Meeting of Stockholders are incorporated by
reference in Items 10,11,12,13 and 14 of Part III of this Form 10-K.

DOCUMENTS INCORPORATED BY REFERENCE

INNODATA INC.

Form 10-K
For the Year Ended December 31, 2023

TABLE OF CONTENTS

Part I

Item 1.

Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 1A. Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 1B. Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 1C. Cybersecurity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 2.

Item 3.

Item 4.

Item 5.

Item 6.

Item 7.

Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part II

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[Reserved]

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Management’s Discussion and Analysis of Financial Condition and Results of
Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 7A. Quantitative and Qualitative Disclosures about Market Risk . . . . . . . . . . . . . . . . . . . .

Item 8.

Item 9.

Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 9A. Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Evaluation of Disclosure Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . .

Management’s Annual Report on Internal Control over Financial Reporting . . . . . . . . .

Item 9B. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . .
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Part III
Item 10. Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . .

Item 11.
Item 12.

Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 13.
Item 14.

Certain Relationships and Related Transactions, and Director Independence . . . . . . . . .
Principal Accountant’s Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 15.
Item 16.
Signatures

Exhibits and Financial Statement Schedules
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Form 10-K Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part IV

Page

2

12

24

24

26

26

26

27

27

27

39

39

39

39
39

40

40
40

41

41

41

41
41

41
42
43

1

PART I

Cautionary Note Regarding Forward-Looking Statements

Disclosures in this Annual Report on Form 10-K (this “Report”) contain certain forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the
Securities Act of 1933, as amended. These forward-looking statements include, without limitation, statements
concerning our operations, economic performance, and financial condition. Words such as “project,” “believe,”
“expect,” “can,” “continue,” “could,” “intend,” “may,” “should,” “will,” “anticipate,” “indicate,” “predict,”
“likely,” “estimate,” “plan,” “potential,” “possible,” or the negatives thereof, and other similar expressions
generally identify forward-looking statements.

These forward-looking statements are based on management’s current expectations, assumptions and
estimates and are subject to a number of risks and uncertainties, including, without limitation, impacts resulting
from the continuing conflict between Russia and the Ukraine and Hamas’ attack against Israel and the ensuing
conflict; investments in large language models; that contracts may be terminated by customers; projected or
committed volumes of work may not materialize; pipeline opportunities and customer discussions which may not
materialize into work or expected volumes of work; the likelihood of continued development of the markets,
particularly new and emerging markets, that our services support; the ability and willingness of our customers and
prospective customers to execute business plans that give rise to requirements for our services; continuing reliance
on project-based work in the Digital Data Solutions (DDS) segment and the primarily at-will nature of such
contracts and the ability of these customers to reduce, delay or cancel projects; potential inability to replace
projects that are completed, canceled or reduced; continuing DDS segment revenue concentration in a limited
number of customers; our dependency on content providers in our Agility segment; the Company’s ability to
achieve revenue and growth targets; difficulty in integrating and deriving synergies from acquisitions, joint ventures
and strategic investments; potential undiscovered liabilities of companies and businesses that we may acquire;
potential impairment of the carrying value of goodwill and other acquired intangible assets of companies and
businesses that we acquire; a continued downturn in or depressed market conditions; changes in external market
factors; changes in our business or growth strategy; the emergence of new, or growth in existing competitors;
various other competitive and technological factors; our use of and reliance on information technology systems,
including potential security breaches, cyber-attacks, privacy breaches or data breaches that result in the
unauthorized disclosure of consumer, customer, employee or Company information, or service interruptions; and
the risks discussed in Part I, Item 1A. “Risk Factors”, “Part II, Item 7. “Management’s Discussion and Analysis
of Financial Condition and Results of Operations,” and other parts of this Report and in our other filings that we
may make with the Securities and Exchange Commission (the “SEC”).

Our actual results could differ materially from the results referred to in forward-looking statements. In light
of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking
statements will occur, and you should not place undue reliance on these forward-looking statements. These
forward-looking statements speak only as of the date hereof.

We undertake no obligation to update or review any guidance or other forward-looking statements, whether
as a result of new information, future developments or otherwise, except as may be required by the federal
securities laws.

Item 1. Business.

Business Overview

Innodata Inc. (NASDAQ: INOD) (including its subsidiaries, the “Company”, “Innodata”, “we”, “us” or
“our”) is a leading data engineering company. Our mission is to help the world’s most prestigious companies
deliver the promise of ethical, high-performing artificial intelligence (“AI”), which we believe will contribute
to a safer and more prosperous world.

Innodata was founded on a simple idea: engineer the highest quality data so organizations across broad
industry segments could make smarter decisions. Today, we believe that we’re delivering the highest quality
data for some of the world’s most innovative technology companies to use to train the AI models of the future.

2

AI holds the promise that computers can perceive and understand the world, enabling products and
services that would have been previously unimaginable and impossible with traditional coding. AI learns from
data, and the highest-performing AI will have learned from the highest-quality data. We believe that we can
contribute meaningfully by harnessing our capabilities, honed over 30 years, in collecting and annotating data
at scale with consistency and high accuracy.

We’re also helping companies deploy and integrate AI into their operations and products and providing
innovative AI-enabled industry platforms, helping ensure that our customers’ businesses are prepared for a
world in which machines augment human activity in ways previously unimaginable.

Market Opportunities

AI Data Preparation

AI applications are trained with large quantities of data, unlike traditional computer applications that
use languages such as Python and Java to tell computers what to do. AI applications learn from the data
through a series of regressions. Today’s highest performing AI applications (such as OpenAI’s ChatGPT)
would never have been possible to build through traditional programming.

Data science teams at some of the largest technology companies are accelerating development of
generative AI technologies that produce high quality text, code, and images in response to user prompts. At
their core, they rely upon large language models (LLMs), which are deep neural networks (an artificial
intelligence architecture) with billions of parameters and requiring massive amounts of training data to encode
the essence of human language. They require fine-tuning through supervised learning and reinforcement
learning from human feedback (RLHF) to render them suitable for specialized tasks and domains, to control
hallucinations (the tendency of these models to make up things on the fly), and to minimize the risk that they
generate unsafe or biased results.

In addition, companies across industry verticals are seeking to develop AI-based applications for an
ever-increasing variety of use cases such as self-driving cars, surveillance systems, automated medical
diagnostics, digital assistants, chatbots, content moderation, robotics, fraud detection and contract review.

Developing high-quality training data is critical for the AI to perform correctly, but often requires
technology and skilled human resources that data science teams lack. Moreover, developing high-quality data
takes up 80% of the time for most AI and ML projects.1

Data sciences teams seek partners that can perform these data preparation functions for them at
large-scale and at high quality, while using automated tools to minimize cost. As AI projects become more
specialized and mission-critical and data preparation becomes increasingly complex, data science teams seek
partners with deep domain knowledge and an infrastructure in which data security is assured.

We believe that Innodata is ideally situated to partner with data science teams.

In 2023, we expanded existing relationships and forged new relationships with several of the world’s large
technology companies to support their efforts at building generative AI foundation models. For these
companies, we are now providing or are poised to provide a range of scaled data solutions and services. Our
scaled data solutions include providing instruction data sets for fine-tuning LLMs to understand prompts, to
accept instruction, to converse, to apparently reason, and to perform the myriad of incredible feats that many
of us have now experienced. We also provide reinforcement learning and reward modeling, services which are
critical to provide the guardrails against toxic, bias and harmful responses, and model evaluation services.

For social media companies, robotics companies, financial services companies, and many others, we
collect or create training data, annotate training data, and train AI algorithms for working with images, text,
video, audio, code and sensor data.

We utilize a variety of leading third-party tools, proprietary tools and customer tools. For text annotation,
we use our proprietary data annotation platform that incorporates AI to reduce cost while improving
consistency and quality of output. Our proprietary data annotation platform features auto-tagging capabilities

1

Data Preparation & Labeling for AI 2020, Cognilytica Research (Jan. 31, 2020)

3

that apply to both classical and generative AI tasks. Our platform encapsulates many of the innovations we
have conceived of in the course of our 30-year history of creating high-quality data.

In addition, because collecting real-world data is often impracticable (due to data privacy regulations or
rarity of cohorts and outliers), we create high-quality synthetic data that maintains all of the statistical
properties of real-world data, using a combination of domain specialists and machine technologies that
leverage LLMs.

We are presently working with five of the largest technology companies, and several of the world’s leading
brands spanning multiple verticals, to enable, accelerate or enrich the services they deliver to end users around
generative AI foundation models and other AI that supports chatbot assistance, facial recognition, social
networking, gaming, drones, medical diagnostics and robotics, to name a few.

The AI data training market is estimated to be $2.57 billion in 2024, projected to grow at a CAGR of 18%
to reach $13.45 billion by 2034,2 essentially proxying the enormous growth expected in AI system spending
overall ($154 billion in 2023, $300 billion in 2026, a 27% CAGR).3 Similarly, the global data annotation tools
market was valued at $1.8 billion in 2022, projected to reach $25 billion by 2032, which is a CAGR of 25%.4

AI Model Deployment and Integration

We believe that over the next decade, almost all industries will be fundamentally reinvented through the
advent of high-performing AI models. We help businesses leverage the latest AI technologies to achieve their
goals. We develop custom AI models (where we select the appropriate algorithms, tune hyperparameters, train
and validate the models, and update the models as required). We also help businesses fine-tune their own
custom versions of our proprietary models and third-party foundation models (including LLMs) to address
domain-specific and customer-specific use cases.

The current pace of AI innovation is accelerating. The algorithms and techniques used today will likely
be obsolete in the next several years. Therefore, we have built our solutions and platforms in such a way as to
enable us to incorporate new open source or proprietary software innovations.

Many of our customers provide products and solutions that require intensive text data processing and
analytics. For these customers, in addition to deploying and integrating AI models, we often provide a range of
data engineering support services including data transformation, data curation, data hygiene, data
consolidation, data extraction, data compliance, and master data management. For many of our
longest-tenured customers, we continuously innovate and deploy models into their workflows and digital
operations. We provide these services discretely and in conjunction with business process management (BPM)
engagements.

Our customers span a diverse range of industries and a wide range of AI use cases, benefiting from the

short time-to-value and high economic returns our AI solutions and platforms offer.

The document analytics market — a subset of the overall AI market — is expected to grow at a CAGR of
48.9% from $2.38 billion in 2023 to $17.4 billion by 2028.5 Meanwhile, overall enterprise AI spend is projected
to reach $270.06 billion by 2032, up from $7.02 billion in 2022, registering a CAGR of 44.1%.6

AI-Enabled Industry Platforms

Our AI-enabled industry platforms address specific, niche market requirements that we believe we can
innovate with AI/ML technologies. We deploy these industry platforms as software-as-a-service (SaaS) and as
managed services. These platforms benefit from our technology infrastructure, our industry-specific
knowledge, our strong customer relationships and experience merging technology with the business processes
of our customers. To date, we have built an industry platform for medical records data extraction and

2

3

4

5

6

Data Labeling Solution and Services Market, FactMR (Nov. 2023)

Worldwide Artificial Intelligence Systems Spending Guide, IDC (Mar. 2023)

Data Annotation Tools Market, Global Market Insights, (Apr. 2023)

Document Analytics Global Market Report 2024, Research and Markets (Dec. 2023)

Enterprise Artificial Intelligence (AI) Market, Precedence Research (Aug. 2023)

4

transformation (which we brand as “Synodex®”) and an industry platform for public relations (which we
brand as “Agility PR Solutions”). We are in development with an additional AI-enabled industry platform to
serve financial services institutions.

Our Synodex industry platform transforms medical records into useable digital data organized in
accordance with our proprietary data models or customer data models. At the end of 2023, we had
13 customers utilizing our Synodex platform. As we further integrate AI into the platform, we aim to address
the needs of the healthcare sector, which is increasingly seeking to search, analyze, and interpret vast volumes
of patient data, improve clinical documentation and make computer-assisted coding more efficient. The global
artificial intelligence (AI) in healthcare market is forecast to reach a market size of $148.4 billion by 2029, up
from $20.9 billion in 2024, with a CAGR of 48.1%.7

Our Agility industry platform provides marketing communications and public relations professionals
with the ability to target and distribute content to journalists and social media influencers world-wide and to
monitor and analyze global news (print, web, radio and TV) and social media. Agility is now ranked by
software review site G2 Crowd as meeting the requirements of customers better than its two largest
competitors that have combined revenues of over $1 billion.8 Agility operates in the $9.2 billion media
intelligence and PR software market.9

The Company’s operations are presently classified and reported in three reporting segments: Digital Data

Solutions (DDS), Synodex and Agility.

Competitive Strengths

Our Data Quality

We believe we achieve industry-leading data quality by leveraging our technology, our large staff of
human experts, and the culture we have built over many years of providing high-quality data to the most
demanding customers.

For the past eight years, we have been designing and refining our approach for combining human experts
and AI to produce large-scale, highly accurate data. In our approach, AI networks automatically perform
much of the required processing and human experts perform processing that the AI cannot perform at a high
level of confidence. The human output is fed back into the AI networks, which, as a result, “learn” and
become “smarter” over time, achieving progressively greater levels of automation while maintaining the highest
levels of quality. (See “Our Technology”, below.)

Our 4,000+ experts have deep domain knowledge in a wide diversity of data domains. They are selected
on the basis of data acumen, analytical ability, and deep domain proficiency. (See “Our Global Delivery
Framework”, below.)

Our culture of quality is critical to achieving and sustaining high data quality. Our culture has been
cultivated over our decades of experience performing data-related tasks for leading global companies,
including the four largest global information companies with which we have 10-plus year relationships building
and maintaining many of their leading data products.

We maintain independent quality assurance centers that comply with the ISO 9001:2008 quality

management system standards.

7

8

9

Artificial Intelligence In Healthcare Market, Markets and Markets Research Private Ltd. (Jan. 2024)

https://www.agilitypr.com/wp-content/uploads/2024/02/G2-Comparison-Agility-2024.pdf

Media Intelligence and PR Software Market Size, Global Research Market, (Jan. 2024)

5

Our Global Delivery Framework

We have over 4,000 employees and associates across 31 countries. Many of them have data domain
expertise in various fields, including law, sciences, health, finance, and technology and hold advanced degrees.
We also have access to a large population of remote staff and freelancers that we maintain in our databases.
Our delivery locations are strategically located to give us access to a diverse talent base spanning multiple time
zones and more than 40 languages.

We have also invested in building a proprietary resource management platform geared specifically to
managing remote staff and freelancers. Prior to the global pandemic, our operating model was to almost
exclusively use full-time employees working from large production centers. Propelled by the need to shift to
remote working, we are presently approximately 75% cloud-based and remote, which has enabled us to lower
fixed operating costs and achieve greater scalability.

Our Technology

Over the past eight years, we have built a technology infrastructure that automates complex data
annotation and other data engineering tasks. Our technology infrastructure combines advanced dataflow,
orchestration and cognitive processing, and purpose-built applications used by human experts, which we refer
to as “workbenches”. This infrastructure enables us to perform data annotation and other data engineering
tasks at progressively higher levels of efficiency without compromising quality as it continuously learns from
human experts. Our workbenches incorporate data verification and validation algorithms to detect human
expert inconsistencies and to catch difficult auto-annotation errors such as LLM hallucinations.

Our proprietary, state-of-the-art Goldengate platform is our core AI technology stack. Goldengate ingests
unstructured data and performs a series of cognitive tasks to extract intelligence and create analytical data
that people can use for generating inferences and powering analytical applications. It serves up low-code AI
with transfer learning, orchestrating generative LLMs and deep learning-based sequence labeling models we
have developed over the past eight years of deploying industrial deep neural networks as well as third-party
foundation models. It integrates both with our internal systems and customer environments through
application programming interfaces (“APIs”).

Goldengate serves as the foundational technology for the AI projects we perform for customers, as well as
the AI-under-the-hood that powers our data annotation platform and our industry platforms. One of the
main benefits of the platform is that it is “low-code”, so it does not require a large number of data scientists to
build models or require a data science platform to orchestrate models and update models. Using Goldengate
in combination with our SMEs, we are able to build high-performing, cutting-edge models that address real-
world problems. In 2021 we further AI-enabled Synodex, Agility and our data annotation platform using
Goldengate; in 2022, we commercialized it further as both a customer-facing technology and as the engine
under other potential industry solutions.

To support our Agility industry platform, we have built a fully scalable, cloud-based infrastructure that
powers a SaaS experience for global customers on a 24/7 basis. It includes (i) an AI/ML-powered big data
media intelligence platform that indexes two billion media items per year, powering media monitoring, media
enrichment, and media database APIs; (ii) a full targeting workflow platform that integrates media targeting,
content curation, content distribution, integrated newswires, and a newsroom; (iii) a comprehensive database
of more than one million global media influencers and journalists; (iv) a media monitoring and analytics
engine; and (v) a workflow platform for media database research combining AI and machine learning to
streamline research workflows for discovery and maintenance of our database.

In January 2023, we released a module within our Agility product called PR CoPilot™ that augments the
work communications professionals do to generate press releases and media outreach. It leverages proprietary
Innodata technology and OpenAI’s GPT large language models. We believe PR CoPilot is the first AI writing
assistant built natively into a fully-integrated PR platform.

To support our Synodex industry platform, we have built technologies for transforming imaged medical
records and HL7/FHIR electronic health records (EHR) systems into digital data conforming to proprietary

6

insurance medical data dictionaries that span diseases and impairments, diagnostic tests, and pharmacology
and support industry standard codes such as ICD-10 as well as rules engines for processing, analyzing and
displaying the digital data.

Our Infrastructure

Our infrastructure supports a range of strategies to suit our customers’ requirements for data security,
compliance, scalability and reliability. Our user endpoints are secured with cloud-managed security solutions
consisting of firewall, IDS/IPS, vulnerability scanning and patch management engines. We host data and
applications in our own data centers at our operations centers, in our customers’ data centers, and on
third-party cloud services including Amazon Web Services (“AWS”), Microsoft Azure (“Azure”), Oracle Cloud
Infrastructure (“OCI”), and Google Cloud Platform (“GCP”) that provide the benefit of “infinite scalability”
of information technology resources. Our data operations are linked by multiple redundant network
connections. Our Wide Area Network — along with our Local Area Networks, Storage Area Networks,
Network Attached Storage and data centers — are configured with industry standard redundancy, often with
more than one backup to establish 24x7 availability. In 2023, our Wide Area Network had 99.98% uptime
excluding scheduled maintenance. We encrypt all sensitive information, both at rest and in transit, to the
Advanced Encryption Standard (AES) 256 or similar standard, and we employ a range of security features,
including industry-leading managed firewalls and intrusion detection and prevention services.
(See “Information Security”, below.)

Our Breadth of Capabilities

We are able to address customers at their highest point of need. For example, we may provide data
annotation for a data sciences team at a bank that is building an AI application to manage complex loan
agreements. For another banking customer with the same requirement but without access to sophisticated
data sciences support, we might provide a full AI/ML solution built on our proprietary Goldengate AI
platform that extracts key data points from the loan agreements and outputs normalized digital data via an
API to the bank’s existing application. For still another banking customer that also lacks an application to
analyze and manage the data, we might provide a data analytics platform.

Data science teams that utilize our data annotation services also often have other related needs that
include data transformation, data curation, data hygiene, data consolidation, data compliance, and master
data management. Unlike many of our data annotation competitors — that are essentially staffing
companies — as a full-service data engineering company we are able to address these attendant requirements.

Our Legacy

We developed our capabilities and honed our approaches progressively over the last 30 years creating
high-quality data for many of the world’s most demanding information companies. Approximately eight years
ago, we formed Innodata Labs, a research and development center, to research, develop and apply machine
learning and emerging AI to our large-scale, human-intensive data operations. In 2019, we began packaging
the capabilities that emerged from our R&D efforts in order to align with several fast-growing new markets
and help companies use AI/ML to drive performance benefits and business insights.

Our historical core competency in high-quality data, combined with these R&D efforts in applied AI,
created the foundation for the evolution of our offerings, which include AI Data Preparation, AI Model
Deployment and Integration, and AI-Enabled Industry Platforms.

Our Culture

We have developed a strong customer- and quality-centric culture over 30 years serving many of the
world’s most successful companies that trust us with their data needs. We believe in communicating honestly,
transparently and broadly. We are optimistic in the promise of technology to augmenting human initiative
and talent. We embrace diversity (and began doing so long before it was in vogue). We prize empathy and
respect in our relationships with customers and colleagues alike while at the same time honing direct
communication that best promotes optimal business outcomes for our customers. We believe our culture helps
us best serve our customers and helps us attract and retain top people.

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Growth Strategy

We believe that we are living in a unique time — that AI will soon become the “brains” of our computers,
our robots and our cars; and that AI will be adopted by thousands of enterprises to deliver services and
products that would have been impossible with traditional coding.

In AI, the software writes itself by learning from large amounts of data. Nowhere does the phrase
“garbage in, garbage out” apply better. A data-centric approach for collection and annotation of consistent,
high-quality data will separate the winners from the losers.

Our strategy for growth is to leverage our 30+ year experience creating high quality data. We intend to
align to and serve large, dynamic and rapidly growing markets related to the creation and commercialization
of increasingly sophisticated AI and deployment of AI in businesses. Our solutions and platforms leverage the
technology, human resources, and culture of fanaticism for data quality that we have developed over the past
30 years, as well as the AI/ML research and development we have invested in over the past eight years.

Key elements of our growth strategy include:

Driving New Customer Acquisition

We believe we are still in the early stages of penetrating our addressable markets. We intend to pursue new
long-term, strategic customer relationships, especially with customers with large and growing commitments to
AI innovation, where we can deliver a wide range of our capabilities and have meaningful impact.

Beginning in 2021, we substantially scaled our sales organization, most notably the sales organization
supporting our Agility PR solutions product. In late 2021 and early 2022, we experienced challenges in
retaining sales hires primarily in our Austin, Texas sales office. We have since closed that sales office, have
focused on hiring and retaining sales talent in other locations and in building a data-driven sales organization.
We believe that the current sales organization is operating well and will likely enable us to achieve our near-term
growth targets.

Expanding Relationships with Existing Customers

We believe we have demonstrated a clear ability to “land-and-expand” within customer accounts. Once
we engage with a customer within a specific line of business and specific use cases, and the customer
experiences the benefits of working with us, it will often increase the number of use cases for which it engages
us and expand to additional lines of business.

Continuing to Develop New Capabilities

We intend to develop new capabilities designed around emerging customer needs and advances in
AI technologies. We intend to develop additional charter customer relationships, like the ongoing relationship
we formed with one of the world’s largest banks to co-develop an AI-enabled compliance platform.

Continuing to Innovate

We believe that our ability to innovate will continue to be an important contributor to our growth and
market traction. We work closely with our customers, assessing their requirements for enhancements to our
existing capabilities and new capabilities with the goal of better serving them. We have well-defined roadmaps
for our AI industry platforms to introduce new features and functions that we believe will enable us to generate
growth by broadening the appeal of our platforms to potential new customers as well as increasing the
opportunities for further expansions with existing customers.

We expect to fund these investments for growth from our internal resources and we may access capital

through debt or equity financing.

Our Customers

Our customers include leading businesses across multiple verticals including banking, insurance, financial
services, technology, digital retailing and information/media. One customer in the DDS segment generated

8

approximately 10% of the Company’s total revenues in the fiscal year ended December 31, 2023. Another
customer in the DDS segment generated approximately 11% of the Company’s total revenues in the fiscal year
ended December 31, 2022. No other customer accounted for 10% or more of total revenues during these
periods. Further, in the years ended December 31, 2023 and 2022, revenues from non-U.S. customers
accounted for 37% and 38%, respectively, of the Company’s revenues.

We have long-standing relationships with many of our customers. Our track record of delivering
high-quality services helps us to solidify customer relationships. Many of our customers are recurring
customers, meaning that they have continued to provide additional projects to us after our initial engagement
with them.

Our agreements with our customers are in many cases terminable on 30 to 90 days’ notice. A substantial

portion of the services we provide to our customers is subject to their requirements.

Sales and Marketing

We market and sell our solutions and platforms directly through our professional staff, senior
management and direct sales personnel operating primarily from various locations in the U.S., Canada, the
United Kingdom and Europe. In addition, we are increasingly developing and expanding our use of strategic
partnerships and channel relationships for the establishment and development of new and existing customers.

In addition to our executive-level business development professionals and sales and marketing personnel,
we also deploy solutions architects, technical support experts and consultants who support the development
of new customers and new customer engagements. These resources work within teams (both permanent and
ad hoc) that provide support to customers.

Our marketing department and sales professionals work together to generate leads. Our sales professionals
identify and qualify prospects, securing direct personal access to decision makers at existing and prospective
customers. They facilitate interactions between customer personnel and our service teams to define ways in
which we can assist customers with their goals. For each prospective customer engagement, we assemble a
team of our senior employees drawn from various disciplines within our Company. The team members assume
assigned roles in a formalized process, using their combined knowledge and experience to understand the
customer’s goals and collaborate with the customer on a solution.

Our marketing organization is responsible for developing and increasing the visibility and awareness of
our brand and our service offerings, defining and communicating our value proposition, generating qualified,
early-stage leads and furnishing effective sales support tools.

As part of our marketing strategy, we partner with media organizations to build awareness, establish a
reputation as an industry thought leader and generate leads. Media partners include trade associations and
publications, trade show producers and consulting organizations. These partnerships are particularly valuable
in enterprise industries as we build our presence among digital content leaders and decision makers.

Primary marketing outreach activities include content marketing, event marketing (including exhibiting
at trade shows, virtual summits, conferences and seminars), direct and database marketing, public and media
relations (including speaking engagements), and web marketing (including integrated marketing campaigns,
search engine optimization, search engine marketing and the maintenance and continued development of
external websites).

Sales activities include lead generation, nurturing leads, engaging in discussions with prospective
customers to understand their needs, demonstrating our products, designing solutions, responding to requests
for proposals, and managing account and customer relationships and activities.

Personnel from our solutions analysis group, our customer services group and our engineering services
group closely support our direct sales effort. These individuals assist the sales force in understanding the
technical needs of customers and providing responses to these needs, including demonstrations, prototypes,
pricing quotations and time estimates. In addition, account managers from our customer service group support
our direct sales effort by providing ongoing project-level support to our customers.

9

Competition

Major competitors across industry verticals include Amazon Sagemaker Ground Truth, Appen,
CloudFactory, Defined Crowd, Deepen.ai, Telus, Samasource, and Scale AI, several of which are large firms
with established customer bases, as well as technology service providers such as Cognizant Technology
Solutions, ExlService Holdings, Inc., Genpact Limited, Infosys, and Tata Consultancy Services.

We compete by offering high-quality, competitively-priced solutions that leverage our technical platforms,
IT infrastructure, offshore domain experts and economies of scale. Our competitive advantages are especially
attractive to customers for undertakings that are complex, mission-critical, sizable in scope or scale, or that
require high levels of information security.

Each of our industry platforms has its discrete set of competitors. Major competitors for our Synodex
industry platform are Risk Righter, eNoah, Parameds and a few BPO companies, several of which are large
firms with established customer bases. We also compete with in-house personnel at existing or prospective
customers who may attempt to duplicate our services in-house or use alternative approaches to fulfill their
needs.

Our Agility industry platform competes with Meltwater, Cision, Kantar, and Intrado, several of which
are large firms with established customer bases, as well as PR firms that provide media monitoring and analysis
services and journalist and influencer databases. Our competitors also include social media listening companies
and start-ups offering platforms to amplify messages by targeting social media influencers.

Intellectual Property

We depend, in part, upon our proprietary technologies and methodologies, including our Goldengate
AI platform, various applications of our platforms, our proprietary data models and other intellectual
property rights. We have a patent and several patent applications pending and believe that the duration of
these patents is adequate relative to the expected lives of their applications. We rely on a combination of trade
secret, license, nondisclosure and other contractual agreements and copyright and trademark laws to protect
our intellectual property rights.

We enter into confidentiality agreements with our employees, contractors and customers, and limit access
to and distribution of our proprietary information and that of our customers. We cannot assure that these
arrangements will be adequate to deter misappropriation of our proprietary information or that we will be
able to detect unauthorized use and take appropriate steps to enforce our intellectual property rights.

Information Security

Our operations facilities in Asia and our data centers are certified to information security management
standard — ISO27001:2013. We have deployed multi-layered security consisting of a wide range of security
controls and measures such as two-factor authentication, patch management, full disk encryption system,
anti-virus with firewall and IDS/IPS capability, redundant next generation firewalls with intrusion detection
and prevention feature sets, and we utilize appropriately certified cloud resources. When we are processing
personally identifiable information covered by HIPAA, we utilize U.S.-based, co-located data centers or
HIPAA compliant cloud computing services with advanced data encryption (AES 256 or comparable) applied
to data at rest and in motion.

Government Regulation

We are subject to a number of U.S. federal and state and foreign laws and regulations that relate to our
business, including those governing privacy and data protection. We comply with the requirements of the
United States Health Insurance Portability and Accountability Act of 1996 as amended (including by the
Health Information Technology for Economic and Clinical Health Data (HITECH)) (HIPAA), the United
Kingdom’s General Data Protection Regulation as tailored by the Data Protection Act 2018, the EU General
Data Protection Regulation, and local laws regulating data privacy, as applicable.

10

Research and Development

Our Innodata Labs researches and develops AI-based technologies that we utilize in our operations and
with our customers. The Innodata Labs team is comprised of data scientists, including data scientists who
have published leading papers on discrete topics in data science and have earned PhD degrees in fields such as
data entity extraction.

Our product engineering teams also engage in research and development efforts focused on enhancing
the functionality and utility of our AI industry platforms, addressing new use cases and developing additional
innovative technologies. Timely development of new functionality to support existing and new use cases is
essential to maintaining our competitive position, and we release new versions of our software on a regular
basis.

Customer feedback enables us to ensure that we stay aligned to our customers’ priorities and that we stay
ahead of market needs. Our culture of innovation helps us attract and retain a highly motivated and talented
team of AI experts and technologists. Our research and development center spans several geographical
locations across North America and Asia-Pacific.

In mid-2022, we formed an Advisory Board dedicated to helping drive growth through innovation
initiatives and advancing dialogue related to ethical AI and the future of AI technologies. The advisory board
is currently comprised by a Chief Data Officer for Microsoft and the director of University of Michigan’s
Artificial Intelligence Laboratory. We will likely consider adding additional members to our advisory board
from time to time.

Environmental, Social, and Governance

We have built a robust corporate ESG program focused on social responsibility; improving how we

perform as a steward of the environment; and sustainability.

Social Responsibility

We are driven by the vision of ushering in an era of broadly distributed, sustainable prosperity that can
result from ethical AI and broad access to the benefits of AI. We launched our i-Hope Program in 2016 to help
children in marginalized or economically-disadvantaged communities face the challenges of an increasingly
AI-driven world. Our goal was to provide the gift of computer literacy to 25,000 children by 2025. We are
proud to report that we attained our goal in the third quarter of 2023, with one of our operating subsidiaries
handing over a smart classroom, an ideation room, and an open library (with over 80,000 books) to a
publicly-funded higher education institution in the Philippines.

From 2016 to 2023, our employees contributed over 2,900 person days to the program, building 22
fully-functional computer labs and smart classrooms across India, the Philippines, and Sri Lanka. As a result
of i-Hope, we believe approximately 40,400 children in these communities are now more technology proficient
and better prepared to participate in opportunities that AI presents. Our contributions have been
well-recognized. In 2023 we (through our operating subsidiaries) received, for the third time in four years, the
Circle of Excellence Award for CSR Company of the Year at the Asia CEO Awards-2023.

Environmental Stewardship

We are also committed to conducting our business in a manner that manages environmental issues
responsibly and contributes to global efforts to curb carbon emissions. We fulfill this commitment by our
efforts to conduct operations in an environmentally-sound manner.

We have set metrics to monitor and target the reduction of greenhouse gas emissions, energy usage, and
water usage. We believe that this monitoring has enabled us to improve our sustainability program
continuously. We track and share with customers our emissions data for scopes 1, 2, and 3.

Across all our global operations, we recycle e-waste and paper. In India, the Philippines, and Sri Lanka,
we sponsor grass-roots efforts designed to preserve the environment in the communities in which we operate
and we have planted over 3,800 saplings in nature reserves in 2023, for a total of over 6,000 saplings since 2018.

11

Our program has practices in place to ensure that the saplings will receive proper care and attention during
their initial growth phase, which is crucial for their long-term survival.

Sustainability

Our sustainability program is based on the following core elements: health and safety, business continuity
labor standards, anti-bribery and corruption, and management
management,
engagement and social impact. Our sustainability program is backed by ISO 27001:2013 (information security)
certification, policies, and employee training for these core areas.

information security,

Employees

As of December 31, 2023, we employed 4,325 employees, 4,296 of which were full-time. Many of our
employees hold advanced degrees in specialized fields such as law, business, technology, medicine, and social
sciences. No employees are currently represented by a labor union, and we believe that our relations with our
employees are satisfactory.

Corporate Offices

Our principal executive offices are located at 55 Challenger Road, Ridgefield Park, New Jersey 07660,

just outside New York City, and our telephone number is (201) 371-8000. We were founded in 1988.

Our website is www.innodata.com; information contained on our website is not included as a part of, or
incorporated by reference into, this Annual Report on Form 10-K. There we make available, free of charge,
our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any
amendments to those reports, as soon as reasonably practicable after we electronically file that material with,
or furnish it to, the SEC. Our SEC reports can be obtained through the Investor Relations section of our
website or from the Securities and Exchange Commission at www.sec.gov.

Item 1A. Risk Factors.

The risk factors set forth below describe what the Company believes to be the material factors, risks, and
uncertainties related to our business, financial condition, and results of operations. The risks and uncertainties set
forth below, as well as other factors described elsewhere in this Form 10-K or in other filings by the Company with
the SEC, could adversely affect the Company’s business, financial condition and results of operations. Additional
risks and uncertainties that are not currently known to the Company or that are not currently believed by the
Company to be material may also harm the Company’s business, financial condition and results of operations.

Risks Related to Our Business and Operations

We have historically relied on a limited number of customers that have accounted for a significant portion of our
revenues, and our results of operations could be adversely affected if we were to lose one or more of these
significant customers.

We have historically relied on a limited number of customers that have accounted for a significant portion
of our revenues. One customer in the DDS segment generated approximately 10% of the Company’s total
revenues in the fiscal year ended December 31, 2023. Another customer in the DDS segment generated
approximately 11% of the Company’s total revenues in the fiscal year ended December 31, 2022. No other
customer accounted for 10% or more of total revenues during these periods. Further, in the years ended
December 31, 2023 and 2022, revenues from non-U.S. customers accounted for 37% and 38%, respectively, of
the Company’s revenues. We may lose one or more of these customers, or our other major customers, as a
result of our failure to meet or satisfy our customer’s requirements, the completion or termination of a project
or engagement, or the customer’s selection of another service provider.

In addition, the volume of work performed for our major customers may vary from year to year, and
services they require from us may change from year to year. They may also request that we modify certain key
terms of our agreements with them as a condition of continuing to do business with us. If the volume of work
performed for our major customers varies, if the services they require from us change, or if they require price

12

concessions, our revenues and results of operations could be adversely affected, and we may incur a loss from
operations. If certain key terms of our agreements with our major customers are modified, our revenues and
results of operations may be adversely affected. Our services are typically subject to customer requirements,
and in many cases are terminable upon 30 to 90 days’ notice. The loss of these customers or a significant
variation in the volume of work performed for these customers may have a material adverse effect on our
business, financial condition and results of operations.

A portion of our services is provided on a non-recurring basis for specific projects, and our inability to replace
large projects when they are completed or otherwise terminated has adversely affected, and could in the future
adversely affect, our revenues and results of operations.

We provide a portion of our services for specific projects that generate revenues that terminate on
completion of a defined task. While we seek, whenever possible, on completion or termination of large
projects, to counterbalance periodic declines in revenues with new arrangements to provide services to the
same customer or others, our inability to obtain sufficient new projects to counterbalance any decreases in
such work may adversely affect our future revenues and results of operations.

New acquisitions, joint ventures or strategic investments or partnerships could harm our operating results.

We may pursue acquisitions, joint ventures or engage in strategic investments or partnerships to grow and
enhance our capabilities. There can be no assurance that we will successfully consummate any acquisitions or
joint ventures, or realize profit from strategic investments, or achieve desired financial and operating results.
Further, such activities involve a number of risks and challenges, including proper evaluation, diversion of
management’s attention and proper integration with our current business. Accordingly, we might fail to realize
the expected benefits or strategic objectives of any such venture we undertake. If we are unable to complete
the kind of acquisitions for which we plan, we may not be able to achieve our planned rates of growth,
profitability or competitive position in specific markets or services.

Our new customers may sunset their products because of a lack of sufficient revenues or declining revenues, or a
change in their business direction, and this may result in termination of our services for these customers.

As we obtain new opportunities and win new business, our customers may not generate the level of
revenues that we initially anticipated at the time of signing a contract with them. Our customers may experience
declining revenues with their existing products or may change their business direction. This could be due to
various reasons beyond our or their control, and it could lead to termination of projects or contracts. As we
normally invest in people and technology and incur other costs in anticipation of revenues, any such deviation
from our expected plan or anticipated results could impact our margins and earnings.

Our success is dependent on our ability to successfully develop new services, platforms and solutions and enhance
our existing services, platforms and solutions, and market acceptance of these offerings. Our success is also
dependent on our ability to compete with new vendors with lean cost and flexible cost models.

The information technology and artificial intelligence (AI) industries are characterized by rapid
technological change, evolving industry standards, changing customer preferences, new product and service
introductions and the emergence of new vendors with lean cost and flexible cost models. Our future success
will depend on our ability to successfully develop services, platforms and solutions that keep pace with changes
in our addressable markets, and the acceptance of these services, platforms and solutions by our existing and
target customers. We cannot guarantee that we will be successful in developing new services, platforms and
solutions, addressing evolving technologies on a timely or cost-effective basis or, if these services, platforms
and solutions are developed, that we will be successful in the marketplace. We also cannot guarantee that we
will be able to compete effectively with new vendors offering lean cost and flexible cost models, or that
products, services or technologies developed by others will not render our services, platforms and solutions
non-competitive or obsolete. Our failure to address these developments could have a material adverse effect on
our business, results of operations and financial condition.

13

We operate in highly competitive markets. While we invest in developing and pursuing new services, platforms and
solutions, our profitability could be reduced if these services, platforms and solutions do not yield the profit
margins we expect, or if the new offerings do not generate the planned revenues.

The markets for our services, platforms and solutions are highly competitive. Some of our competitors
have longer operating histories, significantly greater financial, human, technical and other resources, and
greater name recognition than we do. There are relatively few barriers preventing companies from entering the
markets in which we operate. As a result, new market entrants also pose a threat to our business. We also
compete with in-house personnel at current and prospective customers who may attempt to duplicate our
offerings using their own personnel.

We have made and continue to make significant investments towards building out new capabilities to
pursue growth, including, for example, our investments in large language models. These investments increase
our costs, and if these new capabilities do not yield the revenues or profit margins we expect, and we are unable
to grow our business and revenue proportionately, our profitability may be reduced, or we may incur losses. If
we are not able to compete effectively in the markets we serve or if we are not able to successfully develop new
services, platforms and solutions, our revenues and results of operations could be adversely affected.

We depend on third-party technology in the provision of our services.

We rely upon certain software that we license from third parties, including software integrated with our
internally developed software used in the provision of our services. These third-party software licenses may
not continue to be available to us on commercially reasonable or competitive terms, if at all. The loss of, or
inability to maintain or obtain any of these software licenses, could result in delays in the provision of our
services until we develop, identify, license and integrate equivalent software. Any delay in the provision of our
services could damage our business and adversely affect our results of operations. In addition, our Company
utilizes third party data centers to serve our customers and generate revenue. Any disruption in the provision
of services from these data centers could result in loss of revenue, customer dissatisfaction and loss of
customers.

Our Agility segment relies on third parties to provide certain content and data for our solutions. The cessation by
third parties to provide their content has adversely affected, and could in the future adversely affect, our revenue
and results of operations.

Our Agility segment relies on third parties to provide or make available certain data for our information
databases and our news and social media monitoring service. These third parties, in the past, have restricted
access to certain content and have ceased providing content, and they may not renew agreements to provide
content to us or may increase the price they charge for their content. Additionally, the quality of the content
provided to us may not be acceptable to us and we may need to enter into agreements with additional third
parties. In the event we are unable to use or have access to such third-party content or are unable to enter into
agreements with new third parties, current customers may discontinue their relationship with us, and it may be
difficult to acquire new customers.

Our businesses are reliant on key employees, and we may face high attrition in our talent. We may not be able to
replace displaced talent with new talent on a timely basis or with equivalent skill sets.

We are, to a considerable degree, reliant on the continuing leadership of our Chief Executive Officer and
would be materially and adversely affected should he unexpectedly cease to be employed by us. In addition,
our businesses are subject to fierce competition for talent, which could result in high attrition of our employees,
or we may not be able to find the requisite talent to operate our businesses. A significant increase in the
attrition rate among employees with specialized skills could decrease our operating efficiency and productivity.
Our failure to attract, train and retain personnel with the qualifications necessary to fulfill the needs of our
existing and future customers or to assimilate new employees successfully could have a material adverse effect
on our business, results of operations, financial condition and cash flows. In addition, fluctuations in our
business may require that we lay off employees with possible negative effects on employee morale. We try to
minimize these risks by actively promoting employee relationships and offering competitive salaries, but if we
cannot mitigate these risks, our business and our operating performance could be adversely affected.

14

We operate from multiple locations and our employees are very diverse, so we have significant coordination risks.

We are headquartered in Ridgefield Park, New Jersey, just outside New York City. We primarily operate
from the Philippines, India, Sri Lanka, Canada, the United Kingdom, Israel, the United States, and Germany.
Our employees are geographically dispersed, as well as culturally diverse. Our personnel need to work together
to successfully execute our business plans and we invest in various measures to improve coordination and
teamwork. Should we fail in these efforts, our ability to execute our business plans may be adversely affected.

Our intellectual property rights are valuable and if we are unable to protect them or are subject to intellectual
property rights claims, our business may be harmed.

Our intellectual property rights include certain trademarks, trade secrets, domain name registrations, and
a patent. Although we take precautions to protect our intellectual property rights, these efforts may not be
sufficient or effective. If we are unable to protect our intellectual property, we may experience difficulties in
achieving and maintaining brand recognition.

Disruptions in telecommunications, system failures, data corruption or virus attacks could harm our ability to
execute our global resource model, which could result in customer dissatisfaction and a reduction of our revenues.

We use a distributed global resource model. Our North American workforce provides services from the
U.S. and Canada, and the balance of our workforce provides services from the Philippines, India, Sri Lanka,
the United Kingdom, Israel and Germany. Our global facilities are linked with a telecommunications network
that uses multiple service providers. We may not be able to maintain active voice and data communications
between our various facilities and our customers’ sites at all times due to disruptions in these networks, system
failures, data corruption or virus attacks. Any significant failure in our ability to communicate, or the
availability of our platforms, could result in a disruption in our business, which could hinder our performance,
or our ability to complete customer projects on time, or provide services to our customers. This, in turn, could
lead to customer dissatisfaction and have an adverse effect on our business, results of operations and financial
condition.

Even though we have implemented network security measures, our information technology systems may
be vulnerable to computer viruses, cyber-attacks, break-ins and similar disruptions from unauthorized
tampering or intentional and unintentional disclosure of sensitive and /or confidential personal information
by employees and non-employees. Additionally, the Company may not be able to effectively identify and
resolve such issues on a timely basis. The occurrence of any of the events described above could result in
interruptions, delays, the loss or corruption of data, cessations in the availability of systems or liability under
privacy laws or contracts, each of which could have a material adverse effect on our financial position and
results of operations.

The international nature of our operations subjects us to risks inherent in doing business on an international level,
any of which could increase our costs and hinder our growth.

We do business on an international level, with a major portion of our operations carried on in India, the
Philippines, and Sri Lanka, in addition to our operations in Canada, Germany, Israel, the United Kingdom,
and the United States, while our headquarters are in the United States and our customers are primarily located
in North America and Europe. While we do not depend on significant revenues from sources internal to the
Asian countries in which we operate, we are nevertheless subject to certain adverse economic factors relating
to overseas economies generally, including inflation, external debt, a negative balance of trade and
underemployment. In certain of the countries in which we operate, tax authorities have exercised, and may
continue to exercise, significant discretionary and arbitrary powers to make tax demands or decline to refund
payments that may be due to us as per tax returns. Other risks associated with our international operations
and business activities include:

• difficulties in staffing international projects and managing international operations,

including

overcoming logistical and communications challenges;

• local competition, particularly in the Philippines, India and Sri Lanka;

• imposition of public sector controls;

15

• trade and tariff restrictions;

• price or exchange controls;

• currency control regulations;

• foreign tax consequences;

• data privacy laws and regulations;

• evolving regulation of artificial intelligence;

• intellectual property laws and enforcement practices;

• labor disputes and related litigation and liability;

• limitations on repatriation of earnings; and

• changing laws and regulations, occasionally with retroactive effect.

One or more of these factors could adversely affect our business, financial condition, and results of

operations.

Political uncertainty, political unrest, terrorism, and natural calamities in the Philippines, India, Sri Lanka and
Israel could adversely affect business conditions in those countries, which in turn could disrupt our business and
adversely impact our results of operations and financial condition.

Our operations located in India, Israel, the Philippines and Sri Lanka are in countries that remain

vulnerable to disruptions from political uncertainty, political unrest, terrorist acts, and natural calamities.

Any damage to our network and/or information systems would damage our ability to provide services, in
whole or in part, and/or otherwise damage our operations and could have an adverse effect on our business,
financial condition or results of operations. Further, political tensions and escalation of hostilities in any of
these countries could adversely affect our operations in these countries and therefore adversely affect our
revenues and results of operations.

While the October 2023 Hamas attack against Israel and the ensuing conflict has not to date negatively
impacted our operations in Israel, continued or escalating conflict in the region could disrupt our operations
in Israel and could have a broader impact that extends into other markets where we do business. We are unable
to predict whether acts of international terrorism, war or other military actions involving the countries in
which we do business will result in any long-term commercial disruptions or if such involvement or responses
will have any long-term material adverse effect on our business, results of operations, or financial condition.

Terrorist attacks or a war could adversely affect our results of operations.

Terrorist attacks and other acts of violence or war could affect us or our customers by disrupting normal
business practices for extended periods of time and reducing business confidence. In addition, acts of violence
or war may make travel more difficult and may effectively curtail our ability to serve our customers’ needs, any
of which could adversely affect our results of operations.

Our global operations expose us to risks associated with public health crises. Public health crises or outbreaks of
pandemics could disrupt our operations and materially and adversely affect our results of operations and financial
condition.

We use a distributed global resource model, which exposes us to risks associated with public health crises,
such as pandemics and epidemics. Widespread outbreaks of a pandemic, such as the COVID-19 pandemic,
have created significant global economic downturn, disrupted global trade and supply chains, adversely
impacted many industries, and contributed to significant volatility in financial markets. While we experienced
limited operational disruption and decline in customer demand for services as a result of the COVID-19
pandemic, a public health crisis or an outbreak of a pandemic in one or more of the geographic areas in which
we operate could affect our ability to provide services to our customers and adversely affect our results of
operations and financial condition.

16

We may face various risks associated with shareholder activists or shareholder demands for better performance.

There is no assurance that we will not be subject to shareholder activism or demands. Such activities
could interfere with our ability to execute our strategic plan, be costly and time-consuming, disrupt our
operations, and divert the attention of management and our employees.

We are the subject of continuing litigation, including litigation by certain of our former employees.

In 2008, a judgment was rendered in the Philippines against a Philippine subsidiary of the Company that
is no longer active and purportedly also against Innodata Inc., in favor of certain former employees of the
Philippine subsidiary. The potential payment amount aggregates to approximately $5.9 million, plus legal
interest that accrued at 12% per annum from August 13, 2008 to June 30, 2013, and thereafter accrued and
continues to accrue at 6% per annum. The potential payment amount as expressed in U.S. dollars varies with
the Philippine peso to U.S. dollar exchange rate. In December 2017, a group of 97 of the former employees of
the Philippine subsidiary indicated that they proposed to record the judgment as to themselves in New Jersey.
In January 2018, in response to an action initiated by Innodata Inc., the United States District Court for the
District of New Jersey (“USDC”) entered a preliminary injunction that enjoins these former employees from
pursuing or seeking recognition or enforcement of the judgment against Innodata Inc. in the U.S. during the
pendency of the action and until further order of the USDC. In June 2018, the USDC entered a consent order
administratively closing the action subject to return of the action to the active docket upon the written request
of Innodata Inc. or the former employees, with the USDC retaining jurisdiction over the matter and the
preliminary injunction remaining in full force and effect. The principal relevant cases in the Philippines are
Court of Appeals Case Nos. CA-G.R. SP No. 93295 Innodata Employees Association (IDEA), Eleanor
Tolentino, et al. vs. Innodata Philippines, Inc., et al., and CA-G.R. SP No. 90538 Innodata Philippines, Inc. vs.
Honorable Acting Secretary Manuel G. Imson, et al. (28 June 2007), the Department of Labor and
Employment National Labor Relations Commission, Republic of the Philippines (NLRC-NCR-Case
No.07-04713-2002, et al., Innodata Employees Association (IDEA) and Eleanor A. Tolentino, et al. vs.
Innodata Philippines, Inc., et al), and the Department of Labor and Employment Office of the Secretary of
Labor and Employment, Republic of the Philippines (Case No. OS-AJ-0015-2001, In Re: Labor Dispute at
Innodata Philippines, Inc.). The U.S. District Court action is Civil Action No.: 2:17-cv-13268-SDW-LDW
Innodata Inc. v. Myrna C. Augustin-Simon; et al.

We are also subject to various other legal proceedings and claims that have arisen in the ordinary course
of business. While we believe that we have adequate reserves for those losses that we believe are probable and
can be reasonably estimated, the ultimate results of legal proceedings and claims cannot be predicted with
certainty.

While we currently believe that the ultimate outcome of these proceedings will not have a material adverse
effect on our consolidated financial position or overall trends in our consolidated results of operations,
litigation is subject to inherent uncertainties. Substantial recovery against us in the above-referenced
Philippines action could have a material adverse impact on us, and unfavorable rulings or recoveries in the
other proceedings could have a material adverse impact on the consolidated operating results of the period in
which the ruling or recovery occurs. In addition, our estimate of the potential impact on our consolidated
financial position or overall consolidated results of operations for the above-referenced legal proceedings
could change in the future. See “Legal Proceedings”.

Our reputation could be damaged, or our profitability could suffer if we do not meet the controls and procedures
in respect of the services, platforms and solutions we provide to our customers, or if we contribute to our
customers’ internal control deficiencies.

Our customers may perform audits or require us to perform audits, provide audit reports or obtain
certifications with respect to the controls and procedures that we use in the performance of services for such
customers, especially when we process data or information belonging to them. Our ability to acquire new
customers and retain existing customers may be adversely affected and our reputation could be harmed if we
receive a qualified opinion, or if we cannot obtain an appropriate certification or opinion with respect to our
controls and procedures in connection with any such audit in a timely manner. Additionally, our profitability
could suffer if our controls and procedures were to fail or impair our customers’ ability to comply with their
own internal control requirements.

17

In the past we have determined that our disclosure controls and procedures were not effective. If in the future we
again determine that our disclosure controls and procedures are not effective, this could cause investors to lose
confidence in our reported financial information and have a negative effect on the market prices for our common
stock.

We are required to maintain disclosure controls and procedures designed to provide reasonable assurance
that material information required to be disclosed by us in the reports we file or submit under the Securities
Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in
the SEC’s rules and forms, and that the information is accumulated and communicated to our management,
including our principal executive officer and principal financial officer, as appropriate to allow timely decisions
regarding required disclosure. We performed an evaluation, under the supervision and with the participation
of our management, including our principal executive officer and principal financial officer, of the effectiveness
of the design and operation of our disclosure controls and procedures as of December 31, 2023 and concluded
that our disclosure controls and procedures were effective as of December 31, 2023.

If in the future we determine that our disclosure controls and procedures are ineffective, it could restrict
our ability to access the capital markets, require significant resources to correct, subject us to fines, penalties
or judgments, harm our reputation or otherwise cause a decline in investor confidence and cause a decline in
the market price of our common stock.

Risks Related to Our Contracts

A portion of our revenue is generated from projects that we characterize as recurring in nature. Projects that we
characterize as recurring are nevertheless subject to termination.

Our operating performance is materially dependent on the continuation of these projects. However, we
are exposed to the risks that these projects may not be renewed by our customers or they could be terminated
by our customers and we may not be able to replace these terminated projects with new recurring projects with
similar profitability or customers may ask for a price reduction, which could adversely affect our revenue and
results of operations.

Our solutions for the Agility segment are sold pursuant to subscription agreements, and if subscription customers
elect either not to renew these agreements, or to renew these agreements for less expensive services, our revenues
and results of operations will be adversely affected.

Our Agility segment derives its revenues primarily from subscription arrangements. Our customers may
choose not to renew subscription agreements when they expire or may renew them at lower prices or for a
significantly narrower scope of work. If large numbers of existing subscription customers do not renew these
agreements or renew these agreements on terms less favorable to us, and if we cannot replace or supplement
those non-renewals with new subscription agreements generating the same or greater levels of revenue, our
revenues and results of operations will be adversely affected.

If our customers are not satisfied with our services, they may terminate our contracts with them or our services
and we may suffer reputational damage, which could have an adverse impact on our business.

Our business model depends in large part on our ability to attract additional work from our base of
existing customers. Our business model also depends on the relationships our account teams develop with our
customers so that we can understand our customers’ needs and deliver solutions and services that are tailored
to those needs. If a customer is not satisfied with the quality of work performed by us, or with the type of
services or solutions delivered, then we could incur additional costs to address the situation, the profitability
of that work might be impaired, and the customer’s dissatisfaction with our services could damage our ability
to obtain additional work from that customer. In particular, customers who are not satisfied might seek to
terminate existing contracts, which could mean that we could incur costs for the services performed with no
associated revenue upon termination of a contract. This could also direct future business to our competitors.
In addition, negative publicity related to our customer services or relationships, regardless of its accuracy,
may further damage our business by affecting our reputation and our ability to compete for new contracts
with current and prospective customers.

18

Risks Related to Financial Performance or General Economic Conditions

Debt under our Revolving Credit Facility has a variable rate of interest that is based on SOFR which may have
consequences for us that cannot be reasonably predicted and may increase our cost of borrowing in the future.

Debt outstanding under our Revolving Credit Facility has a variable rate of interest that is based on the
secured overnight financing rate (“SOFR”) which may have consequences for us that cannot be reasonably
predicted and may increase our cost of borrowing in the future. The future performance of SOFR cannot be
predicted based on historical performance and the future level of SOFR may have little or no relation to
historical levels of SOFR. Any patterns in market variable behaviors, such as correlations, may change in the
future. Hypothetical or historical performance data are not indicative of, and have no bearing on, the potential
performance of SOFR.

Our Revolving Credit Facility contains restrictive covenants that may impair our ability to conduct business.

Our Revolving Credit Facility contains operating covenants and financial covenants that may in each
case limit management’s discretion with respect to certain business matters. For example, the Revolving Credit
Facility contains a financial covenant that required us, on a consolidated basis, to maintain a fixed charge
coverage ratio of not less than 1.10 to 1.00 by December 31, 2023. As a result of these covenants and
restrictions, we may be limited in how we conduct our business, and we may be unable to raise additional debt
or other financing to compete effectively or to take advantage of new business opportunities. The terms of any
future indebtedness we may incur could include more restrictive covenants. Failure to comply with such
restrictive covenants may lead to default and acceleration under our Revolving Credit Facility and may impair
our ability to conduct business. We may not be able to maintain compliance with these covenants in the future
and, if we fail to do so, there are no assurances that we will be able to obtain waivers from the lender and/or
amend the covenants.

A large portion of our accounts receivable are payable by a limited number of customers; the inability of any of
these customers to pay its obligations could adversely affect our results of operations.

Several significant customers account for a large percentage of our accounts receivable. If any of these
customers were unable, or refused, for any reason, to pay our accounts receivable, our financial condition and
results of operations could be materially adversely affected. As of December 31, 2023, 53% or $7.5 million of
our accounts receivable was due from three customers.

In addition, we evaluate the financial condition of our customers prior to extending credit to them. We
maintain specific allowances against doubtful receivables. Actual losses on customer balances could differ
from those that we currently anticipate and, as a result, we might need to adjust our allowances. There is no
guarantee that we will accurately assess the creditworthiness of our customers. Macroeconomic conditions
could also result in financial difficulties, including limited access to the credit markets, insolvency or
bankruptcy, for our customers, and, as a result, could cause customers to delay payments to us, request
modifications to their payment arrangements that could increase our receivables balance, or default on their
payment obligations to us. If we are unable to timely collect from our customers, our cash flows could be
adversely affected.

Quarterly fluctuations in our revenues and results of operations could make financial forecasting difficult and
could negatively affect our stock price.

We have experienced, and expect to continue to experience, significant fluctuations in our quarterly
revenues and results of operations. During the past eight quarters, our net income (loss) ranged from net
income of approximately $1.7 million in the fourth quarter of 2023 to a loss of approximately $3.8 million in
the second quarter of 2022.

We experience fluctuations in our revenue and results of operations as we replace and begin new projects,
which may have some normal start-up delays, or we may be unable to replace a project entirely or on terms
that are as attractive to us as the project that is being replaced. These and other factors may contribute to
fluctuations in our results of operations from quarter to quarter.

19

A high percentage of our operating expenses, particularly personnel and rent, are relatively fixed in
advance of any particular quarter. As a result, unanticipated variations in the number and timing of our
projects, or in employee wage levels and utilization rates, may cause us to significantly underutilize our
production capacity and employees, resulting in significant variations in our operating results in any particular
quarter, and have resulted in losses.

Weakness in the global economy, and in particular in the United States, Europe and the United Kingdom, could
negatively impact our revenue and operating results.

The United States, Europe, the United Kingdom and other economies may suffer from uncertainty,
volatility, disruption, and other adverse conditions, such as inflation, and these conditions have adversely
impacted and may continue to adversely impact the business community and the financial markets. Adverse
economic and financial market conditions may negatively affect our customers and our markets, thereby
negatively impacting our revenue and operating results. For example, weak market conditions have extended,
and could continue to extend, the length of our sales cycle and cause potential customers to delay, defer, or
decline to make purchases of our services, platforms, and solutions due to uncertainties surrounding the future
performance of their businesses, limitations on their expenditures due to internal budget constraints, and the
adverse effects of the economy on their business and financial condition. As a result, if economic and financial
market conditions weaken or deteriorate, then our revenue and operating results, including our ability to grow
and expand our business and operations, could be materially and adversely affected.

Pricing pressures could negatively impact our revenues and operating results.

Due to the intense competition involved in outsourcing and information technology services, we generally
face pricing pressures from our customers due to competition from other companies in our markets. Our
ability to maintain or increase pricing is restricted as customers generally expect to receive volume discounts
or special pricing incentives as we do more business with them; moreover, our large customers may exercise
pressure for discounts outside of agreed terms.

Our profitability could suffer if we are not able to maintain pricing on our existing projects and win new projects
at appropriate margins. If our pricing structures do not accurately anticipate the cost and complexity of
performing our services and providing our platforms and solutions, then our contracts could be unprofitable.

Our profit margin, and therefore our profitability, is dependent on the rates we are able to charge for our
services, platforms and solutions measured against the costs of providing the service, platform or solution. If
we are not able to maintain pricing on our existing services, platforms and solutions and win new projects at
profitable margins, or if we underestimate the costs or complexities of new projects and incur losses, our
profitability could suffer. The amounts we are able to recover for our services, platforms and solutions are
affected by a number of factors, including competition, volume fluctuations, productivity of employees and
processes, the value our customer derives from our services, platforms and solutions and general economic
and political conditions.

Furthermore, we provide services and solutions either on a time-and-materials basis or on a fixed-price
basis. Our pricing is highly dependent on our internal forecasts and predictions about our projects, which
might be based on limited data and could turn out to be inaccurate. If we do not accurately estimate the costs
and timing for completing projects, our contracts could prove unprofitable for us or yield lower profit margins
than anticipated.

We may not be able to obtain price or volume increases that are necessary to offset the effect of wage inflation
and other government mandated cost increases.

We have experienced wage inflation and other government mandated cost increases in the Asian countries
where we have the majority of our operations. In addition, we may experience adverse fluctuations in foreign
currency exchange rates. These global events have put pressure on our profitability and our margins. Although
we have tried to partially offset wage increases, foreign currency fluctuations and other such increases through
price increases and improving our efficiency, we cannot ensure that we will be able to continue to do so in the
future, which could negatively impact our results of operations.

20

Our international operations subject us to currency exchange fluctuations, which could adversely affect our results
of operations.

Although most of our revenues are denominated in U.S. dollars, a significant portion of our revenues are
denominated in Canadian dollars, Pound Sterling and Euros. In addition, a significant portion of our
expenses, primarily labor expenses in the Philippines, India, Sri Lanka, Germany, Canada, the United
Kingdom and Israel, are incurred in the local currencies of the countries in which we operate. For financial
reporting purposes, we translate all non-U.S. denominated transactions into U.S. dollars in accordance with
accounting principles generally accepted in the United States (U.S. GAAP). Fluctuations in the value of these
currencies relative to the U.S. dollar have in the past and could in the future continue to have a direct impact
on our revenues and our results of operations.

The Philippines, India and Sri Lanka have, at times, experienced high rates of inflation, as well as major

fluctuations in the exchange rate between such foreign currencies and the U.S. dollar.

We are also subject to fluctuations in exchange rates that affect the value of funds held by our foreign

subsidiaries.

Although we selectively undertake hedging activities to mitigate certain of these risks, our hedging
activities may not be effective and may result in losses. See Note 16, “Derivatives,” to the consolidated financial
statements.

In the event that the governments of India or the Philippines or the government of another country changes its tax
policies, rules and regulations, our tax expense may increase and affect our effective tax rates.

We are subject to income taxes in both the U.S. and numerous foreign jurisdictions. We are subject to the
continual examination by tax authorities in India and in the Philippines, and we assess the likelihood of
outcomes resulting from these examinations to determine the adequacy of its provision for income taxes.
Although we believe our tax estimates are reasonable, the final determination of tax audits could be materially
different from what is reflected in historical income tax and indirect tax provisions and accruals, and could
result in a material effect on our income tax provision, indirect tax expenses, net income or cash flows in the
period or periods for which that determination is made. If additional taxes are assessed, it could have an
adverse impact on our financial results.

In addition, changes in the tax rates, tax laws or the interpretation of tax laws in the jurisdictions where

we operate, could affect our future results of operations.

In September 2015, the Company’s Indian subsidiary was subject to an inquiry by the Service Tax
Department in India regarding the classification of services provided by this subsidiary, asserting that the
services provided by this subsidiary fall under the category of online information and database access or
retrieval services (“OID Services”), and not under the category of business support services (“BS Services”)
that are exempt from service tax as historically indicated in the subsidiary’s service tax filings. Our management
disagrees with the Service Tax Department’s position. In November 2019, the Commissioner of Central Tax,
GST & Central Excise issued an order confirming the Service Tax Department’s position. The Company
contested this order in an appeal to the Customs, Excise and Service Tax Appellate Tribunal and in
January 2024 the Customs, Excise and Service Tax Appellate Tribunal ruled in the Company’s favor. In the
event the Service Tax Department appeals this ruling and is ultimately successful in proving that the services
fall under the category of OID Services, the revenues earned by the Company’s Indian subsidiary for the
period July 2012 through November 2016 would be subject to a service tax of between 12.36% and 15%, and
this subsidiary may also be liable to pay interest and penalties. The revenue of our Indian subsidiary during
this period was approximately $56.0 million. In accordance with new rules promulgated by the Service Tax
Department, as of December 1, 2016 service tax is no longer applicable to OID or BS Services. Based on the
Company’s assessment, in consultation with our tax counsel, the Company has not recorded any tax liability
for this case.

In a separate action relating to service tax refunds, in October 2016, the Company’s Indian subsidiary
received notices from the Indian Service Tax Department in India seeking to reverse service tax refunds of
approximately $121,000 previously granted to our Indian subsidiary for three quarters in 2014, asserting that
the services provided by this subsidiary fall under the category of OID Services and not BS Services. The

21

appeal was determined in favor of the Service Tax Department. Management disagrees with the basis of this
decision and is contesting it. The Company expects delays in its Indian subsidiary receiving further service tax
refunds until this matter is adjudicated with finality, and currently has service tax credits of approximately
$0.8 million recorded as receivable. Based on the Company’s assessment, in consultation with our tax counsel,
the Company has not recorded any tax liability for this case.

Substantial recovery against us in the above-referenced 2015 Service Tax Department case could have a
material adverse impact on us, and unfavorable rulings or recoveries in other tax proceedings could have a
material impact on the consolidated operating results of the period in which the rulings or recovery occurs.

If tax authorities in any of the jurisdictions in which we operate contest the manner in which we allocate our
profits, our net loss could be higher.

A significant portion of the services we provide to our customers are provided by our Asian subsidiaries
located in different jurisdictions. Tax authorities in some of these jurisdictions have from time to time
challenged the manner in which we allocate our profits among our subsidiaries, and we may not prevail in any
future challenge of this type. If such a challenge were successful, our worldwide effective tax rate could increase,
thereby decreasing our profitability.

The expiration or termination of our preferential tax rate incentives could adversely affect our results of
operations.

Two of our foreign subsidiaries are subject to preferential tax rates. This tax incentive provides that we
pay reduced income taxes with respect to those jurisdictions for a fixed period of time. An expiration or
termination of these incentives could increase our worldwide effective tax rate, or increase our tax expense,
thereby decreasing our net income and adversely affecting our results of operations.

Our earnings may be adversely affected if we change our intent not to repatriate our foreign earnings and profits
or if such earnings and profits become subject to U.S. tax on a current basis.

A significant portion of our operations are conducted outside the U.S. Despite our access to the overseas
earnings and the resulting toll charge, we intend to indefinitely reinvest the foreign earnings in our foreign
subsidiaries on account of the foreign jurisdiction withholding tax that the Company has to incur on the
actual remittances. Unremitted earnings of foreign subsidiaries amounted to approximately $50.4 million at
December 31, 2023. If such earnings are repatriated in the future, or are no longer deemed to be indefinitely
reinvested, the Company would have to accrue as a liability the applicable amount of foreign jurisdiction
withholding taxes associated with such remittances.

It is unlikely that we will pay dividends.

We have not paid any cash dividends since our inception and do not anticipate paying any cash dividends

in the foreseeable future. We expect that our earnings, if any, will be used to finance our growth.

Risks Related to Laws and Regulations

Governmental and customer focus on data security could increase our costs of operations. In addition, any incident
in which we fail to protect our customer’s information against security breaches may result in monetary damages
against us, and termination of our engagement by our customer, and may adversely impact our results of
operations.

Certain laws and regulations regarding data privacy and security affecting our customers impose
requirements regarding the privacy and security of information maintained by these customers, as well as
notification to persons whose personal information is accessed by an unauthorized third party. As a result of
any continuing legislative initiatives and customer demands, we may have to modify our operations with the
goal of further improving data security. The cost of compliance with these laws and regulations is high and is
likely to increase in the future. Any such modifications may result in increased expenses and operating
complexity, and we may be unable to increase the rates we charge for our services sufficiently to offset these
increases. In addition, as part of the services we perform, we have access to confidential customer data,

22

including personal data. As a result, we are subject to numerous laws and regulations designed to protect this
information. We may also be bound by certain customer agreements to use and disclose confidential customer
information in a manner consistent with the privacy standards under regulations applicable to such customers.
Any failure on our part to comply with these laws and regulations can result in negative publicity and diversion
of management’s time and effort and may subject us to significant liabilities and other penalties.

If customer confidential information is inappropriately disclosed due to a breach of our computer
systems, system failures or otherwise, or if any person, including any of our employees, negligently disregards
or intentionally breaches controls or procedures with which we are responsible for complying with respect to
such data or otherwise mismanages or misappropriates that data, we may have substantial liabilities to our
customers. Any incidents with respect to the handling of such information could subject us to litigation or
indemnification claims with our customers and other parties. In addition, any breach or alleged breach of our
confidentiality agreements with our customers may result in termination of their engagements, resulting in
associated loss of revenue and increased costs.

Our business is subject to applicable laws and regulations relating to foreign corrupt practices, the violation of
which could adversely affect our operations.

We must comply with all applicable anti-bribery laws and regulations of the U.S. and other jurisdictions
where we operate. For example, we are subject to the U.S. Foreign Corrupt Practices Act and the U.K. Bribery
Act of 2010 relating to corrupt and illegal payments to government officials and others. Although we have
policies and controls in place that are designed to ensure compliance with these laws and regulations, it is
possible that an employee or an agent acting on our behalf could fail to comply with applicable laws and
regulations, and due to the complex nature of the risks, it may not always be possible for us to ascertain
compliance with such laws and regulations. In such event, we could be exposed to civil penalties, criminal
penalties and other sanctions, including fines or other unintended punitive actions, and we could incur
substantial legal fees and related expenses. In addition, such violations could damage our business and/or our
reputation. All of the foregoing could have a material adverse effect on our financial condition and operating
results.

The legal and regulatory landscape applicable to artificial intelligence (AI) is evolving and changes to existing
laws and regulations or new laws and regulations could adversely affect our business, financial condition and
results of operations.

We use machine learning and artificial intelligence (AI) technologies in our services, platforms and
solutions, and we are making investments in expanding our artificial intelligence capabilities, including ongoing
deployment and improvement of existing machine learning and AI technologies, as well as developing new
product features using AI technologies, including, for example, generative AI. The laws and regulations
applicable to AI continue to develop and evolve. The use of AI technologies in our services, platforms and
solutions may result in new governmental or regulatory scrutiny, ethical concerns, legal liability, or other
complications that could adversely affect our business, financial condition, or results of operations.

Anti-outsourcing legislation, if adopted, could adversely affect our business, financial condition and results of
operations and impair our ability to service our customers.

The issue of outsourcing of services abroad by U.S. companies is a topic of political discussion in the U.S.
While no substantive anti-outsourcing legislation has been adopted to date, given the ongoing debate over this
issue, the introduction of such legislation is possible. If introduced, our business, financial condition and
results of operations could be adversely affected and our ability to service our customers could be impaired.

Our growth could be hindered by visa restrictions.

Occasionally, we have employees from our other facilities visit or transfer to the U.S. to meet our
customers or work on projects at a customer’s site. Any visa restrictions or new legislation putting a restriction
on issuing visas could affect our business.

Immigration and visa laws and regulations in the U.S. and other countries are subject to legislative and
administrative changes, as well as changes in the application of standards. Immigration and visa laws and

23

regulations can be significantly affected by political forces and levels of economic activity. Our business, results
of operations and financial condition may be materially adversely affected if legislative or administrative
changes to immigration or visa laws and regulations impair our ability to staff projects with our professionals
who are not citizens of the country where the work is to be performed.

New and changing corporate governance and public disclosure requirements add uncertainty to our compliance
policies and increase our costs of compliance.

Changing laws, regulations and standards relating to accounting, corporate governance and public
disclosure, including SEC regulations and the Nasdaq Stock Market rules, create uncertainty for companies
like ours. These laws, regulations and standards may lack specificity and are subject to varying interpretations.
Their application in practice may evolve over time, as new guidance is provided by regulatory and governing
bodies. This could result in continuing uncertainty regarding compliance matters and higher costs of
compliance as a result of revisions to such corporate governance standards.

Although we are committed to maintaining high standards of corporate governance and public
disclosure, and complying with evolving laws, regulations and standards, if we fail to comply with new or
changed laws, regulations or standards of corporate governance, our business and reputation may be harmed.

Item 1B. Unresolved Staff Comments.

None.

Item 1C. Cybersecurity

Cybersecurity Risk Management and Strategy

We recognize the importance of developing, implementing and maintaining a firm cybersecurity posture
to safeguard our information systems, protect the confidentiality, integrity and availability of our data and
mitigate risks associated with cyber threats and attacks.

We are ISO/IEC 27001:2013 certified and the ISO Information Security Risk Management Standard is
used as a reference guide for our risk management approach. We have a designated Chief Information Security
Officer (CISO) who has primary responsibility for managing our cybersecurity risks. Our CISO has more
than 28 years of experience in Information Security and holds a master’s degree in Information Technology.
His in-depth knowledge and experience are instrumental in developing and executing our cybersecurity
strategies. Our CISO is assisted by a team of Information Security Officers (ISOs) and a third-party consultant
who has expertise in cybersecurity, information security risk management, and information systems audit and
holds various certifications including, CISA, CISM, HITRUST Certified Common Security Framework
Practitioner, QSA, and CSP.

Recognizing the inherent cybersecurity risks common to any organization, encompassing concerns such
as unauthorized access to sensitive data, potential disruptions to business operations from cyber incidents,
and the associated financial and reputational impacts arising from a cybersecurity breach, we have
implemented comprehensive policies covering various aspects of cybersecurity and information management,
including, without limitation, cyber risk management, information security practices, roles and responsibilities,
access controls, cryptography, information classification, asset disposal, and vendor management. We
periodically review and modify these policies to align with industry practice, trends and evolving threat
landscapes. Compliance with these policies is expected from all employees and contractors.

We perform periodic assessments for identifying threats and vulnerabilities, covering relevant operational
facets, and focusing on identifying, analyzing, evaluating, and treating cyber risks across business functions.
Our risk assessment guidelines define risk measurement and prioritization, and consider factors such as
likelihood, impact, and potential harm. Mitigation strategies are planned, covering technical and procedural
measures, including incident response plans.

Incident Response

We maintain a comprehensive incident response plan. Key components include regular updates to ensure
effectiveness, employee training programs, and establishing communication channels and relevant systems for

24

proper incident reporting and logging procedures. Communication and notification protocols are defined for
notifying third parties such as regulatory bodies, customers, and partners. Recovery strategies are developed
for restoring normal operations, and post-incident analysis is conducted to identify lessons learned and
improvements for future incident response efforts. The incident response plan also outlines procedures for
prompt detection, response, and remediation efforts to minimize the impact of incidents.

Incident materiality is assessed through a collaborative process involving key personnel within our
organization. Responsibility for conducting a materiality assessment lies with our management team, in
consultation with advice from our third-party cybersecurity consultant, as appropriate. The materiality
assessment considers various factors, including financial impact, reputational risk, regulatory implications,
and potential harm to third parties. Upon completion of the materiality assessment, the disclosure of incidents,
including those related to contractual, regulatory, or technology/security aspects, is handled by designated
members of our senior management team. We consult with outside counsel or experts as appropriate, including
on materiality analysis and disclosure matters.

As of the fiscal year ending December 31, 2023, there have been no identified cybersecurity incidents that
have materially affected or are reasonably likely to materially affect us, including our business strategy, results
of operations or financial condition.

Engagement of Third Parties

Recognizing the complexity and evolving nature of cybersecurity threats, we have engaged a third-party
consultant to assist with evaluating and testing our risk management approach. This enables us to leverage
specialized knowledge and insights in connection with our cybersecurity strategies and processes.

Strategy

To enhance our current cybersecurity posture, we continue to invest in advanced threat detection
technologies, provide cybersecurity training based on the latest trends and guidance to the employees,
collaborate with industry partners and regulatory bodies to stay informed about emerging threats, reinforce
our cybersecurity incident response plan to align with industry-specific regulations and legal obligations,
integrate threat intelligence feeds for automatic detection of any misconfigurations, security threats, and foster
a collaborative, cross-functional, and accelerated approach to incident response.

Cybersecurity Governance

Our Board of Directors is aware of the critical nature of managing the risks associated with cybersecurity
threats. The Board of Directors has established oversight mechanisms to ensure effective governance in
managing these risks.

Board of Director Oversight

Our Audit Committee has primary responsibility for overseeing risk management, including with respect
to cybersecurity. The Audit Committee monitors management’s compliance, and reports to the Board of
Directors. The CISO, who is responsible for developing our cybersecurity strategy and managing our
cybersecurity risks, reports directly to the Audit Committee on these matters.

Management’s Role

Our cybersecurity governance framework incorporates policies, procedures, regular meetings, and
controls to manage and mitigate cybersecurity risks. Aligned with industry standards and regulatory
requirements, the framework is overseen and regularly evaluated by our leadership team responsible for
implementation. Regular risk assessments are conducted to identify and assess potential cybersecurity risks,
informing the development of proactive risk mitigation strategies within the governance framework.

The governance framework is closely integrated via a structured compliance reporting framework
operating across various governance levels. This framework also operates across geographic locations, with
location specific compliance meetings conducted at a local management level and led by the CISO with
assistance from the ISO team. This structured compliance reporting is intended to ensure that the highest

25

levels of management are kept abreast of potential cybersecurity risks facing the Company, with the escalation
of significant cybersecurity matters to the Audit Committee and ultimately to the Board of Directors, as
appropriate.

Notwithstanding the extensive approach we take to cybersecurity, we may not be successful in preventing
or mitigating a cybersecurity incident that could have a material adverse effect on us. While we maintain
cybersecurity insurance, the costs related to cybersecurity threats or disruptions may not be fully insured. See
Item 1A. “Risk Factors” for a discussion of cybersecurity risks.

Item 2. Properties.

We maintain leased property in Ridgefield Park, New Jersey, which is our headquarters, and in the
Philippines, India, Sri Lanka, Israel and Germany. The square footage of all our leased properties totals
approximately 181,000. Our leased properties in the Philippines, Sri Lanka, Germany and Israel are primarily
used by our DDS segment; and our leased property in India is primarily used by our DDS and Synodex
segments. Our leased property in the United States is our corporate headquarters and is used by all segments.

In addition, we may need to lease additional property in the future. We believe that we will be able to

obtain suitable additional facilities on commercially reasonable terms on an “as needed” basis.

Item 3. Legal Proceedings.

Reference is made to Note 8, “Commitments and Contingencies — Litigation,” to the consolidated

financial statements in Item 8 of this Report, which is incorporated by reference herein.

In addition, On February 21, 2024, a putative class action lawsuit was filed in the U.S. District Court for
the District of New Jersey against the Company and certain of its current and former officers (D’Agostino v.
Innodata Inc., et al., Case Number 2:24-CV-00971 (the “D’Agostino Complaint”). The D’Agostino
Complaint asserts claims against all defendants for alleged violations of Section 10(b) of the Exchange Act
and Rule 10b-5 promulgated thereunder and Section 20(a) of the Exchange Act. The D’Agostino Complaint
alleges that defendants made materially false and misleading statements related to its AI business and
development and related financial results, growth, and prospects. The D’Agostino Complaint seeks unspecified
compensatory and punitive damages, costs, attorneys’ fees, and other unspecified relief. The Company intends
to defend against the D’Agostino Complaint vigorously.

Item 4. Mine Safety Disclosures.

Not applicable.

26

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity

Securities.

Innodata Inc. (the “Company”) Common Stock is quoted on The Nasdaq Stock Market LLC under the
symbol “INOD”. On February 7, 2024, there were 54 stockholders of record of the Company’s Common
Stock based on information provided by the Company’s transfer agent. The number of stockholders of record
is based upon the actual number of holders registered at such date and does not include holders of shares in
“street names” or persons, partnerships, associates, corporations, or other entities identified in security
position listings maintained by depositories. We do not anticipate paying any dividends in the foreseeable
future.

Securities Authorized for Issuance Under Equity Compensation Plans

The following table sets forth the aggregate information for the Company’s equity compensation plans in

effect as of December 31, 2023:

Plan Category

Number of Securities
to be Issued Upon
Exercise of
Outstanding Options,
Warrants and Rights

(a)

Equity compensation plans approved by

security holders(1)

. . . . . . . . . . . . . . . . . . .

5,567,966

Equity compensation plans approved by

security holders(2)

. . . . . . . . . . . . . . . . . . .

1,444,523

Equity compensation plans not approved by

security holders

. . . . . . . . . . . . . . . . . . . .

—

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,012,489

Weighted-Average
Exercise Price of
Outstanding Options,
Warrants and Rights(3)

Number of Securities
Remaining Available
for Future Issuance
Under Equity
Compensation Plans

(b)

$3.22

$3.41

—

(c)

—

1,981,406

—

1,981,406

(1)

(2)

2013 Stock Plan, approved by the stockholders, see Note 12, “Stock Options”, to the consolidated financial statements.

2021 Equity Compensation Plan, approved by stockholders, see Note 12, “Stock Options”, to the consolidated financial statements.

(3) Restricted stock units were excluded when determining the weighted-average exercise price of outstanding options, warrants and

rights.

Purchase or Unregistered Sales of Equity Securities

We did not purchase any shares of our common stock during the year ended December 31, 2023.

We did not have any sales of unregistered equity securities during the year ended December 31, 2023.

Item 6.

[Reserved]

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with our consolidated financial statements and
the related notes thereto included elsewhere in this Report. In addition to historical information, this discussion
includes forward-looking information that involves risks and assumptions based upon management’s current
expectations. Our actual results could differ materially from the results referred to in any forward-looking
statement. See “Cautionary Note Regarding Forward-Looking Statements” included elsewhere in this Report.

27

Executive Overview

We are a global data engineering company. We operate in three reporting segments: Digital Data Solutions

(DDS), Synodex and Agility.

The following table sets forth certain financial data for the two years ended December 31, 2023 and 2022:

(Dollars in millions)
Years Ended December 31,

2023

% of revenue

2022

% of revenue

Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$86.8

100.0% $ 79.0

100.0%

Direct operating costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

55.5

63.9%

51.5

Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$31.3

36.1% $ 27.5

Selling and administrative expenses . . . . . . . . . . . . . . . . . . . .

31.0

35.7%

37.9

65.1%

34.9%

48.2%

Income (loss) from operations . . . . . . . . . . . . . . . . . . . . . . . .

Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income (loss) before provision for income taxes . . . . . . . . . . . .

Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . .

0.3

0.2

0.1

1.0

Net Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (0.9)

0.4%

(10.5)

(13.3)%

—

(10.5)

1.5

$(12.0)

For a summary of our Critical Accounting Estimates and Policies, please refer to Note 1 of the Notes to

our Consolidated Financial Statements, which are included elsewhere in this Report.

Non-GAAP Financial Measures

In addition to the financial information prepared in conformity with U.S. GAAP (“GAAP”), we provide
certain non-GAAP financial information. We believe that these non-GAAP financial measures assist investors
in making comparisons of period-to-period operating results. In some respects, management believes non-
GAAP financial measures are more indicative of our ongoing core operating performance than their GAAP
equivalents by making adjustments that management believes are reflective of the ongoing performance of the
business.

We believe that the presentation of this non-GAAP financial information provides investors with greater
transparency by providing investors a more complete understanding of our financial performance, competitive
position, and prospects for the future, particularly by providing the same information that management and
our Board of Directors use to evaluate our performance and manage the business. However, the non-GAAP
financial measures presented in this Annual Report on Form 10-K have certain limitations in that they do not
reflect all of the costs associated with the operations of our business as determined in accordance with GAAP.
Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for,
or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-
GAAP financial measures that we present may differ from similar non-GAAP financial measures used by
other companies.

Adjusted Gross Profit and Adjusted Gross Margin

We define Adjusted Gross Profit as revenues less direct operating costs attributable to Innodata Inc. and
its subsidiaries in accordance with U.S. GAAP, plus depreciation and amortization of intangible assets, stock-
based compensation, non-recurring severance and other one-time costs.

We define Adjusted Gross Margin by dividing Adjusted Gross Profit over total U.S. GAAP revenues.

We use Adjusted Gross Profit and Adjusted Gross Margin to evaluate results of operations and trends
between fiscal periods and believe that these measures are important components of our internal performance
measurement process.

The following table contains a reconciliation of Gross Profit and Gross Margin in accordance with the
U.S. GAAP attributable to Innodata Inc. and its subsidiaries to Adjusted Gross Profit and Adjusted Gross
Margin for the years ended December 31, 2023 and 2022 (in thousands).

28

Consolidated

Year Ended December 31,

2023

2022

Gross Profit attributable to Innodata Inc. and Subsidiaries . . . . . . . . . . .

$31,293

$27,468

Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,608

3,774

Severance** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

327

294

—

214

Adjusted Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$36,522

$31,456

Gross Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted Gross Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

36%

42%

35%

40%

DDS Segment

Year Ended December 31,

2023

2022

Gross Profit attributable to DDS Segment . . . . . . . . . . . . . . . . . . . . . . .

$21,519

$21,347

Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,053

Severance** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28

261

579

—

178

Adjusted Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$22,861

$22,104

Gross Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted Gross Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35%

37%

38%

39%

Synodex Segment

Year Ended December 31,

2023

2022

Gross Profit/(Loss) attributable to Synodex Segment . . . . . . . . . . . . . . . .

$ 799

$(874)

Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Severance** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

623

—

1

656

—

—

Adjusted Gross Profit/(Loss)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,423

$(218)

Gross Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted Gross Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11%

19%

(12)%

(3)%

Agility Segment

Year Ended December 31,

2023

2022

Gross Profit attributable to Agility Segment . . . . . . . . . . . . . . . . . . . . . .

$ 8,975

$6,995

Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Severance** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,932
299
32

2,539
—
36

Adjusted Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$12,238

$9,570

Gross Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted Gross Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

51%

69%

46%

62%

** Represents non-recurring severance incurred for a reduction in headcount in connection with the re-alignment of the Company’s

cost structure.

29

Adjusted EBITDA

We define Adjusted EBITDA as net income (loss) attributable to Innodata Inc. and its subsidiaries in
accordance with U.S. GAAP before interest expense, income taxes, depreciation and amortization of
intangible assets (which derives EBITDA), plus additional adjustments for loss on impairment of intangible
assets and goodwill, stock-based compensation, income (loss) attributable to non-controlling interests,
non-recurring severance, and other one-time costs. We use Adjusted EBITDA to evaluate core results of
operations and trends between fiscal periods and believe that these measures are important components of
our internal performance measurement process.

The following table contains a reconciliation of GAAP net income (loss) attributable to Innodata Inc.
and its subsidiaries to Adjusted EBITDA (loss) for the years ended December 31, 2023 and 2022 (in
thousands).

Consolidated

Year Ended December 31,

2023

2022

Net loss attributable to Innodata Inc. and Subsidiaries . . . . . . . . . . . . . .

$ (908)

$(11,935)

Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Severance** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,028

400

4,716

580

4,027

19

1,522

11

3,889

—

3,283

(70)

Adjusted EBITDA (loss) – Consolidated . . . . . . . . . . . . . . . . . . . . . . . .

$9,862

$ (3,300)

DDS Segment

Year Ended December 31,

2023

2022

Net income (loss) attributable to DDS Segment

. . . . . . . . . . . . . . . . . . .

$ 223

$ (711)

Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Severance** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,018

395

1,161

33

1,423

10

694

—

Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,511

2,690

Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19

4

Adjusted EBITDA – DDS Segment

. . . . . . . . . . . . . . . . . . . . . . . . . . .

$6,360

$4,110

Synodex Segment

Year Ended December 31,

2023

2022

Net income (loss) attributable to Synodex Segment . . . . . . . . . . . . . . . . .

$ 219

$(2,525)

Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Severance** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

623
6
167
—

656
—
258
(74)

Adjusted EBITDA (loss) – Synodex Segment . . . . . . . . . . . . . . . . . . . . .

$1,015

$(1,685)

30

Agility Segment

Year Ended December 31,

2023

2022

Net loss attributable to Agility Segment . . . . . . . . . . . . . . . . . . . . . . . . .

$(1,350)

$(8,699)

Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10

5

99

1

Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,932

2,539

Severance** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

541

349

—

335

Adjusted EBITDA (loss) – Agility Segment . . . . . . . . . . . . . . . . . . . . . .

$ 2,487

$(5,725)

** Represents non-recurring severance incurred for a reduction in headcount in connection with the re-alignment of the Company’s

cost structure.

Results of Operations

Amounts in the MD&A below are after elimination of any inter-segment profit and have been rounded.

All percentages have been calculated using rounded amounts.

Year Ended December 31, 2023 Compared to the Year Ended December 31, 2022

Revenues

Total revenues were $86.8 million and $79.0 million for the years ended December 31, 2023 and 2022,

respectively, an increase of $7.8 million or approximately 10%.

Revenues from the DDS segment were $61.6 million and $56.5 million for the years ended December 31,
2023 and 2022, respectively, an increase of $5.1 million or approximately 9%. The net increase was primarily
attributable to higher volume from two existing and one new customer, offset in part by lower revenues of
$8.5 million from a large social media company that underwent a significant management change in the second
half of 2022.

Revenues from the Synodex segment were $7.5 million and $7.1 million for the years ended December 31,
2023 and 2022, respectively, an increase of $0.4 million or approximately 6%. The increase was primarily due
to higher volume from existing customers.

Revenues from the Agility segment were $17.7 million and $15.4 million for the years ended December 31,
2023 and 2022 respectively, an increase of $2.3 million or approximately 15%. The increase was primarily
attributable to higher volumes from subscriptions to our Agility AI-enabled industry platform and newswire
product.

One customer in the DDS segment generated approximately 10% of the Company’s total revenues in the
fiscal year ended December 31, 2023. Another customer in the DDS segment generated approximately 11% of
the Company’s total revenues in the fiscal year ended December 31, 2022. No other customer accounted for
10% or more of total revenues during these periods. Further, in the years ended December 31, 2023 and 2022,
revenues from non-U.S. customers accounted for 37% and 38%, respectively, of the Company’s revenues.

Direct Operating Costs

Direct operating costs consist of direct and indirect labor costs, occupancy costs, data center hosting fees,
cloud services, content acquisition costs, depreciation and amortization, travel, telecommunications, computer
services and supplies, realized (gain) loss on forward contracts, foreign currency revaluation (gain) loss, and
other direct expenses that are incurred in providing services to our customers.

Direct operating costs were $55.5 million and $51.5 million for the years ended December 31, 2023 and
2022, respectively, an increase of $4.0 million or approximately 8%. The increase in direct operating costs was
primarily due to higher revenues from two existing and one new customer in the DDS segment, offset in part
by cost optimization efforts aimed at improving operational efficiency. The increase in direct operating costs

31

includes a net increase of $0.7 million from direct and indirect labor related costs primarily on account of
labor costs for new hires and salary increases, offset in part by reductions in headcount in line with cost
optimization efforts in the first half of 2023; higher recruitment fees of $0.9 million for new hires; higher
depreciation and amortization of capitalized developed software of $0.8 million; an unfavorable impact of
exchange rate fluctuations of $0.8 million; higher content costs of $0.3 million, and other direct operating
costs of $0.5 million. Direct operating costs as a percentage of total revenues were approximately 64% and
65% for the years ended December 31, 2023 and 2022, respectively. The decrease in direct operating costs as
a percentage of revenues during the year was primarily due to an increase in revenues, offset in part by an
increase in direct operating costs.

Direct operating costs for the DDS segment were $40.1 million and $35.1 million for the years ended
December 31, 2023 and 2022, respectively, an increase of $5.0 million or approximately 14%. The increase in
direct operating costs was primarily due to higher revenues from two existing and one new customer. The
increase in direct operating costs includes a net increase of $2.3 million from direct and indirect labor related
costs primarily on account of labor costs for new hires, and higher incentives and salary increases; higher
recruitment fees of $0.9 million for new hires; an unfavorable impact of exchange rate fluctuations of
$0.8 million; higher depreciation and amortization of capitalized developed software of $0.5 million and
other direct operating costs of $0.5 million. Direct operating costs for the DDS segment as a percentage of
DDS segment revenues were approximately 65% and 62% for the years ended December 31, 2023 and 2022,
respectively. The increase in direct operating costs of the DDS segment as a percentage of DDS segment
revenues during the year was primarily due to an increase in direct operating costs, offset in part by an increase
in revenues.

Direct operating costs for the Synodex segment were approximately $6.7 million and $8.0 million for
the years ended December 31, 2023 and 2022, respectively, a decrease of $1.3 million or approximately 16%.
The decrease in direct operating costs was primarily due to cost optimization efforts aimed at improving
operational efficiency. The decrease was due to lower direct labor costs of $1.3 million. Direct operating costs
for the Synodex segment as a percentage of segment revenues were approximately 89% and 113% for the years
ended December 31, 2023 and 2022, respectively. The decrease in direct operating costs of the Synodex segment
as a percentage of Synodex segment revenues was due to lower direct operating costs and higher revenues.

Direct operating costs for the Agility segment were approximately $8.7 million and $8.4 million for
the years ended December 31, 2023 and 2022, respectively, an increase of $0.3 million or approximately 4%.
The increase in direct operating costs was primarily due to higher revenues offset by cost optimization efforts
aimed at improving operational efficiency. The increase in direct operating cost includes higher depreciation
and amortization of capitalized developed software of $0.4 million and higher content related costs of
$0.3 million, offset in part by a decrease in direct labor costs of $0.3 million and other direct operating costs of
$0.1 million. Direct operating costs for the Agility segment as a percentage of Agility segment revenues were
approximately 49% and 55% for the years ended December 31, 2023 and 2022, respectively. The decrease in
direct operating costs of the Agility segment as a percentage of Agility segment revenues was due to higher
revenues, offset in part by higher direct operating costs.

Gross Profit and Gross Margin

Gross profit is derived by revenues less direct operating costs, while Gross margin as a percentage is

derived by dividing gross profit over revenues.

Gross profit was $31.3 million and $27.5 million for the years ended December 31, 2023 and 2022,
respectively. The $3.8 million increase in gross profit was primarily due to higher revenues in all segments,
offset in part by higher direct operating costs in the DDS and Agility segments. Gross margin was 36% and
35% for the years ended December 31, 2023 and 2022, respectively.

Gross profit for the DDS segment was $21.5 million and $21.3 million for the years ended December 31,
2023 and 2022, respectively. The $0.2 million increase in gross profit for the DDS segment was primarily due
to higher revenues offset in part by higher direct operating costs. Gross margin for the DDS segment was 35%
and 38% for the years ended December 31, 2023 and 2022, respectively. The decrease in gross margin for the
DDS segment as a percentage of revenues was primarily due to higher direct operating costs offset in part by
higher revenues.

32

Gross profit for the Synodex segment was $0.8 million and a loss of $0.9 million for the years ended
December 31, 2023 and 2022, respectively. The $1.7 million change in gross profit for the Synodex segment
was primarily due to lower direct operating costs and higher revenues. Gross margin for the Synodex segment
was 11% and (12)% for the years ended December 31, 2023 and 2022, respectively. The increase in gross
margin for the Synodex segment as a percentage of revenues was primarily due to lower direct operating costs
and higher revenues.

Gross profit for the Agility segment was $9.0 million and $7.0 million for the years ended December 31,
2023 and 2022, respectively. The $2.0 million increase in gross profit for the Agility segment was primarily due
to higher revenues, offset in part by higher direct operating costs. Gross margin for the Agility segment was
51% and 46% for the years ended December 31, 2023 and 2022, respectively. The increase in gross margin for
the Agility segment as a percentage of revenues was primarily due to higher revenues, offset in part by higher
direct operating costs.

Selling and Administrative Expenses

Selling and administrative expenses consist of payroll and related costs including commissions, bonuses,
and stock-based compensation; marketing, advertising, trade conferences and related expenses; new services
research and related software development expenses, software subscriptions, professional and consultant fees,
provision for doubtful accounts and other administrative overhead expenses.

Selling and administrative expenses were approximately $31.0 million and $38.0 million for the years
ended December 31, 2023 and 2022, respectively, a decrease of $7.0 million or approximately 18%. The
decrease in selling and administrative expenses was primarily due to the cost optimization efforts aimed at
improving operational efficiency. The decrease in selling and administrative expenses includes lower labor and
related expenses of $3.4 million primarily on account of headcount reductions, offset in part by salary increases
and higher commissions; lower marketing related expenses of $1.8 million; lower recruitment and professional
fees of $1.2 million; lease termination expense of $0.2 million; a favorable impact of foreign exchange rate
fluctuations of $0.2 million and a decrease in other selling and administrative expenses of $0.2 million. Selling
and administrative expenses as a percentage of total revenues were approximately 36% and 48% for the years
ended December 31, 2023 and 2022, respectively. The decrease in selling and administrative expenses as
a percentage of total revenues was primarily attributable to higher revenues and lower selling and
administrative expenses in all segments.

Selling and administrative expenses for the DDS segment were approximately $20.1 million and
$20.7 million for the years ended December 31, 2023 and 2022 respectively, a decrease of $0.6 million or
approximately 3%. The decrease in selling and administrative expenses was primarily due to the cost
optimization efforts aimed at improving operational efficiency. The decrease in selling and administrative
expenses includes lower recruitment and professional fees of $0.6 million; lower marketing related expenses of
$0.5 million and lower provisions for doubtful accounts of $0.2 million. These costs were offset in part by
higher stock-based compensation, commissions and incentives of $0.6 million, and an increase in other selling
and administrative expenses of $0.1 million. Selling and administrative expenses for the DDS segment as
a percentage of DDS segment revenues were approximately 33% and 37% for the years ended December 31,
2023 and 2022, respectively. The decrease in selling and administrative expenses of the DDS segment as
a percentage of DDS segment revenues was primarily attributable to higher revenues and lower selling and
administrative expenses.

Selling and administrative expenses for the Synodex segment were $0.6 million and $1.7 million for
the years ended December 31, 2023 and 2022 respectively, a decrease of $1.1 million or approximately 65%.
The decrease in selling and administrative expenses was primarily due to the cost optimization efforts aimed at
improving operational efficiency. The decrease in selling and administrative expenses includes lower payroll-
related costs of $0.5 million; lower professional fees of $0.5 million, and a decrease in other selling and
administrative expenses of $0.1 million. Selling and administrative expenses for the Synodex segment as
a percentage of Synodex segment revenues were approximately 8% and 24% for the years ended December 31,
2023 and 2022, respectively. The decrease in selling and administrative expenses of the Synodex segment as
a percentage of Synodex segment revenues was primarily attributable to lower selling and administrative
expenses and higher revenues.

33

Selling and administrative expenses for the Agility segment were $10.3 million and $15.6 million for
the years ended December 31, 2023 and 2022, respectively, a decrease of $5.3 million or approximately 34%.
The decrease in selling and administrative expenses was primarily due to the cost optimization efforts aimed at
improving operational efficiency. The decrease in selling and administrative expenses includes lower labor and
related expenses of $3.5 million primarily on account of headcount reductions offset in part by higher
commissions; lower marketing related expenses of $1.3 million; a favorable impact of foreign exchange rate
fluctuations of $0.2 million; lease termination expense of $0.2 million; lower professional fees of $0.1 million
and a decrease in other selling and administrative expenses of $0.2 million. These lower selling and
administrative expenses were offset in part by a higher provision for doubtful accounts of $0.2 million. Selling
and administrative expenses for the Agility segment as a percentage of Agility segment revenues were
approximately 58% and 101% for the years ended December 31, 2023 and 2022, respectively. The decrease in
selling and administrative expenses of the Agility segment as a percentage of Agility segment revenues was
primarily due to lower selling and administrative expenses and higher revenues.

Goodwill Impairment

As of September 30, 2023, the Company performed its annual goodwill impairment analysis on the Agility
segment. It involved a quantitative goodwill impairment test and estimated the fair value based on a
combination of the income approach (estimates of future discounted cash flows) and the market approach
(market multiples for similar companies) using unobservable inputs (Level 3). The income approach uses a
discounted cash flow (“DCF”) method that utilizes the present value of cash flows to estimate the segment’s
fair value. The future cash flows of the segment were projected based on the Company’s estimates of future
revenues, operating income, and other factors such as working capital and capital expenditures. As part of the
DCF analysis, the Company projected revenue and operating profit and assumed long-term revenue growth
rates in the terminal year. The market approach utilizes multiples of revenues and earnings before interest
expense, taxes, depreciation, and amortization (“EBITDA”) to estimate the segment’s fair value. The market
multiples used for the segment were based on a group of comparable companies’ market multiples applied to
the Company’s revenue. The Company concluded that there is no impairment of goodwill.

Income Taxes

We recorded a provision for income taxes of approximately $1.0 million and $1.5 million for the years
ended December 31, 2023 and 2022, respectively. Tax-related charges primarily consisted of a provision for
foreign taxes recorded in accordance with the local tax regulations by our foreign subsidiaries. Effective income
tax rates are disproportionate primarily due to the minimal pre-tax income and valuation allowance recorded
on the deferred taxes of the U.S., Canadian, German and the United Kingdom subsidiaries, tax effects of
foreign operations, IRS section 162 (m) adjustments, offset in part by the effect of stock-based compensation.
See Note 6, “Income Taxes” of the notes to the consolidated financial statements for additional information.

The reconciliation of the U.S. statutory rate with the Company’s effective tax rate for the years ended

December 31, 2023 and 2022 are summarized in the table below:

Federal income tax expense (benefit) at statutory rate . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of:

2023

2022

21.0% (21.0)%

Change in valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax effects of foreign operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 162(m)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Return to provision true up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase in unrecognized tax benefits (ASC 740)

578.6
562.6
452.0
264.4
199.6

36.9
2.5
—
0.3
0.7

Withholding tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign operations permanent differences – foreign exchange gains and losses . . . . . . . .
State income tax net of federal benefit
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Research and development credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

106.6
76.9
0.1

—
1.1
0.2
(67.3) —

34

Foreign rate differential

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(102.5)

Deemed interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(149.2)

(4.7)

(1.9)

Tax effect of intercompany settlement
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(234.0) —
(0.3)
(961.6)

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7.6)

0.7

Effective tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

739.6% 14.5%

2023

2022

Despite access to overseas earnings and the resulting toll charge, we intend to indefinitely reinvest earnings
and profits in our foreign subsidiaries on account of the foreign jurisdiction withholding taxes that we would
have to incur on the actual remittances. Unremitted foreign earnings and profits amounted to approximately
$50.4 million at December 31, 2023. If such foreign earnings and profits are repatriated in the future, or are no
longer deemed to be indefinitely reinvested, we would have to accrue the applicable amount of foreign
jurisdiction withholding taxes associated with such remittances.

We have a valuation allowance on all of our U.S. deferred tax assets on account of continuing losses
incurred by our U.S. entities. In addition, we also have a valuation allowance on the deferred tax assets of our
Canadian, German and the United Kingdom subsidiaries. Our Canadian subsidiaries also have research and
development credits available to reduce taxable income in future years, which may be carried forward
indefinitely. The potential benefits from these balances have not been recognized for financial statement
purposes.

Tax Assessments

In September 2015, our Indian subsidiary was subject to an inquiry by the Service Tax Department in
India regarding the classification of services provided by this subsidiary, asserting that the services provided
by this subsidiary fall under the category of online information and database access or retrieval services (OID
Services), and not under the category of business support services (BS Services) that are exempt from service
tax as historically indicated in the subsidiary’s service tax filings. We disagree with the Service Tax
Department’s position. In November 2019, the Commissioner of Central Tax, GST & Central Excise issued
an order confirming the Service Tax Department’s position. We contested this order in an appeal to the
Customs, Excise and Service Tax Appellate Tribunal and in January 2024 the Customs, Excise and Service Tax
Appellate Tribunal ruled in the Company’s favor. In the event the Service Tax Department appeals this ruling
and is ultimately successful in proving that the services fall under the category of OID Services, the revenues
earned by our Indian subsidiary for the period July 2012 through November 2016 would be subject to a service
tax of between 12.36% and 15%, and this subsidiary may also be liable for interest and penalties. The revenues
of our Indian subsidiary during this period was approximately $56.0 million. In accordance with new rules
promulgated by the Service Tax Department, as of December 1, 2016, service tax is no longer applicable to
OID or BS Services. Based on our assessment in consultation with our tax counsel, we have not recorded any
tax liability for this case.

In a separate action relating to service tax refunds, in October 2016, our Indian subsidiary received notices
from the Indian Service Tax Department in India seeking to reverse service tax refunds of approximately
$121,000 previously granted to our Indian subsidiary for three quarters in 2014, asserting that the services
provided by this subsidiary fall under the category of OID Services and not BS Services. The appeal was
determined in favor of the Service Tax Department. We disagree with the basis of this decision and are
contesting it. We expect delays in our Indian subsidiary receiving further service tax refunds until this matter
is adjudicated with finality, and currently have service tax credits of approximately $0.8 million recorded as a
receivable. Based on our assessment in consultation with our tax counsel, we have not recorded any tax liability
for this case.

Substantial recovery against us in the above referenced 2015 Service Tax Department case could have a
material adverse impact on us, and unfavorable rulings or recoveries in other tax proceedings could have a
material adverse impact on the consolidated operating results of the period (and subsequent periods) in which
the rulings or recovery occurs.

35

Net Income (Loss)

We had a net loss of $0.9 million and $12.0 million during the years ended December 31, 2023 and 2022,
respectively. The $11.1 million change was due to higher revenues, lower selling and administrative expenses in
all segments and lower income tax, offset in part by higher direct operating costs in the DDS and Agility
segments in the current fiscal year.

Net income for the DDS segment was $0.2 million and a net loss of $0.7 million for the year ended
December 31, 2023 and 2022, respectively. The $0.9 million change was due to higher revenues, lower selling
and administrative expenses and lower income tax, offset in part by higher direct operating costs in the current
fiscal year.

Net income for the Synodex segment was $0.2 million and a loss of $2.6 million for the years ended
December 31, 2023 and 2022, respectively. The $2.8 million change was primarily due to lower direct operating
costs and selling and administrative expenses, and higher revenues in the current fiscal year.

Net loss for the Agility segment was $1.3 million and a net loss of $8.7 million for the years ended
December 31, 2023 and 2022, respectively. The $7.4 million change was primarily due to lower selling and
administrative expenses and higher revenues, offset in part by higher direct operating costs in the current fiscal
year.

Adjusted Gross Profit and Margin

Adjusted Gross Profit and Adjusted Gross Margin are non-GAAP financial measures. For a
reconciliation of Adjusted Gross Profit and Adjusted Gross Margin to the most directly comparable GAAP
measure, please see the description of “Non-GAAP Financial Measures — Adjusted Gross Profit and
Adjusted Gross Margin” above.

Adjusted gross profit was $36.5 million and $31.5 million for the years ended December 31, 2023 and
2022, respectively. The $5.0 million increase in adjusted gross profit was due to a higher gross profit, higher
depreciation and amortization, and non-recurring severance. Adjusted gross margin was 42% and 40% for
the years ended December 31, 2023 and 2022, respectively.

Adjusted gross profit for the DDS segment was $22.9 million and $22.1 million for the years ended
December 31, 2023 and 2022, respectively. The $0.8 million increase in adjusted gross profit for the DDS
Segment was due to higher depreciation and amortization and higher gross profit. Adjusted gross margin for
the DDS segment was 37% and 39% for the years ended December 31, 2023 and 2022, respectively. The
decrease in the adjusted gross margin for the DDS segment as a percentage of revenues was primarily due to
higher direct operating costs offset in part by higher revenues.

Adjusted gross profit for the Synodex segment was $1.4 million and a loss of $0.2 million for the years
ended December 31, 2023 and 2022, respectively. The $1.6 million change in adjusted gross profit in the
Synodex segment was due to higher gross profit. Adjusted gross margin for the Synodex segment was 19% and
(3)% for the years ended December 31, 2023 and 2022, respectively. The increase in the adjusted gross margin
for the Synodex segment as a percentage of revenues was primarily due to lower direct operating costs and
higher revenues.

Adjusted gross profit for the Agility segment was $12.2 million and $9.6 million for the years ended
December 31, 2023 and 2022, respectively. The $2.6 million increase in adjusted gross profit for the Agility
segment was due to higher gross profit, higher depreciation and amortization, and non-recurring severance.
Adjusted gross margin for the Agility segment was 69% and 62% for the years ended December 31, 2023 and
2022, respectively. The increase in the adjusted gross margin for the Agility segment as a percentage of revenues
was primarily due to higher revenues, offset in part by higher direct operating costs.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of Adjusted EBITDA to the
most directly comparable GAAP measure, please see the description of “Non-GAAP Financial
Measures — Adjusted EBITDA” above.

36

Adjusted EBITDA was $9.9 million and a loss of $3.3 million for the years ended December 31, 2023 and
2022, respectively. The $13.2 million change in Adjusted EBITDA was due to a lower net loss, higher
depreciation and amortization, stock-based compensation, interest expense, and non-recurring severance,
offset in part by lower provisions for income taxes.

Adjusted EBITDA for the DDS segment was $6.4 million and $4.1 million for the years ended
December 31, 2023 and 2022, respectively. The $2.3 million increase in Adjusted EBITDA was due to higher
net income in the DDS segment, higher stock-based compensation, depreciation and amortization and interest
expense, offset in part by a lower tax provision.

Adjusted EBITDA for the Synodex segment was $1.0 million and a loss of $1.7 million for the years
ended December 31, 2023 and 2022, respectively. The $2.7 million change in Adjusted EBITDA was due to a
lower net loss in the Synodex segment.

Adjusted EBITDA for the Agility segment was $2.5 million and a loss of $5.7 million for the years ended
December 31, 2023 and 2022, respectively. The $8.2 million change in Adjusted EBITDA was due to a lower
net loss in the Agility segment, non-recurring severance, higher depreciation and amortization, offset in part
by lower tax provision.

Liquidity and Capital Resources

Selected measures of liquidity and capital resources, expressed in thousands, are as follows:

December 31,

2023

2022

Cash and cash equivalents

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$13,806

$9,792

Short term investments – other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14

507

Working capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9,142

2,869

On December 31, 2023, we had cash and cash equivalents of $13.8 million, of which $6.5 million was held
by our foreign subsidiaries and $7.3 million was held in the United States. Despite the passage of the new tax
law under which we may repatriate funds from overseas after paying the toll charge, it is our intent, as of
December 31, 2023, to indefinitely reinvest the overseas funds in our foreign subsidiaries due to the
withholding tax that we would have to incur on the actual remittances.

We have used, and plan to use, our cash and cash equivalents for (i) capital investments; (ii) the expansion
of our operations; (iii) technology innovation; (iv) product management and strategic marketing; (v) general
corporate purposes, including working capital; and (vi) possible business acquisitions. As of December 31,
2023, we had working capital of approximately $9.1 million, as compared to working capital of approximately
$2.9 million as of December 31, 2022. The increase in working capital of $6.3 million is primarily due to the
impact of higher revenues thereby increasing receivables by $4.8 million, cash proceeds from stock option
exercises of $3.3 million offset by a decrease in working capital of $1.8 million used in operations during the
year ended December 31, 2023.

Proceeds from stock option exercises for the year ended December 31, 2023 were $3.3 million.

We did not have any material commitments for capital expenditures as of December 31, 2023.

We believe that our existing cash and cash equivalents and cash flows from operations will provide
sufficient sources of liquidity to satisfy our financial needs for at least 12 months from the date of issuance of
these financial statements.

On April 4, 2023, we entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank,
National Association, as lender, and Innodata Inc., Innodata Synodex, LLC, Innodata docGenix, LLC and
Agility PR Solutions LLC as co-borrowers. On July 21, 2023, Innodata Services LLC signed a Joinder
Agreement to join the Credit Agreement as a co-borrower. The Credit Agreement provides for a secured
revolving line of credit (the “Revolving Credit Facility”) up to an amount equal to the lesser of the borrowing
base and $10.0 million with a maturity date of April 4, 2026. The Revolving Credit Facility’s borrowing base
is calculated in accordance with the terms of the Credit Agreement and on the basis of 85% of eligible

37

accounts, 85% of eligible foreign accounts up to $2.0 million and certain other reserves and adjustments. As of
December 31, 2023, such borrowing base calculation equaled approximately $10.0 million. The Credit
Agreement contains a financial covenant that requires the Borrowers, on a consolidated basis, to maintain a
fixed charge coverage ratio of not less than 1.10 to 1.00 by December 31, 2023. Except as set forth in the Credit
Agreement, borrowings under the Revolving Credit Facility bear interest at a rate equal to the daily simple
secured overnight financing rate (“SOFR”) plus 2.25%. We did not utilize the Revolving Credit Facility during
the year ended December 31, 2023 and through the date of filing of this Report.

Net Cash Provided by Operating Activities

Cash provided by our operating activities for the year ended December 31, 2023 was $5.9 million resulting
from our net loss of $0.9 million, adjusted for non-cash expenses of $9.9 million and a decrease in working
capital of $3.1 million. Refer to the Consolidated Statements of Cash Flows for further details.

Cash used by our operating activities for the year ended December 31, 2022 was $1.2 million resulting
from our net loss of $12.0 million, adjusted for non-cash expenses of $8.9 million and an increase in working
capital of $1.9 million. Refer to the Consolidated Statements of Cash Flows for further details.

Our days’ sales outstanding were 50 days and 48 days for the years ended December 31, 2023 and 2022,
respectively. We calculate DSO by first dividing the total revenues for the period by average net accounts
receivable, which is the average of net accounts receivable at the beginning of the period and net accounts
receivable at the end of the period, to yield an amount we refer to as the “accounts receivable turnover”. Then
we divide the total number of days within the period reported by the accounts receivable turnover to yield
DSO expressed in number of days.

Net Cash Used in Investing Activities

Cash used in our investing activities for the year ended December 31, 2023 was $5.1 million consisting of
capital expenditures of $5.6 million offset in part by proceeds from sale of investments of $0.5 million. These
capital expenditures were principally for the purchase of technology equipment including servers, network
infrastructure and workstations, and expenditures for capitalized developed software. Capital expenditures
for the year ended December 31, 2023 amounting to $5.6 million consisted of $2.9 million for the DDS
segment, $1.8 million for the Agility segment and $0.9 million for the Synodex segment.

Cash used in our investing activities for the year ended December 31, 2022 was $7.0 million consisting of
capital expenditures of $6.5 million and the purchase of short-term investments of $0.5 million. These capital
expenditures were principally for the purchase of technology equipment including servers, network
infrastructure and workstations, and expenditures for capitalized developed software. Capital expenditures
for the year ended December 31, 2022 amounting to $6.5 million consisted of $3.1 million for the DDS
segment, $2.0 million for the Agility segment, and $1.4 million for the Synodex segment.

For calendar year 2024, we anticipate that capital expenditures for ongoing technology, equipment, new
platform development, and infrastructure upgrades will approximate to $6.0 million, a portion of which we
may finance.

Net Cash Used in Financing Activities

Cash provided by financing activities for the year ended December 31, 2023 was $2.9 million primarily
from proceeds of stock option exercises of $3.3 million, offset in part by payment of long-term obligations of
$0.4 million.

Cash used in financing activities for the year ended December 31, 2022 was primarily for payments of
long-term obligation of $0.6 million, reduced in part by proceeds from stock option exercises of $0.3 million.

Inflation, Seasonality and Prevailing Economic Conditions

Although most of our revenues are denominated in U.S. dollars, a significant portion of our revenue is
denominated in Canadian dollars, Pound Sterling and Euros. In addition, a significant portion of our
expenses, primarily labor expenses in the Philippines, India, Sri Lanka, Germany, Canada and Israel, are

38

incurred in the local currencies of the countries in which we operate. For financial reporting purposes, we
translate all non-U.S. denominated transactions into U.S. dollars in accordance with U.S. GAAP. Thus, we are
exposed to the risk that fluctuations in the value of these currencies relative to the U.S. dollar could have a
direct impact on our revenues and our results of operations.

The Philippines and India have at times experienced high rates of inflation as well as major fluctuations
in the exchange rate between the Philippine peso and the U.S. dollar and the Indian rupee and the U.S. dollar.
As of December 31, 2023, the aggregate notional amount of our hedges was $10.5 million consisting of
approximately $4.3 million against the Indian rupee, and $6.2 million against the Philippine peso.

Fluctuations in exchange rates also affect the value of funds held by our foreign subsidiaries. We do not

currently intend to hedge these assets.

Our most significant costs are the salaries and related benefits of our employees in Asia. We are exposed
to high inflation in wage rates in the countries in which we operate. We generally perform work for our
customers under project-specific contracts, requirements-based contracts or long-term contracts. We must
adequately anticipate wage increases, particularly on our fixed-price contracts. There can be no assurance that
we will be able to recover cost increases through increases in the prices that we charge for our services to our
customers.

Our quarterly operating results are subject to certain fluctuations. We experience fluctuations in our
revenues and earnings as we replace and begin new projects, which may have some normal start-up delays, or
we may be unable to replace a project entirely. These and other factors may contribute to fluctuations in our
operating results from quarter to quarter. In addition, as some of our Asian facilities are closed during holidays
in the fourth quarter, we typically incur higher wages, due to overtime, that reduce our margins.

Our Synodex subsidiary experiences seasonal fluctuations in revenues. Typically, revenue is lowest in the
third quarter of the calendar year and highest in the fourth quarter of the calendar year. The seasonality is
directly linked to the number of life insurance applications received by the insurance companies.

Trends

We view new customer acquisition as an indicator of our business momentum, sales and marketing
efficiency, and competitive market positioning. During the year ended December 31, 2023, we added 517 new
customers, an average of 129 new customers per quarter. This is a 3% increase over the 126 new customers we
added on average per quarter in 2022 and a 39% increase from the 93 new customers we added on average per
quarter in 2021. Importantly, in addition to the customer count, we recognize that the size and scale of new
customers significantly impacts our growth trajectory. While in the year December 31, 2023 there was a 3%
increase from the average of 126 new customers per quarter in 2022, it is noteworthy that we are placing
emphasis on acquiring customers that align with our strategic goals, leading to a focus on the potential revenue
value of new customer engagements over sheer number of new customer engagements.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable to smaller reporting companies.

Item 8. Financial Statements and Supplementary Data.

See Financial Statement Index and Financial Statements commencing on page F-1, which are

incorporated by reference herein.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e)
under the Securities Exchange Act of 1934, as amended (Exchange Act), that are designed to ensure that

39

information required to be disclosed in the reports we file or submit under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the Securities and Exchange
Commission’s rules and forms, and that such information is accumulated and communicated to our
management, including our principal executive officer and principal financial officer, as appropriate, to allow
timely decisions regarding required disclosure.

Under the supervision, and with the participation of our management, including our principal executive
officer and our principal financial officer, we conducted an evaluation of the effectiveness of our disclosure
controls and procedures, as defined under Exchange Act Rule 13a-15(e), as of December 31, 2023. Based on
this evaluation, our principal executive officer and our principal financial officer concluded that, as of
December 31, 2023, our disclosure controls and procedures were effective.

Management’s Annual Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over our
financial reporting. Internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of our financial reporting and the preparation of financial statements for
external purposes in accordance with U.S. GAAP. Internal control over financial reporting includes
maintaining records that in reasonable detail accurately and fairly reflect our transactions and disposition of
assets; providing reasonable assurance that transactions are recorded as necessary for preparation of our
financial statements; providing reasonable assurance that receipts and expenditures of company assets are
made in accordance with management and director authorization; and providing reasonable assurance that
unauthorized acquisition, use or disposition of company assets that could have a material effect on our
financial statements would be prevented or detected on a timely basis. Because of its inherent limitations,
internal control over financial reporting is not intended to provide absolute assurance that a misstatement of
our financial statements would be prevented or detected.

Under the supervision and with the participation of the Company’s Chief Executive Officer and Interim
Chief Financial Officer, management conducted an evaluation of the effectiveness of our internal control over
financial reporting based on the framework in Internal Control — Integrated Framework (2013) — issued by
the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this evaluation,
management concluded that the Company’s internal control over financial reporting was effective as of
December 31, 2023.

This Annual Report on Form 10-K does not include an attestation report of our independent registered
public accounting firm regarding internal control over financial reporting. Management’s report was not
subject to attestation by our independent registered public accounting firm pursuant to rules of the Securities
and Exchange Commission that permit us to provide only management’s report in this Annual Report on
Form 10-K.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in
Rules 13a-15(f) or 15d-15(f) under the Exchange Act) during the three months ended December 31, 2023 that
have materially affected, or are reasonably likely to materially affect, our internal control over financial
reporting.

Item 9B. Other information.

None.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

None.

40

Item 10. Directors, Executive Officers and Corporate Governance.

PART III

The information called for by Items 401, 405,

if required, and 407(c)(3), (d)(4) and (d)(5) of
Regulation S-K, including information about our directors and executive officers, is incorporated by reference
from the Company’s definitive proxy statement for the 2024 Annual Meeting of Stockholders to be filed
pursuant to Regulation 14A under the Exchange Act no later than 120 days after the end of the Company’s
2023 fiscal year.

The Company has a code of ethics that applies to all of its employees, officers, and directors, including its
principal executive officer, principal financial officer, principal accounting officer and corporate controller.
The text of the Company’s code of ethics is posted on its website at www.innodata.com. The Company intends
to disclose future amendments to, or waivers from, certain provisions of the code of ethics for executive
officers and directors in accordance with applicable Nasdaq and SEC requirements.

Item 11. Executive Compensation.

The information called for by Item 11 is incorporated by reference from the Company’s definitive proxy
statement for the 2024 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A under the
Exchange Act no later than 120 days after the end of the Company’s 2023 fiscal year.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The information required by this Item regarding the Company’s equity compensation plans is set forth in
Part II, Item 5 of this Annual Report on Form 10-K under the caption “Securities Authorized for Issuance
Under Equity Compensation Plans” and is incorporated by reference herein. The information called for under
Item 403 of Regulation S-K by Item 12 is incorporated by reference from the Company’s definitive proxy
statement for the 2024 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A under the
Exchange Act no later than 120 days after the end of the Company’s 2023 fiscal year.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

The information called for by Item 13 is incorporated by reference from the Company’s definitive proxy
statement for the 2024 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A under the
Exchange Act no later than 120 days after the end of the Company’s 2023 fiscal year.

Item 14. Principal Accountant’s Fees and Services.

The information called for by Item 14 is incorporated by reference from the Company’s definitive proxy
statement for the 2024 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A under the
Exchange Act no later than 120 days after the end of the Company’s 2023 fiscal year.

Item 15. Exhibits and Financial Statement Schedules.

PART IV

(a)(1)

Financial Statements. The following Report of Independent Registered Public Accounting firm,
consolidated financial statements, and accompanying notes are included in Item 8. Index to
Financial Statements:

Reports of Independent Registered Public Accounting Firms.
Consolidated Balance Sheets as of December 31, 2023 and 2022.
Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31,
2023 and 2022.
Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2023 and 2022.
Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022.

(a)(2)

Exhibits — See Exhibit Index attached hereto, which is incorporated by reference herein.

41

Item 16. Form 10-K Summary.

None.

42

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant

caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SIGNATURES

INNODATA INC.

By:

/s/ Jack S. Abuhoff
Jack S. Abuhoff
Chief Executive Officer and President
March 4, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below

by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature

Title

Date

/s/ Jack S. Abuhoff
Jack S. Abuhoff

/s/ Marissa B. Espineli
Marissa B. Espineli

/s/ Louise C. Forlenza
Louise C. Forlenza

/s/ Stewart R. Massey
Stewart R. Massey

/s/ Nauman (Nick) Toor
Nauman (Nick) Toor

Chief Executive Officer and President
(Principal Executive Officer)

March 4, 2024

Interim Chief Financial Officer
(Principal Financial Officer and
Principal Accounting Officer)

Director

Director

March 4, 2024

March 4, 2024

March 4, 2024

Director (Chairman)

March 4, 2024

43

INNODATA INC. AND SUBSIDIARIES
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Report of the Independent Registered Public Accounting Firm (BDO India LLP; Mumbai, India;

PCAOB ID#6074) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated Balance Sheets as of December 31, 2023 and 2022 . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31,
2023 and 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2023 and

2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022 . . . . . . .

Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PAGE

F-2

F-4

F-5

F-6

F-7

F-8

F-1

Report of Independent Registered Public Accounting Firm

Shareholders and Board of Directors
Innodata Inc.
Ridgefield Park, New Jersey

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Innodata Inc. (the “Company”) as of
December 31, 2023 and 2022, the related consolidated statements of operation and comprehensive loss,
stockholders’ equity, and cash flows for each of the years then ended, and the related notes (collectively referred
to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present
fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the
results of its operations and its cash flows for the years then ended, in conformity with accounting principles
generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on the Company’s consolidated financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our
audits we are required to obtain an understanding of internal control over financial reporting but not for the
purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial
reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the
consolidated financial statements, whether due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and
disclosures in the consolidated financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall presentation
of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the
consolidated financial statements that was communicated or required to be communicated to the audit
committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication
of critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as
a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the
critical audit matter or on the accounts or disclosures to which it relates.

Measurement of the provision for income tax expenses

Description of Matter

The Company is subject to income taxes in multiple tax jurisdictions and during the ordinary course of
business, there are many tax positions for which the ultimate tax determination is uncertain due to complexities
of transfer pricing, changing tax laws, and is involved in various tax litigations with respective tax authorities.
Uncertainties arise primarily from certain ongoing tax litigations and open tax years for its foreign subsidiaries.

F-2

As described in Note 6 to the consolidated financial statements, at December 31, 2023, the Company has
recorded unrecognized tax benefits of $1.9 million for uncertain tax positions.

We identified measurement of accruals for the income tax exposures as a critical audit matter, as the
amounts involved are material, and the determination of provision for taxes requires the Company to make
judgments on tax issues and develop estimates regarding the Company’s exposure to tax risks. Further,
auditing management judgments on whether the tax positions are probable of being sustained in tax
assessments involves a high degree of subjectivity.

How the matter was addressed in our audit:

The primary procedures we performed to address this critical audit matter included:

• Obtaining an understanding of management’s process of estimating the provision for income taxes
including assessment of uncertain tax positions and those related to interpretation of tax laws and its
application in the estimation of tax liabilities including uncertain tax positions.

• Testing the completeness of ongoing tax litigation by obtaining direct confirmations from external tax
consultants for select geographies. Also tested the arithmetical accuracy of various computation.

• Involving tax professionals with specialized skill and knowledge in domestic and international taxes,

who assisted in:

• Reviewing and evaluating the Company’s data including assumptions used to determine the

amount of tax benefit/expense to be recognized and tested the accuracy of the calculations

• inspecting the correspondences and assessment orders with applicable tax authorities

• evaluating the Company’s interpretation of tax laws, underlying facts and their potential impact

on uncertain tax positions

/S/ BDO India LLP

We have served as the Company’s auditor since 2020.

Mumbai, India
March 4, 2024

F-3

INNODATA INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2023 AND 2022
(in thousands, except share and per share data)

2023

2022

ASSETS
Current assets:

Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Short term investments – other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts receivable, net of allowance for doubtful accounts . . . . . . . . . . . . . . . . .
Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Property and equipment, net
Right-of-use-asset, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred income taxes, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Intangibles, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Goodwill
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$13,806
14
14,288
3,969
32,077
2,281
5,054
2,445
1,741
13,758
2,075
$59,431

$ 9,792
507
9,528
3,858
23,685
2,511
4,309
1,498
1,475
12,526
2,038
$48,042

LIABILITIES, NON-CONTROLLING INTERESTS AND STOCKHOLDERS’

EQUITY

Current liabilities:

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued expenses and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued salaries, wages and related benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income and other taxes
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term obligations – current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating lease liability – current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred income taxes, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term obligations, net of current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating lease liability, net of current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commitments and contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
STOCKHOLDERS’ EQUITY:

Serial preferred stock; 4,998,000 shares authorized, none outstanding . . . . . . . . . .
Common stock, $.01 par value; 75,000,000 shares authorized; 31,937,000 shares

issued and 28,753,000 outstanding at December 31, 2023 and 30,589,000 shares
issued and 27,405,000 outstanding at December 31, 2022 . . . . . . . . . . . . . . . . .
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: treasury stock, 3,184,000 shares at December 31, 2023 and 2022, at cost . . . . .
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total liabilities, non-controlling interests and stockholders’ equity . . . . . . . . . . . .

$ 2,662
6,583
7,799
3,848
1,261
782
22,935
22
6,778
4,701
34,436
—
(708)

$ 2,630
7,250
6,136
3,230
877
693
20,816
65
5,079
4,036
29,996
—
(727)

—

—

320
43,152
(9,683)
(1,621)
32,168
(6,465)
25,703
$59,431

306
35,815
(8,775)
(2,108)
25,238
(6,465)
18,773
$48,042

See notes to consolidated financial statements.
F-4

INNODATA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
YEARS ENDED DECEMBER 31, 2023 AND 2022
(In thousands, except per share amounts)

Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$86,775

$ 79,001

2023

2022

Direct operating costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Selling and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income (loss) before provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income (loss) attributable to non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . .

55,482

30,975

179

51,533

37,940

11

86,636

89,484

139

(10,483)

1,028

1,522

(889)

(12,005)

19

(70)

Net Loss attributable to Innodata Inc. and Subsidiaries . . . . . . . . . . . . . . . . . . . . . .

$ (908) $(11,935)

Loss per share attributable to Innodata Inc. and Subsidiaries:

Basic and Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (0.03) $

(0.44)

Weighted average shares outstanding:

Basic and Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28,131

27,278

Comprehensive Loss:
Consolidated net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (889) $(12,005)

Pension liability adjustment, net of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(326)

Foreign currency translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Change in fair value of derivatives, net of taxes . . . . . . . . . . . . . . . . . . . . . . . . .

Other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

407

406

487

772

(676)

(12)

84

Total comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(402)

(11,921)

Comprehensive income (loss) attributed to non-controlling interest

. . . . . . . . . . .

19

(70)

Comprehensive loss attributable to Innodata Inc. and Subsidiaries . . . . . . . . . . . . . . .

$ (421) $(11,851)

See notes to consolidated financial statements.
F-5

INNODATA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
YEARS ENDED DECEMBER 31, 2023 AND 2022
(In thousands)

January 1, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 30,347
Net loss attributable to Innodata Inc. and

303

35,121

3,160

(2,192)

(3,184)

(6,465)

29,927

Common Stock

Shares Amount

Additional
Paid-in
Capital

Retained
Earnings

Accumulated
Other
Comprehensive
Loss

Treasury Stock

Shares Amount

Total

Subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . .

Stock-based compensation . . . . . . . . . . . . . . . . . .

— —

— —

Stock option exercises

. . . . . . . . . . . . . . . . . . . . .

249

3

3,283

329

— (11,935)

Shares withheld for taxes on restricted shares

vesting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) —

(53)

Redemption of non-controlling interest

. . . . . . . . .

— — (2,865)

Pension liability adjustments, net of taxes . . . . . . . .

Foreign currency translation adjustment . . . . . . . . .

Change in fair value of derivatives, net of taxes . . . .

— —

— —

— —

—

—

—

—

—

—

—

—

772

(676)

(12)

—

—

—

—

—

—

—

—

— (11,935)

— 3,283

—

—

332

(53)

— (2,865)

—

—

—

772

(676)

(12)

—

—

—

—

—

—

—

December 31, 2022 . . . . . . . . . . . . . . . . . . . . . . . . 30,589
Net loss attributable to Innodata Inc. and

306

35,815

(8,775)

(2,108)

(3,184)

(6,465)

18,773

Subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock-based compensation . . . . . . . . . . . . . . . . . .

— —
— —

Stock option exercises

. . . . . . . . . . . . . . . . . . . . .

1,351

14

Shares withheld for exercise net settlement
. . . . . . .
Pension liability adjustments, net of taxes . . . . . . . .

Foreign currency translation adjustment . . . . . . . . .

Change in fair value of derivatives, net of taxes . . . .

(3) —
— —

— —

— —

—
4,027

3,310

—
—

—

—

(908)
—

—

—
—

—

—

—
—

—

—
(326)

407

406

—
—

—

—
—

—

—

—
(908)
— 4,027

— 3,324

—
—

—

—

—
(326)

407

406

December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . 31,937 $320

$43,152 $ (9,683)

$(1,621)

(3,184) $(6,465) $ 25,703

See notes to consolidated financial statements.
F-6

INNODATA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2023 AND 2022
(In thousands)

Cash flows from operating activities:
Consolidated net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (889) $(12,005)

Adjustments to reconcile consolidated net loss to net cash provided by operating

activities:

2023

2022

Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision for doubtful accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,716

4,027

(276)

426

Pension cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,046

Loss on lease termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—

Changes in operating assets and liabilities:

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5,116)

Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accounts payable, accrued expenses and other . . . . . . . . . . . . . . . . . . . . . . . .

Accrued salaries, wages and related benefits . . . . . . . . . . . . . . . . . . . . . . . . . .

Income and other taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net cash provided by (used in) operating activities . . . . . . . . . . . . . . . . . . . .

Cash flows from investing activities:

Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from (purchase of) short term investments – others . . . . . . . . . . . . . . . .

Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash flows from financing activities:

Proceeds from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payment of long-term obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net cash provided by (used in) financing activities . . . . . . . . . . . . . . . . . . . .

Effect of exchange rate changes on cash and cash equivalents

. . . . . . . . . . . . . . . . . .

Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents, beginning of year

372

(171)

(490)

1,653

605

5,903

(5,564)
493

(5,071)

3,324

(452)

2,872

310

4,014

9,792

3,889

3,283

217

480

943

125

1,303

(226)

750

322

(310)

13

(1,216)

(6,526)
(507)

(7,033)

332

(639)

(307)

(554)

(9,110)

18,902

Cash and cash equivalents, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$13,806

$ 9,792

Supplemental disclosures of cash flow information:

Vendor financed software licenses acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,162

$

—

Cash paid for income taxes

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

753

$ 1,107

Cash paid for operating leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,557

$ 1,838

Cash paid for interest

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

400

$

19

See notes to consolidated financial statements.
F-7

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

1. Description of Business and Summary of Significant Accounting Estimates and Policies

Description of Business — Innodata Inc. (NASDAQ: INOD) (including its subsidiaries, the “Company”,
“Innodata”, “we”, “us” or “our”) is a leading data engineering company. The Company’s mission is to help
the world’s most prestigious companies deliver the promise of ethical, high-performing artificial intelligence
(“AI”), which the Company believes will contribute to a safer and more prosperous world.

The Company was founded on a simple idea: engineer the highest quality data so organizations across
broad industry segments could make smarter decisions. Today, the Company believes it is delivering the highest
quality data for some of the world’s most innovative technology companies to use to train the AI models of
the future.

AI holds the promise that computers can perceive and understand the world, enabling products and
services that would have been previously unimaginable and impossible with traditional coding. AI learns from
data, and the highest-performing AI will have learned from the highest-quality data. The Company believes
that it can contribute meaningfully by harnessing its capabilities, honed over 30 years, in collecting and
annotating data at scale with consistency and high accuracy.

The Company is also helping companies deploy and integrate AI into their operations and products and
providing innovative AI-enabled industry platforms, helping ensure that its customers’ businesses are prepared
for a world in which machines augment human activity in ways previously unimaginable.

The Company developed its capabilities and honed its approaches progressively over the last 30 years
creating high-quality data for many of the world’s most demanding information companies. Approximately
eight years ago, the Company formed Innodata Labs, a research and development center, to research, develop
and apply machine learning and emerging AI to its large-scale, human-intensive data operations. In 2019, the
Company began packaging the capabilities that emerged from its R&D efforts in order to align with several
fast-growing new markets and help companies use AI/ML to drive performance benefits and business insights.

The Company’s historical core competency in high-quality data, combined with these R&D efforts in
applied AI, created the foundation for the evolution of the Company’s offerings, which include AI Data
Preparation, AI Model Deployment and Integration, and AI-Enabled Industry Platforms.

AI Data Preparation

For several of the world’s large technology companies, the Company supports their efforts at building
generative AI foundation models. For these companies, the Company provides or is poised to provide a range
of scaled data solutions and services. The Company’s scaled data solutions include providing instruction data
sets for fine-tuning LLMs to understand prompts, to accept instruction, to converse, to apparently reason,
and to perform the myriad of incredible feats that many of us have now experienced. The Company also
provides reinforcement learning and reward modeling, services which are critical to provide the guardrails
against toxic, bias and harmful responses, and model evaluation services.

For social media companies, robotics companies, financial services companies, and many others, the
Company collects or creates training data, annotates training data, and trains AI algorithms for working with
images, text, video, audio, code and sensor data.

The Company utilizes a variety of leading third-party tools, proprietary tools and customer tools. For
text annotation, the Company uses its proprietary data annotation platform that incorporates AI to reduce
cost while improving consistency and quality of output. The Company’s proprietary data annotation platform
features auto-tagging capabilities that apply to both classical and generative AI tasks. The platform
encapsulates many of the innovations the Company has conceived of in the course of its 30-year history of
creating high-quality data.

In addition, because collecting real-world data is often impracticable (due to data privacy regulations or
rarity of cohorts and outliers), the Company creates high-quality synthetic data that maintains all of the

F-8

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

statistical properties of real-world data, using a combination of domain specialists and machine technologies
that leverage large language models (LLMs).

AI Model Deployment and Integration

The Company helps businesses leverage the latest AI technologies to achieve their goals. The Company
develops custom AI models (where it selects the appropriate algorithms, tunes hyperparameters, trains and
validates the models, and updates the models as required). The Company also helps businesses fine-tune their
own custom versions of the Company’s proprietary models and third-party foundation models to address
domain-specific and customer-specific use cases.

For the Company’s customers that provide products and solutions that require intensive text data
processing and analytics, in addition to deploying and integrating AI models, the Company often provides a
range of data engineering support services including data transformation, data curation, data hygiene, data
consolidation, data extraction, data compliance, and master data management.

The Company’s customers span a diverse range of industries and a wide range of AI use cases, benefiting

from the short time-to-value and high economic returns of the Company’s AI solutions and platforms.

AI-Enabled Industry Platforms

The Company’s AI-enabled industry platforms address specific, niche market requirements the Company
believes it can innovate with AI/ML technologies. The Company deploys these industry platforms as
software-as-a-service (SaaS) and as managed services. These platforms benefit from the Company’s technology
infrastructure, its industry-specific knowledge, its strong customer relationships and experience merging
technology with the business processes of its customers. To date, the Company has built an industry platform
for medical records data extraction and transformation (which the Company brands as “Synodex®”) and an
industry platform for public relations (which the Company brands as “Agility PR Solutions”). The Company
is in development with an additional AI-enabled industry platform to serve financial services institutions.

The Company’s Synodex industry platform transforms medical records into useable digital data organized

in accordance with its proprietary data models or customer data models.

The Company’s Agility industry platform provides marketing communications and public relations
professionals with the ability to target and distribute content to journalists and social media influencers
world-wide and to monitor and analyze global news (print, web, radio and TV) and social media.

The Company’s operations are presently classified and reported in three reporting segments: Digital Data

Solutions (DDS), Synodex and Agility.

Critical Accounting Policies and Estimates

Principles of Consolidation — The consolidated financial statements include the accounts of Innodata
Inc. and its wholly owned subsidiaries, and docGenix, a limited liability company that is majority-owned by
the Company. The non-controlling interests in the docGenix limited liability company have call and put
options that can be settled in cash or stock. Accordingly, this is presented in temporary equity in accordance
with Financial Accounting Standards Board (FASB) non-controlling interest guidance. All intercompany
transactions and balances have been eliminated in consolidation.

Use of Estimates — In preparing consolidated financial statements in conformity with U.S. GAAP,
management is required to make estimates and assumptions that affect the reported amounts of assets and
liabilities, the disclosure of contingent assets and liabilities as of the date of the consolidated financial
statements, and the reported amounts of revenues and expenses during the reporting period. Management
believes that the estimates used in the preparation of the consolidated financial statements are reasonable.
Actual results could differ from those estimates. Significant estimates include those related to the allowance

F-9

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

for doubtful accounts and billing adjustments, useful life of long-lived assets, useful life of intangible assets,
impairment of goodwill and intangible assets, valuation of deferred tax assets, valuation of stock-based
compensation, pension benefit plan assumptions, litigation accruals and estimated accruals for various tax
exposures.

Revenue Recognition — The Company’s revenue is recognized when services are rendered or goods are
delivered to a customer, in an amount that reflects the consideration that the Company expects to receive in
exchange for those services or goods as per the agreement with the customer. In cases where there are
agreements with multiple performance obligations, the Company identifies each performance obligation and
evaluates whether the performance obligations are distinct within the context of the agreement at the
agreement’s inception. Performance obligations that are not distinct at agreement inception are combined.
For agreements with distinct performance obligations, the Company allocates the transaction price to each
distinct performance obligation proportionately based on the estimated standalone selling price for each
performance obligation, if any, and then evaluates how the services are performed for the customer to
determine the timing of revenue recognition.

For the Digital Data Solutions (DDS) segment, revenue is recognized primarily based on the quantity
delivered or resources utilized in the period in which services are performed and performance conditions are
satisfied as per the agreement. Revenue from agreements billed on a time-and-materials basis is recognized as
services are performed. Revenue from fixed-fee agreements, which is not significant to overall revenues, is
recognized based on the proportional performance method of accounting, as services are performed, or
milestones are achieved.

For the Synodex segment, revenue is recognized primarily based on the quantity delivered in the period in
which services are performed and performance conditions are satisfied as per the agreement. A portion of the
Synodex segment revenue is derived from licensing the Company’s functional software and providing access to
the Company’s hosted software platform. Revenue from such services is recognized monthly when all parties
to the agreement have agreed to the agreement; each party’s rights are identifiable; the payment terms are
identifiable; the agreement has commercial substance; access to the service is provided to the end user; and
collection is probable.

The Agility segment derives its revenue primarily from subscription arrangements and provision of
enriched media analysis services. It also derives revenue as a reseller of corporate communication solutions.
Revenue from subscriptions is recognized monthly when access to the service is provided to the end user; all
parties to the agreement have agreed to the agreement; each party’s rights are identifiable; the payment terms
are identifiable; the agreement has commercial substance; and collection is probable. Revenue from enriched
media analysis services is recognized when the services are performed, and performance conditions are
satisfied. Revenue from the reseller agreements is recognized at the gross amount received for the goods in
accordance with the Company functioning as a principal due to the Company meeting the following criteria:
the Company acts as the primary obligor in the sales transaction; assumes the credit risk; sets the price; can
select suppliers; and is involved in the execution of the services, including after sales service.

Revenue includes reimbursement of out-of-pocket expenses, with the corresponding out-of-pocket

expenses included in direct operating costs.

Revenue associated with the services provided in one period and billed in a subsequent period is

commonly referred to as unbilled revenues and is included under Accounts receivable.

The Company considers U.S. GAAP criteria for determining whether to report gross revenue as a
principal versus net revenue as an agent. The Company evaluates whether it is in control of the services before
the same are transferred to the customer to assess whether it is principal or agent in the arrangement.

Contract acquisition costs, which are included in prepaid expenses and other current assets, are amortized
over the term of a subscription agreement or contract that normally has a duration of 12 months or less. The
Company reviews these prepaid acquisition costs on a periodic basis to determine the need to adjust the

F-10

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

carrying values for early terminated contracts. Included in prepaid expenses and other current assets on the
accompanying consolidated balance sheets are contract acquisition costs amounting to $0.8 million for each
of the years ended December 31, 2023 and 2022. These acquisition costs relate to our Agility segment and are
amortized over the term of the subscription agreement which normally has a duration of 12 months or less.

Foreign Currency Translation — The functional currency of the Company’s subsidiaries in the Philippines,
India, Sri Lanka, Israel, Hong Kong, the United Kingdom and Canada (other than the Agility subsidiaries) is
the U.S. dollar. Transactions denominated in Philippine pesos, Indian and Sri Lankan rupees, Israeli shekels,
United Kingdom pound sterling and Canadian dollars are translated to U.S. dollars at rates which
approximate those in effect on the transaction dates. Monetary assets and all liabilities denominated in foreign
currencies on December 31, 2023 and December 31, 2022 are translated at the exchange rate in effect as of
those dates. Non-monetary assets and stockholders’ equity are translated at the appropriate historical rates.
Included in direct operating costs were foreign exchange losses (gains) resulting from such translations of
approximately $0.4 million and ($1.3) million for the years ended December 31, 2023 and 2022, respectively.

The functional currency for the Company’s subsidiary in Germany is the Euro. The functional currencies
for the Company’s Agility subsidiaries in the United Kingdom and Canada are the Pound Sterling and the
Canadian dollar, respectively. The financial statements of these subsidiaries are prepared in their respective
currencies. Financial information is translated from the applicable functional currency to the U.S. dollar (the
reporting currency) for inclusion in the Company’s consolidated financial statements. Income, expenses, and
cash flows are translated at weighted-average exchange rates prevailing during the fiscal period, and assets and
liabilities are translated at fiscal period-end exchange rates. Resulting translation adjustments are included as
a component of accumulated other comprehensive loss in stockholders’ equity. Foreign exchange transaction
gains or losses are included in direct operating costs in the accompanying consolidated statements of
operations and comprehensive loss.

Derivative Instruments — The Company accounts for derivative transactions in accordance with the
FASB’s Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”. For derivative
instruments that are designated and qualify as cash flow hedges, the entire change in fair value of the hedging
instrument is recorded in Other comprehensive income (loss). When the amounts recorded in Other
comprehensive income (loss) are reclassified to earnings, they are included as part of Direct operating costs.
For derivative instruments that are not designated as hedges, any change in fair value is recorded directly in
earnings as part of Direct operating costs. The total notional value of designated outstanding foreign currency
forward contracts was $10.5 million and $14.2 million as of December 31, 2023 and 2022, respectively.

Cash Equivalents — For financial statement purposes, the Company considers all highly liquid

instruments purchased with an original maturity of three months or less to be cash equivalents.

Short term Investments-other — For financial statement purposes, the Company considers investments
made in time deposits and treasury bills having an original maturity of more than three months but less than
one year from the balance sheet date under short term investments.

Concentration of Credit Risk — The Company maintains its cash with highly rated financial institutions,
located in the United States and in foreign locations where the Company has its operations. At December 31,
2023, the Company had cash and cash equivalents of $13.8 million, of which $6.5 million was held by its
foreign subsidiaries and $7.3 million was held in the United States. To the extent that such cash exceeds the
maximum insurance levels, the Company is uninsured. The Company has not experienced any losses in such
accounts.

F-11

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

Accounts Receivable — Accounts receivable is generally recorded at the invoiced amounts, net of an
allowance for expected losses. The Company establishes credit terms for new customers based upon
management’s review of their credit information and project terms, and performs ongoing credit evaluations
of its customers, adjusting credit terms when management believes appropriate based upon payment history
and an assessment of the customer’s current creditworthiness.

We record an allowance for credit losses for estimated losses resulting from the failure of our customers
to make the required payments and provisions for billing adjustments relating to quality issues on delivered
services. The allowance for credit losses is based on a review of specifically identified accounts and an overall
aging analysis applied to accounts pooled based on similar risk characteristics. Judgments are made with
respect to the collectability of accounts receivable within each pool based on historical experience, current
payment practices, and current economic trends based on our expectations over the expected life of the
receivables, generally ninety days or less. Actual credit losses could differ from those estimates.

Property and Equipment — Property and equipment are stated at cost and are depreciated on the straight-
line method over the estimated useful lives of the related assets, which is generally two to ten years. Leasehold
improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the
terms of the leases. Certain assets under capital leases are amortized over the lives of the respective leases or
the estimated useful lives of the assets, whichever is shorter.

Capitalized Developed Software — The Company incurs development costs related to software it develops
for its internal use. Qualifying costs incurred during the application development stage are capitalized. These
costs primarily consist of internal labor and third-party development costs and are amortized using the
straight-line method over the estimated useful life of the capitalized developed software, which generally ranges
from three to ten years. All other research and maintenance costs are expensed as incurred. Capitalized
developed software in progress as of December 31, 2023 and 2022 were $3.5 million and $2.8 million,
respectively. The cumulative completed capitalized developed software as of December 31, 2023 and 2022 was
$15.2 million and $11.8 million, respectively.

Long-lived Assets — Management assesses the recoverability of its long-lived assets, whenever events or
changes in circumstances indicate that the carrying value may not be recoverable. The following factors, if
present, may trigger an impairment review: (i) significant underperformance relative to expected historical or
projected future operating results; (ii) significant negative industry or economic trends; (iii) significant decline
in the Company’s stock price for a sustained period; and (iv) a change in the Company’s market capitalization
relative to net book value. If the recoverability of these assets is unlikely because of the existence of one or
more of the above-mentioned factors, an impairment analysis is performed, using undiscounted cash flow
projections. Management makes assumptions regarding estimated future cash flows and other factors to
determine the fair value of these respective assets. An impairment loss will be recognized only if the carrying
value of a long-lived asset is not recoverable and exceeds its fair value and is measured as the amount by which
the carrying amount of a long-lived asset exceeds its fair value.

Goodwill and Other Intangible Assets — The Company performs a valuation of assets acquired and
liabilities assumed on each acquisition accounted for as a business combination and allocates the purchase
price of each acquired business to its respective net tangible and intangible assets and liabilities. Acquired
intangible assets principally consist of technology, customer relationships, backlog and trademarks, having
useful lives which range from ten to twelve years. The Company determines the appropriate useful life by
performing an analysis of expected cash flows based on projected financial information of the acquired
businesses. Intangible assets are amortized over their estimated useful lives using the straight-line method,
which approximates the pattern in which the majority of the economic benefits are expected to be consumed.
Intangible assets are amortized into direct operating costs ratably over their expected related revenue streams
over their useful lives.

F-12

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

Goodwill represents the excess of the cost of an acquired entity over the fair value of the acquired net
assets. The Company does not amortize goodwill but evaluates it for impairment at the reporting unit level
annually during the third quarter of each fiscal year (as of September 30 of that year) or when an event occurs,
or circumstances change, that indicates the carrying value may not be recoverable.

The Company performed its annual goodwill assessment for the Agility segment as of September 30,
2023 for impairment. The impairment test involves estimating the fair value based on a combination of income
(estimates of future discounted cash flows) and the market approach (market multiples for similar companies)
using unobservable inputs (Level 3). The Company concluded that there is no impairment of goodwill for the
Agility segment.

Income Taxes — Estimated deferred taxes are determined based on the difference between the financial
statement and tax basis of assets and liabilities, using enacted tax rates, as well as any net operating loss or tax
credit carryforwards expected to reduce taxes payable in future years. A valuation allowance is provided when
it is more likely than not that all or some portion of the estimated deferred tax assets will not be realized. While
the Company considers future taxable income in assessing the need for the valuation allowance, in the event
that the Company anticipates that it will be able to realize the estimated deferred tax assets in the future in
excess of its net recorded amount, an adjustment to the provision for deferred tax assets would increase income
in the period such determination was made. Similarly, in the event that the Company anticipates that it will
not be able to realize the estimated deferred tax assets in the future considering future taxable income, an
adjustment to the provision for deferred tax assets would decrease income in the period such determination
was made. Changes in the valuation allowance from period to period are included in the Company’s tax
provision in the period of change. The Company indefinitely reinvests the foreign earnings in its foreign
subsidiaries. If such earnings are repatriated in the future, or are no longer deemed to be indefinitely reinvested,
the Company would have to accrue as a liability the applicable amount of foreign jurisdiction withholding
taxes associated with such remittances.

In assessing the realization of deferred tax assets, management considered whether it is more likely than
not that all or some portion of the U.S. and Canadian deferred tax assets will not be realizable. As the
expectation of future taxable income resulting from the Synodex and Agility segments cannot be predicted
with certainty, the Company maintains a valuation allowance against all the United States, Canadian and
European (principally Germany and the United Kingdom) net deferred tax assets.

The Company accounts for income taxes regarding uncertain tax positions, and recognizes interest and
penalties related to uncertain tax positions in income tax expense in the consolidated statements of operations
and comprehensive loss.

Accounting for Leases — Accounting Standards for Codifications (ASC 842 “Accounting for Leases”)
requires lessees to recognize most leases on their balance sheets as liabilities, with corresponding “right-of-use”
assets. The Company recognizes a right-of-use asset and corresponding lease liability for all its operating
leases. See Note 9, Operating Leases.

The determination of whether an arrangement is, or contains, a lease is based on the substance of the
arrangement at the inception date and requires an assessment of whether the fulfillment of the arrangement is
dependent on the use of a specific asset or assets, or the arrangement conveys a right to use the asset.
A reassessment is made after inception of the lease only if one of the following applies:

a.

b.

c.

d.

there is a change in contractual terms, other than a renewal or extension of the arrangement;

a renewal option is exercised, or extension granted, unless the term of the renewal or extension was
initially included in the lease term;

there is a change in the determination of whether fulfillment is dependent on a specified asset; or

there is a substantial change to the asset.

F-13

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

Whenever a reassessment is made, lease accounting shall commence or cease from the date when the
change in circumstances gave rise to the reassessment for scenarios (a), (c) or (d) and at the date of renewal or
extension period for scenario (b).

Leases where the lessor retains substantially all the risks and rewards of ownership are classified as
operating leases. As of December 31, 2023, all of the Company’s leases are classified under operating leases.
Operating lease payments are recognized as an operating expense on a straight-line basis over the lease term.

Accounting for Stock-Based Compensation — The Company measures and recognizes stock-based
compensation expense for all share-based payment awards made to employees and directors based on the
estimated fair value at the grant date. The stock-based compensation expense is recognized over the requisite
service period. The fair value of stock option grants is determined using the Black-Scholes option-pricing
model and the fair value of restricted stock units is determined using the Binomial option pricing model. For
restricted stock units which are time vested, the fair value is determined based on the grant date fair value.

The stock-based compensation expense related to the Company’s stock plans were allocated as follows

(in thousands):

Direct operating costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 294

Selling and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,733

Total stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$4,027

2023

2022

$ 214

3,069

$3,283

Year Ended December 31,

Fair Value of Financial Instruments — The carrying amounts of financial instruments approximated their
fair value as of December 31, 2023 and 2022, because of the relatively short maturity of these instruments. See
Note 16, Derivatives.

Fair value measurements and disclosures define fair value as the price that would be received for an asset
or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or
liability in an orderly transaction between market participants on the measurement date.

The accounting standard establishes a fair value hierarchy that prioritizes the inputs used to measure fair

value into three levels. The three levels are defined as follows:

• Level 1: Unadjusted quoted price in active market for identical assets and liabilities.

• Level 2:

Inputs other than those included in Level 1 that are observable for the asset or liability, either
directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that
are not active; or other inputs that are observable or can be corroborated by observable market data for
substantially the full term of the assets or liabilities.

• Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in

pricing the asset or liability.

The Company’s forward contracts are at level 2 in the fair value hierarchy.

Income (Loss) per Share — Income (loss) per share is computed using the weighted-average number of
common shares outstanding during the year. Diluted income (loss) per share is computed by considering the
impact of the potential issuance of common shares, using the treasury stock method, on the weighted average
number of shares outstanding. For those securities that are not convertible into a class of common stock, the
“two class” method of computing income (loss) per share is used.

F-14

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

Pension — The Company records annual pension costs based on calculations, which include various
actuarial assumptions including discount rates, compensation increases and other assumptions involving
demographic factors. The Company reviews its actuarial assumptions on an annual basis and makes
modifications to the assumptions based on current rates and trends. The Company believes that the
assumptions used in recording its pension obligations are reasonable based on its experience, market
conditions and inputs from its actuaries.

Deferred Revenue — Deferred revenue represents payments received from customers in advance of
providing services and amounts deferred if conditions for revenue recognition have not been met. Included in
Accrued expenses and other on the accompanying consolidated balance sheets is deferred revenue amounting
to $3.5 million and $4.4 million as of December 31, 2023 and 2022, respectively. We expect to recognize
substantially all of these performance obligations over the next 12 months.

The table below provides information about contract liabilities (deferred revenue) and the significant

changes in the balance for the years ended December 31, 2023 and 2022, respectively (in thousands):

December 31,

2023

2022

Balance at January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 4,366

$ 4,509

Net deferred revenue in the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21,619

29,756

Revenue recognized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(22,586)

(29,618)

Currency translations and other adjustments

. . . . . . . . . . . . . . . . . . . . .

124

(281)

Balance at December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 3,523

$ 4,366

Recent Accounting Pronouncements — On November 27, 2023, the FASB issued Accounting Standards
Update (ASU) No. 2023-07, “Improvements to Reportable Segment Disclosures,”. The ASU’s effective date is
for fiscal years beginning after December 15, 2023. The adoption of the ASU 2023-07 will enhance expense
disclosures in segment reporting and other qualitative disclosures and allows for disclosing multiple measures
of segment profit or loss. The Company does not expect any significant impact from the adoption of this
standard.

On December 14, 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements
to Income Tax Disclosures”. The ASU’s effective date is for fiscal years beginning after December 15, 2024.
The adoption of the ASU 2023-09 will enhance quantitative and qualitative disclosures related to rate
reconciliation of significant components and income tax paid. The Company does not expect any significant
impact from the adoption of this standard.

2.

Short Term Investments — other

Short-term investments include investments made by the Company in treasury bills and certificates of
deposit which are considered as highly liquid investments having an original maturity period of more than
three months but less than one year from the balance sheet date.

Treasury bills
Certificates of deposit

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$— $494
13
14

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$14

$507

December 31,

2023

2022

F-15

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

3. Accounts Receivable

Accounts receivable consists of the following:

December 31,

2023

2022

Gross Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$15,505

$10,741

Allowance for doubtful accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1,217)

(1,213)

Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$14,288

$ 9,528

As of January 1, 2023 the Company has adopted ASU 2019-04, “Codification Improvements to
Topic 326, Financial Instruments — Credit Losses”, and based on the Company’s assessment there was no
impact on the financial statements or other related disclosures. The basis of allowance for doubtful accounts
is further elaborated in Note 1, “Critical Accounting Policies and Estimates” to the consolidated financial
statements.

Activity in the allowance for the credit losses for the year ended December 31, 2023 was as follows (in

thousands):

Balance at January 1, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,213

Additions charged to expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Write-offs against allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign currency translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . .

426

(426)

4

Balance at December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,217

For the Year Ended
December 31, 2023

4. Property and equipment

Property and equipment, which include amounts recorded under capital leases, are stated at cost less

accumulated depreciation and amortization (in thousands), and consist of the following:

December 31,

2023

2022

Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 11,315

$ 12,391

Computer software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Furniture and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Leasehold improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital work-in-progress

4,465
1,128
2,547
434

4,447
1,163
2,554
—

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19,889

20,555

Less: accumulated depreciation and amortization . . . . . . . . . . . . . . . . . .

(17,608)

(18,044)

$ 2,281

$ 2,511

The estimated useful lives of the property and equipment range between two years and ten years.
Depreciation and amortization expense of property and equipment were approximately $1.2 million for each
of the years ended December 31, 2023 and 2022, respectively.

F-16

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

5. Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the year ended December 31, 2023 were as follows (in

thousands):

Balance – January 1, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,038

Foreign currency translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

37

Balance – December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,075

As of September 30, 2023 the Company performed its annual goodwill impairment analysis on the Agility
segment. It involved a quantitative goodwill impairment test and estimated the fair value based on a
combination of the income approach (estimates of future discounted cash flows) and the market approach
(market multiples for similar companies) using unobservable inputs (Level 3). The income approach uses a
discounted cash flow (“DCF”) method that utilizes the present value of cash flows to estimate the segment’s
fair value. The future cash flows of the segment were projected based on the Company’s estimates of future
revenues, operating income, and other factors such as working capital and capital expenditures. As part of the
DCF analysis, the Company projected revenue and operating profit and assumed long-term revenue growth
rates in the terminal year. The market approach utilizes multiples of revenues and earnings before interest
expense, taxes, depreciation, and amortization (“EBITDA”) to estimate the segment’s fair value. The market
multiples used for the segment were based on a group of comparable companies’ market multiples applied to
the Company’s revenue. The Company concluded that there is no impairment of goodwill.

The fair value measurement of goodwill for the Agility segment was classified within Level 3 of the fair
value hierarchy because the Company used the income approach, which utilizes significant inputs that are
unobservable in the market and the market multiple approaches using comparable entities to further validate
the carrying values. The Company believes it made reasonable estimates and assumptions to calculate the fair
value of the reporting unit as of the impairment test measurement date. The carrying value of Goodwill was
$2.1 million and $2.0 million as of December 31, 2023, and 2022, respectively.

Information regarding the Company acquired intangible assets and capitalized developed software was

as follows (in thousands):

December 31, 2023

Gross
Carrying
Value

Accumulated
Amortization

Foreign
Currency
Translation
Adjustment

Net
Carrying
Value

Acquired Intangible Assets
Developed technology . . . . . . . . . . . . . . . . . . . . . . . . . . .
Customer relationships . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trademarks and tradenames . . . . . . . . . . . . . . . . . . . . . . .
Patents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Media Contact Database . . . . . . . . . . . . . . . . . . . . . . . . .

$ 2,999
2,096
852
43
3,492

$ (2,640)
(1,645)
(774)
(40)
(2,621)

$

7
10
2
—
16

$

366
461
80
3
887

Total Acquired Intangible Assets

. . . . . . . . . . . . . . . . . . . .

$ 9,482

$ (7,720)

$ 35

$ 1,797

Capitalized Developed Software
Capitalized Developed Software . . . . . . . . . . . . . . . . . . . .
Capitalized Developed Software – in Progress . . . . . . . . . . .

$15,216
3,480

$ (6,862)
—

Total Capitalized Developed Software . . . . . . . . . . . . . . . . .

$18,696

$ (6,862)

Total

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$28,178

$(14,582)

$138
(11)

$127

$162

$ 8,492
3,469

$11,961

$13,758

F-17

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

December 31, 2022

Gross
Carrying
Value

Accumulated
Amortization

Foreign
Currency
Translation
Adjustment

Net
Carrying
Value

Acquired Intangible Assets
Developed technology . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 3,169

$ (2,468)

$ (43)

$

Customer relationships . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,228

(1,560)

Trademarks and tradenames . . . . . . . . . . . . . . . . . . . . . . .

Patents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

880

45

(740)

(38)

Media Contact Database . . . . . . . . . . . . . . . . . . . . . . . . .

3,648

(2,358)

(42)

(8)

1

(68)

658

626

132

8

1,222

Total Acquired Intangible Assets

. . . . . . . . . . . . . . . . . . . .

$ 9,970

$ (7,164)

$(160)

$ 2,646

Capitalized Developed Software
Capitalized Developed Software . . . . . . . . . . . . . . . . . . . .

$11,845

$ (4,398)

$(348)

$ 7,099

Capitalized Developed Software – in Progress . . . . . . . . . . .

2,787

—

(6)

2,781

Total Capitalized Developed Software . . . . . . . . . . . . . . . . .

$14,632

$ (4,398)

$(354)

$ 9,880

Total

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$24,602

$(11,562)

$(514)

$12,526

Amortization expense relating to acquired intangible assets was approximately $0.9 million for each of

the years ended December 31, 2023 and 2022, respectively.

Amortization expense relating to capitalized developed software was approximately $2.7 million and

$1.8 million for the years ended December 31, 2023 and 2022, respectively.

Estimated annual amortization expense for intangible assets subsequent to December 31, 2023 is as

follows (in thousands):

Year

Amortization

2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 4,929

2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,976

2,704

739

597
813

$13,758

6.

Income Taxes

The significant components of the provision for income taxes for the years ended December 31, 2023 and

2022 were as follows (in thousands):

Current income tax expense (benefit):

Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State and local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2023

2022

$1,181
120
3
1,304

$1,131
144
30
1,305

F-18

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

Deferred income tax expense (benefit):

Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State and local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2023

2022

(286)
10
—
(276)
$1,028

207
10
—
217
$1,522

The reconciliation of the U.S. statutory rate with the Company’s effective tax rate for the years ended

December 31, 2023 and 2022 is summarized as follows:

Federal income tax expense (benefit) at statutory rate . . . . . . . . . . . . . . . . . . . .
Effect of:

Change in valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax effects of foreign operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 162(m) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Return to provision true up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase in unrecognized tax benefits (ASC 740) . . . . . . . . . . . . . . . . . . . . . .
Withholding tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign operations permanent differences – foreign exchange gains and

losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State income tax net of federal benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Research and development credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign rate differential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deemed interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax effect of intercompany settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effective tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2022

2023
21.0% (21.0)%

578.6
562.6
452.0
264.4
199.6
106.6

36.9
2.5
—
0.3
0.7
—

76.9
0.1

1.1
0.2
(67.3) —
(102.5)
(4.7)
(1.9)
(149.2)
(234.0) —
(0.3)
(961.6)
0.7
(7.6)

739.6% 14.5%

Deferred tax assets and liabilities are classified as non-current. Significant components of the Company’s

deferred tax assets and liabilities as of December 31, 2023 and 2022 were as follows (in thousands):

December 31,

2023

2022

Deferred income tax assets:

Allowances not currently deductible . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity compensation not currently deductible . . . . . . . . . . . . . . . . . . .
Net operating loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Research and development credits . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expenses not deductible until paid . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total gross deferred income tax assets before valuation allowance . . . .
Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred income tax assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

283
58
2,098
10,514
452
1,972
133
15,510
(13,769)
1,741

$

301
9
1,579
10,758
362
1,694
(220)
14,483
(13,008)
1,475

F-19

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

December 31,

2023

2022

Deferred income tax liabilities:

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total deferred income tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net deferred income tax assets

Net deferred income tax assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net deferred income tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net deferred income tax assets

(22)
(22)
$ 1,719

$ 1,741
(22)
$ 1,719

(65)
(65)
$ 1,410

$ 1,475
(65)
$ 1,410

In assessing the realization of deferred tax assets, management considers whether it is more likely than
not that all or some portion of the deferred tax assets will not be realizable. The ultimate realization of the
deferred tax assets is dependent upon the generation of future taxable income during the periods in which
temporary differences are deductible and net operating losses are available. As of December 31, 2023, the
Company continues to maintain a valuation allowance on all of the Company’s United States, Canadian,
German and United Kingdom subsidiaries’ deferred tax assets.

The Company maintained a valuation allowance of approximately $13.8 million and $13.0 million as of
December 31, 2023 and 2022, respectively. The valuation allowance relates to the United States, and the
Company’s Canadian, German and the United Kingdom subsidiaries’ deferred tax assets. The net change in
the total valuation allowance was an increase of $0.8 million and $3.9 million for the years ended December 31,
2023 and December 31, 2022, respectively.

Despite the access to the overseas earnings and the resulting toll charge, the Company intends to
indefinitely reinvest the foreign earnings in our foreign subsidiaries on account of the foreign jurisdiction
withholding tax that the Company has to incur on the actual remittances. Unremitted earnings of foreign
subsidiaries amounted to approximately $50.4 million at December 31, 2023. If such earnings are repatriated
in the future, or are no longer deemed to be indefinitely reinvested, the Company would have to accrue the
applicable amount of foreign jurisdiction withholding taxes associated with such remittances.

United States and foreign components of loss before provision for income taxes for each of the years

ended December 31, were as follows (in thousands):

United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 2,025

$ (4,023)

Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1,886)

(6,460)

Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

139

$(10,483)

2023

2022

At December 31, 2023, the Company had available U.S. federal net operating loss (NOL) carryforwards
of approximately $21.2 million and recognized research and development credits of approximately
$0.1 million. These NOL carryforwards expire at various times from the year 2032 through the year 2035 and
the research and development credit expires in 2043. The potential benefits from these balances have not been
recognized for financial statement purposes.

Under the CARES Act, the Internal Revenue Code was amended to allow for federal NOL carrybacks
for five years to offset previous years’ taxable income or for the NOL to be carried forward indefinitely to
offset 80% of taxable income for tax years 2021 and thereafter. As of the date the financial statements were
issued, the state NOL carryforwards, if not utilized, will expire beginning in 2032.

On December 31, 2023, the Company’s Canadian subsidiaries had available Canadian NOL
carryforwards of approximately $27.0 million that will begin to expire in 2036 and research and development

F-20

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

credits of approximately $1.4 million that have no expiry. The potential benefits from these balances have not
been recognized for financial statement purposes.

On December 31, 2023, the Company’s German and the United Kingdom subsidiaries had available
NOL carryforwards of approximately $1.7 million. The potential benefits from these balances have not been
recognized for financial statement purposes.

The Company had reserves for uncertain tax positions of $1.9 million and $1.7 million as of December 31,
2023, and 2022, respectively, where the ultimate tax determination is uncertain due to complexities of tax laws.
The increase in unrecognized tax benefits resulted from additional accruals for the current tax year. The
Company expects that unrecognized tax benefits as of December 31, 2023 and December 31, 2022, if
recognized, would have a material impact on the Company’s effective tax rate.

The Company is subject to Federal income tax, as well as income tax in various states and foreign
jurisdictions. The Company has open tax years for U.S. Federal and state taxes from 2019 through 2023.
Various foreign subsidiaries have open tax years from 2005 through 2022, some of which are under audit by
local tax authorities. The Company believes that its accruals for uncertain tax positions as of December 31,
2023 under ASC 740, Income Taxes are adequate to cover the Company’s income tax exposures.

The following table represents a roll forward of the Company’s unrecognized tax benefits and associated

interest for the years ended (in thousands):

Unrecognized Tax
Benefits
December 31,

2023

2022

Balance at January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,680

$1,753

Decrease for prior year tax positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(68)

(290)

Increase for current year tax positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest accrual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

247

97

311

67

Foreign currency remeasurement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(14)

(161)

Balance at December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,942

$1,680

Tax Assessments

In September 2015, the Company’s Indian subsidiary was subject to an inquiry by the Service Tax
Department in India regarding the classification of services provided by this subsidiary, asserting that the
services provided by this subsidiary fall under the category of online information and database access or
retrieval services (OID Services), and not under the category of business support services (BS Services) that
are exempt from service tax as historically indicated in the subsidiary’s service tax filings. The Company
disagrees with the Service Tax Department’s position. In November 2019, the Commissioner of Central Tax,
GST & Central Excise issued an order confirming the Service Tax Department’s position. The Company
contested this order in an appeal to the Customs, Excise and Service Tax Appellate Tribunal and in
January 2024 the Customs, Excise and Service Tax Appellate Tribunal ruled in the Company’s favor. In the
event the Service Tax Department appeals this ruling and is ultimately successful in proving that the services
fall under the category of OID Services, the revenues earned by the Company’s Indian subsidiary for the
period July 2012 through November 2016 would be subject to a service tax of between 12.36% and 15%, and
this subsidiary may also be liable for interest and penalties. The revenues of the Company’s Indian subsidiary
during this period was approximately $56.0 million. In accordance with new rules promulgated by the Service
Tax Department, as of December 1, 2016 service tax is no longer applicable to OID or BS Services. Based on
the Company’s assessment in consultation with the Company’s tax counsel, the Company has not recorded
any tax liability for this case.

F-21

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

In a separate action relating to service tax refunds, in October 2016, the Company’s Indian subsidiary
received notices from the Indian Service Tax Department in India seeking to reverse service tax refunds of
approximately $121,000 previously granted to the Company’s Indian subsidiary for three quarters in 2014,
asserting that the services provided by this subsidiary fall under the category of OID Services and not BS
Services. The appeal was determined in favor of the Service Tax Department. The Company disagrees with the
basis of this decision and is contesting it. The Company expects delays in its Indian subsidiary receiving
further service tax refunds until this matter is adjudicated with finality, and currently has service tax credits of
approximately $0.8 million recorded as a receivable. Based on the Company’s assessment in consultation with
the Company’s tax counsel, the Company has not recorded any tax liability for this case.

Substantial recovery against the Company in the above referenced 2015 Service Tax Department case
could have a material adverse impact on the Company, and unfavorable rulings or recoveries in other tax
proceedings could have a material adverse impact on the consolidated operating results of the period (and
subsequent periods) in which the rulings or recovery occurs.

7. Long-term obligations

Total long-term obligations as of December 31, 2023 and 2022 consisted of the following (in thousands):

December 31,

2023

2022

Pension obligations – accrued pension liability . . . . . . . . . . . . . . . . . . . . . . .

$7,128

$5,906

Settlement agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Microsoft licenses(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: Current portion of long-term obligations . . . . . . . . . . . . . . . . . . . . . . .

—

911

8,039

1,261

50

—

5,956

877

Totals

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$6,778

$5,079

(1)

In March 2023, the Company renewed a vendor agreement to acquire certain additional software licenses, receive technical support
and future software upgrades on software licenses through February 2026. Pursuant to this agreement, the Company is contractually
liable to pay approximately $0.4 million annually over the term of the agreement.

8. Commitments and contingencies

Litigation — In 2008, a judgment was rendered in the Philippines against a Philippine subsidiary of the
Company that is no longer active and purportedly also against Innodata Inc., in favor of certain former
employees of the Philippine subsidiary. The potential payment amount aggregates to approximately
$5.9 million, plus legal interest that accrued at 12% per annum from August 13, 2008 to June 30, 2013, and
thereafter accrued and continues to accrue at 6% per annum. The potential payment amount as expressed in
U.S. dollars varies with the Philippine peso to U.S. dollar exchange rate. In December 2017, a group of 97 of
the former employees of the Philippine subsidiary indicated that they proposed to record the judgment as to
themselves in New Jersey. In January 2018, in response to an action initiated by Innodata Inc., the United
States District Court for the District of New Jersey (“USDC”) entered a preliminary injunction that enjoins
these former employees from pursuing or seeking recognition or enforcement of the judgment against
Innodata Inc. in the U.S. during the pendency of the action and until further order of the USDC. In June 2018,
the USDC entered a consent order administratively closing the action subject to return of the action to the
active docket upon the written request of Innodata Inc. or the former employees, with the USDC retaining
jurisdiction over the matter and the preliminary injunction remaining in full force and effect.

The Company is also subject to various other legal proceedings and claims that have arisen in the ordinary

course of business.

While management currently believes that the ultimate outcome of these proceedings will not have a
material adverse effect on the Company’s consolidated financial position or overall trends in consolidated

F-22

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

results of operations, litigation is subject to inherent uncertainties. Substantial recovery against the Company
in the above-referenced Philippine action could have a material adverse impact on the Company, and
unfavorable rulings or recoveries in the other proceedings could have a material adverse impact on the
consolidated operating results in the period in which the ruling or recovery occurs. In addition, the Company’s
estimate of the potential impact on the Company’s consolidated financial position or overall consolidated
results of operations for the above referenced legal proceedings could change in the future.

The Company’s legal accruals related to legal proceedings and claims are based on the Company’s
determination of whether or not a loss is probable. The Company reviews outstanding proceedings and claims
with external counsel to assess probability and estimates of loss. The accruals are adjusted if necessary. While
the Company intends to defend these matters vigorously, adverse outcomes that it estimates could reach
approximately $450,000 in the aggregate beyond recorded amounts are reasonably possible. If circumstances
change, the Company may be required to record adjustments that could be material to its reported
consolidated financial condition and results of operations.

Foreign Currency — To the extent that the currencies of the Company’s production facilities located in
the Philippines, India, Sri Lanka and Israel fluctuate, the Company is subject to risks of changing costs of
production after pricing is established for certain customer projects. In addition, the Company is exposed to
the risk of foreign currency fluctuation on the non-U.S. dollar denominated revenues, and on the monetary
assets and liabilities held by its foreign subsidiaries that are denominated in local currency.

Indemnifications — The Company is obligated under certain circumstances to indemnify directors,
officers and certain employees against costs and liabilities incurred in actions or threatened actions brought
against such individuals because such individuals acted in the capacity of director, officer or fiduciary of the
Company. In addition, the Company has contracts with certain customers pursuant to which the Company
has agreed to indemnify the customer for certain specified and limited claims under such contract. These
indemnification obligations occur in the ordinary course of business and, in many cases, do not include a limit
on potential maximum future payments. As of December 31, 2023, the Company has not recorded a liability
for any obligations arising as a result of these indemnification obligations.

9. Operating Leases

The Company has various lease agreements for its offices and service delivery centers. The Company has
determined that the risks and benefits related to the leased properties are retained by the lessors. Accordingly,
these are accounted for as operating leases.

These lease agreements are for terms ranging from three to eleven years and, in most cases, provide for
rental escalations ranging from 1.75% to 15%. Most of these agreements are renewable at the mutual consent
of the parties to the contract.

The Company recognizes an operating lease liability and right-of-use asset in compliance with current
lease accounting standard ASC 842. The amount of right-of use asset is equal to the present value of the
remaining lease payments discounted using the incremental borrowing rate of each respective country.
Modifications, if any are recalculated and corresponding adjustments are made to the carrying values of both
the lease liability and right-of-use assets.

A right-of-use asset is measured as the amount of the lease liability adjusted for the amount of deferred

straight-line rent, prepaid rent and lease incentive allowances previously recognized.

F-23

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

The table below summarizes the amounts recognized in the financial statements related to operating

leases for the years presented (in thousands):

Year Ended

December 31,
2023

December 31,
2022

Rent expense for long-term operating leases . . . . . . . . . . . . . . . . . . .

$1,252

Rent expense for short-term leases . . . . . . . . . . . . . . . . . . . . . . . . . .

305

Total rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,557

$1,336

502

$1,838

The following table presents the maturity profile of the Company’s operating lease liabilities based on the
contractual undiscounted payments with a reconciliation of these amounts to the remaining net present value
of the operating lease liability reported in the consolidated balance sheet as of December 31, 2023 (in
thousands):

Year

Amount

2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,292

2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2029 and thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,316

1,348

1,344

965

869

Total lease payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,134

Less: Interest

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1,651)

Net present value of lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 5,483

Current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

782

Long-term portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,701

Total

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 5,483

The weighted average remaining lease terms and discount rates for all of our operating leases as of

December 31, 2023 were as follows:

Weighted-average lease term remaining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

63 months

Weighted-average discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.45%

10. Pension Benefits

U.S. Defined Contribution Pension Plan — The Company has a defined contribution plan qualified under
Section 401(k) of the Internal Revenue Code, pursuant to which substantially all of its U.S. employees are
eligible to participate after completing six months of service. Participants may elect to contribute a portion of
their compensation to the plan. Under the plan, the Company has the discretion to match a portion of
participants’ contributions. For the years ended December 31, 2023 and 2022, the Company did not make any
matching contributions.

Most of the non-U.S. subsidiaries provide for government-mandated defined pension benefits. For certain
of these subsidiaries, vested eligible employees are provided a lump sum payment upon retiring from the
Company at a defined age. The lump sum amount is based on the salary and tenure as of retirement date.
Other non-U.S. subsidiaries provide for a lump sum payment to vested employees on retirement, death,
incapacitation or termination of employment, based upon the salary and tenure as of the date employment

F-24

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

ceases. The liability for such defined benefit obligations is determined and provided on the basis of actuarial
valuations. As of December 31, 2023, these plans were unfunded. Pension expense for our foreign subsidiaries
totaled approximately $1.2 million and $1.1 million for the years ended December 31, 2023 and 2022,
respectively.

The following tables set out the status of the non-U.S. pension benefits and the amounts recognized in
the Company’s consolidated financial statements and the components of pension costs for the years ended
December 31, 2023 and 2022 were as follows (in thousands):

Benefit Obligations:

2023

2022

Projected benefit obligation at beginning of the year . . . . . . . . . . . . . . . . . . .

$5,906

$6,839

Service cost

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Actuarial loss (gain)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign currency exchange rates changes . . . . . . . . . . . . . . . . . . . . . . . . . . .

Curtailment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

568

478

324

54

—

Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(202)

592

352

(713)

(862)

(48)

(254)

Projected benefit obligation at end of the year . . . . . . . . . . . . . . . . . . . . . . .

$7,128

$5,906

The Company incurred an actuarial loss of $0.3 million for the year ended December 31, 2023, and an
actuarial gain of $0.7 million for the year ended December 31, 2022. This was mainly due to changes in the
discount rates used. Actuarial (gains) losses are recorded as part of other comprehensive income and are not
reflected as part of net periodic pension cost.

Components of Net Periodic Pension Cost:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Service cost
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 568
478

$ 592
352

Curtailment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Actuarial loss recognized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—

147

(16)

210

Net periodic pension cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,193

$1,138

2023

2022

The accumulated benefit obligation, which represents benefits earned to date, was approximately

$3.9 million and $3.2 million for each of the years ended December 31, 2023 and 2022.

Amounts recognized in the consolidated balance sheets for the years ended December 31, 2023 and 2022

consisted of the following (in thousands):

Current accrued benefit cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 880

$ 828

Non-current accrued benefit cost

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,248

5,078

Total amount recognized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$7,128

$5,906

2023

2022

Current accrued benefit cost for pension benefits was included in the current portion of long-term
obligations in the consolidated balance sheets. Non-current accrued benefit cost for pension benefits was
included in long-term obligations, net of current portion, in the consolidated balance sheets.

F-25

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

Actuarial assumptions for all non-U.S. plans are described below. The discount rates are used to measure
the year-end benefit obligations and the earnings effects for the subsequent year. The assumptions for the years
ended December 31, 2023 and 2022 were as follows:

Discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.73% – 12.8% 5.13% – 20%

Rate of increase in compensation level

. . . . . . . . . . . . . . . . . .

7.5% – 14.5%

7.5% – 20%

2023

2022

Estimated Future Benefit Payments:

As of December 31, 2023, the following benefit payments, which reflect expected future service, as

appropriate, were expected to be paid (in thousands):

Year

Amount

2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 889

2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

431

267

749

175

2029 to 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,108

$7,619

11. Capital Stock

Common Stock — The Company is authorized to issue 75,000,000 shares of common stock. Each share
of common stock has one vote. Subject to preferences that may be applicable to any outstanding shares of
preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be
declared by the Board of Directors. No common stock dividends have been declared to date.

Preferred Stock — The Company is authorized to issue 4,998,000 shares of preferred stock. The Board of
Directors is authorized to fix the terms, rights, preferences and limitations of the preferred stock and to issue
the preferred stock in series that differ as to their relative terms, rights, preferences and limitations.

Common Stock Reserved — As of December 31, 2023, the Company had available for future issuance

1,981,406 shares of common stock pursuant to the Company’s stock option plans.

Treasury Stock — In July 2019, the Company’s Board of Directors authorized the repurchase of up to
$2.0 million of its common stock in open market or private transactions. There is no expiration date associated
with the program. There were no share repurchases in the years ended December 31, 2023 and 2022. As of
December 31, 2023, the Company repurchased 1.5 million shares of its common stock under the July 2019
authorization with a value of $1.8 million.

12. Stock Options

The Innodata Inc. 2013 Stock Plan (as amended, the “2013 Plan”) expired in accordance with its terms
on June 3, 2023. Pursuant to the terms of the 2013 Plan, no further awards may be granted under the 2013
Plan following its expiration. As of December 31, 2023, there were 5,567,966 shares of our common stock
underlying outstanding options or rights under the 2013 Plan. Outstanding awards made under the 2013 Plan
prior to the 2013 Plan’s expiration will remain in effect until such awards have been satisfied or terminated in
accordance with the terms of the 2013 Plan and such awards.

On June 9, 2022, stockholders of the Company approved amendments to the Innodata Inc. 2021 Equity
Compensation Plan (as amended, the “2021 Plan”). The number of shares of common stock of Innodata Inc.

F-26

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

that may be delivered, purchased or used for reference purposes (with respect to stock appreciation rights or
stock units) for awards granted under the 2021 Plan is 4,000,000 (the “Share Reserve”). Shares subject to an
option or stock appreciation right granted under the 2021 Plan count against the Share Reserve as one share
for every share granted, and shares subject to any other type of award granted under the 2021 Plan count
against the Share Reserve as two shares for every share granted for awards granted prior to April 11, 2022, and
one and a half shares for every share granted for awards granted on or after April 11, 2022. Any shares
withheld, tendered or exchanged by a participant in the 2021 Plan as full or partial payment to Innodata of the
exercise price under an option under the 2021 Plan or in satisfaction of a participant’s tax withholding
obligations with respect to any award under the 2021 Plan, will not be added back to the Share Reserve.

The fair value of stock options is estimated on the date of grant using the Black-Scholes option pricing
model. The weighted-average fair value of the options granted, and weighted-average assumptions were as
follows:

Weighted average fair value of options granted . . . . . . . . . . . . . . .

Risk-free interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

For the Years Ended December 31,

2023

$2.56

4.34%

2022

$2.67

1.94% – 4.09%

Expected term (years)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.0

3 – 6.42

Expected volatility factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

75.35%

62% – 79%

Expected dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

None

None

The Company estimates the risk-free interest rate using the U.S. Treasury yield curve for periods equal to
the expected term of the options in effect at the time of grant. The expected term of options granted is based
on a combination of vesting schedules, term of the options and historical experience. Expected volatility is
based on the historical volatility of the Company’s common stock. The Company uses an expected dividend
yield of zero since it has never declared or paid any dividends on its capital stock.

Stock Options

2013 Plan

A summary of stock option activity under the Innodata Inc. 2013 Stock Plan, as amended and restated
effective June 7, 2016 (the “2013 Plan”) and changes during each of the years ended December 31, 2023 and
2022 are presented below.

F-27

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

Weighted-
Average
Exercise
Price

Weighted-
Average
Remaining
Contractual
Term (years)

Number of
Options

Aggregate
Intrinsic Value

Outstanding at January 1, 2022 . . . . . . . . . . . . . . . . .

5,536,896

$2.66

Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,774,558

Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(248,763)

Forfeited/Expired . . . . . . . . . . . . . . . . . . . . . . . . .

(372,201)

4.91

1.34

6.55

Outstanding at December 31, 2022 . . . . . . . . . . . . . . .

6,690,490

$3.09

7.19

$ 5,989,709

Granted* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25,000

Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1,287,462)

Forfeited/Expired . . . . . . . . . . . . . . . . . . . . . . . . .

(88,866)

Outstanding at December 31, 2023 . . . . . . . . . . . . . . .

5,339,162

Exercisable at December 31, 2023 . . . . . . . . . . . . . . . .

3,475,780

Vested and Expected to Vest at December 31, 2023 . . . .

5,339,162

3.31

2.37

6.27

$3.22

$2.18

$3.22

*

Includes 25,000 stock options granted to a non-employee member of the Company’s advisory board.

6.38

6.40

6.38

$28,640,009

$22,237,334

$28,640,009

2021 Plan

A summary of option activity under the Innodata Inc. 2021 Equity Compensation Plan, as amended and
restated effective as of April 11, 2022 (the “2021 Plan”) and changes during each of the years ended
December 31, 2023 and 2022 are presented below.

Weighted-
Average
Exercise
Price

Weighted-
Average
Remaining
Contractual
Term (years)

Number of
Options

Aggregate
Intrinsic Value

Outstanding at January 1, 2022 . . . . . . . . . . . . . . . . . .

— $ —

Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,030,000

Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—

Forfeited/Expired . . . . . . . . . . . . . . . . . . . . . . . . . .

(2,500)

3.46

—

3.41

Outstanding at December 31, 2022 . . . . . . . . . . . . . . . .

1,027,500

$ 3.46

9.75

$

—

Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forfeited/Expired . . . . . . . . . . . . . . . . . . . . . . . . . .

3,000
(63,595)
(43,334)

13.05
4.59
3.41

Outstanding at December 31, 2023 . . . . . . . . . . . . . . . .

923,571

$ 3.41

Exercisable at December 31, 2023 . . . . . . . . . . . . . . . .

386,209

$ 3.34

Vested and Expected to Vest at December 31, 2023 . . . .

923,571

$ 3.41

8.76

8.74

8.76

$4,786,252

$2,023,601

$4,786,252

Restricted Stock Awards

There were no outstanding awards of restricted stock under the 2013 Plan or the 2021 Plan (collectively,

the “Equity Plans”) during each of the years ended December 31, 2023 and 2022.

F-28

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

Restricted Stock Units

Restricted stock unit activity under the Equity Plans during each of the years ended December 31, 2023

and 2022 are presented below:

Number of
Restricted Stock
Units

Weighted-
Average
Grant Date
Fair Value

Unvested at January 1, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Forfeited/Expired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

700,000

49,756

—

—

$5.59

8.29

—

—

Unvested at December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . .

749,756

$5.77

During the year ended December 31, 2023, a total of 49,756 restricted stock units (“RSUs”) were granted.
28,804 RSUs were granted to employees under the 2013 Plan, and 20,952 RSUs were granted to non-employee
directors of the Company under the 2021 Plan. Vesting of the RSUs granted to employees is contingent on
continuous employment by the employee for a 12-month period from the date of grant, and each fully vested
RSU represents the right to receive one share of the Company’s common stock or the fair market value of one
share of common stock, at the Company’s discretion, and is classified as an equity award. Vesting of the
RSUs granted to the non-employee directors occurs on the earlier of (i) one year from the date of grant; or
(ii) the date of the Company’s 2024 annual meeting of stockholders, and each fully vested RSU represents the
right to receive one share of the Company’s common stock and is classified as an equity award.

The stock-based compensation expense is recognized on a straight-line basis over a period of 12 months.

The fair value of restricted stock units is based on the closing price of the stock at the time of the grant.

Number of
Restricted Stock
Units

Weighted-
Average
Grant Date
Fair Value

Unvested at January 1, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—

Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

700,000

Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Forfeited/Expired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—

—

$ —

5.59

—

—

Unvested at December 31, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . .

700,000

$5.59

During the year ended December 31, 2022, 700,000 performance-based RSUs were granted under the
Equity Plans and remain non-vested as of December 31, 2023. Vesting of these RSUs is contingent on the
achievement of certain financial performance goals and continuation of employment for a defined period.
Each RSU vests pursuant to the vesting schedule found in the respective RSU agreement. The fair value of
restricted stock units is estimated on the date of grant using the Binomial option pricing model.

The compensation cost related to non-vested stock options not yet recognized as of December 31, 2023
totaled approximately $3.5 million. The weighted-average period over which these costs will be recognized is
15 months.

The compensation cost related to non-vested restricted stock units not yet recognized as of December 31,
2023 totaled approximately $3.1 million. The weighted-average period over which these costs will be recognized
is 14 months.

F-29

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

13. Comprehensive loss

Accumulated other comprehensive loss, as reflected in the consolidated balance sheets, consists of pension
liability adjustments, net of taxes, foreign currency translation adjustment and changes in fair value of
derivatives, net of taxes. The components of accumulated other comprehensive loss as of December 31, 2023
and 2022, and reclassifications out of accumulated other comprehensive loss for the years then ended, are
presented below (in thousands):

Pension Liability
Adjustment

Fair Value of
Derivatives

Foreign Currency
Translation
Adjustment

Accumulated Other
Comprehensive
Loss

Balance at January 1, 2023 . . . . . . . . . . . .

$ (86)

$(365)

$(1,657)

$(2,108)

Other comprehensive income (loss) before

reclassifications, net of taxes . . . . . . . . .

(322)

185

407

270

Total other comprehensive loss before

reclassifications, net of taxes . . . . . . . . .

Net amount reclassified to earnings

. . . . .

Balance at December 31, 2023 . . . . . . . . .

(408)

(4)

$(412)

(180)

221

$ 41

(1,250)

—

$(1,250)

(1,838)

217

$(1,621)

Pension Liability
Adjustment

Fair Value of
Derivatives

Foreign Currency
Translation
Adjustment

Accumulated Other
Comprehensive
Loss

Balance at January 1, 2022 . . . . . . . . . . . .

$(858)

$ (353)

$ (981)

$(2,192)

Other comprehensive income (loss) before

reclassifications, net of taxes . . . . . . . . .

561

(1,118)

(676)

(1,233)

Total other comprehensive loss before

reclassifications, net of taxes . . . . . . . . .

Net amount reclassified to earnings

. . . . .

Balance at December 31, 2022 . . . . . . . . .

(297)

211

$ (86)

(1,471)

1,106

(1,657)

—

$ (365)

$(1,657)

(3,425)

1,317

$(2,108)

Taxes related to each component of other comprehensive loss were not material for the fiscal years

presented and therefore not disclosed separately.

All reclassifications out of accumulated other comprehensive loss had an impact on direct operating

costs in the consolidated statements of operations and comprehensive loss.

14. Segment reporting and concentrations

The Company’s operations are classified in three reporting segments: Digital Data Solutions (DDS),

Synodex and Agility.

The DDS segment provides AI data preparation services, collecting or creating training data, annotating
training data, and training AI algorithms for its customers, and AI model deployment and integration. The
DDS segment also provides a range of data engineering support services including data transformation, data
curation, data hygiene, data consolidation, data extraction, data compliance, and master data management.

The Synodex segment provides an industry platform that transforms medical records into useable digital

data organized in accordance with its proprietary data models or customer data models.

The Agility segment provides an industry platform that provides marketing communications and public
relations professionals with the ability to target and distribute content to journalists and social media
influencers world-wide and to monitor and analyze global news channels (print, web, radio and TV) and social
media channels.

F-30

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

A significant portion of the Company’s revenues is generated from its locations in the Philippines, India,

Sri Lanka, Canada, Germany, Israel, United States and the United Kingdom.

Revenues from external customers, segment operating profit (loss), and other reportable segment

information are as follows (in thousands):

For The Years Ended December 31,

2023

2022

Revenues:

DDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$61,576

$ 56,523

Synodex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Agility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,511

17,688

7,105

15,373

Total Consolidated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$86,775

$ 79,001

Income (loss) before provision for income taxes(1):

DDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,823

$ 1,393

Synodex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Agility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(299)

(1,385)

(3,213)

(8,663)

Total Consolidated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

139

$(10,483)

Income (loss) before provision for income taxes(2):

DDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,260

$

716

Synodex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

219

Agility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1,340)

(2,599)

(8,600)

Total Consolidated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

139

$(10,483)

December 31,
2023

December 31,
2022

Total assets:

DDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$37,232

$25,758

Synodex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Agility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,379

18,820

3,270

19,014

Total Consolidated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$59,431

$48,042

Goodwill:

Agility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,075

$2,075

$2,038

$2,038

December 31,
2023

December 31,
2022

(1)

Before elimination of any inter-segment profits

(2) After elimination of any inter-segment profits

F-31

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

Long-lived assets as of December 31, 2023 and 2022 by geographic region were comprised of (in

thousands):

United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 9,101

$ 7,205

2023

2022

Foreign countries:

Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sri Lanka . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Israel

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,328
1,028

3,484

1,791
423

13

7,675
1,198

3,682

1,195
426

3

Total foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14,067

14,179

Totals

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$23,168

$21,384

Long-lived assets include the unamortized balance of right-of-use assets amounting to $5.1 million and

$4.3 million as of December 31, 2023 and December 31, 2022, respectively.

One customer in the DDS segment generated approximately 10% of the Company’s total revenues in the
fiscal year ended December 31, 2023. Another customer in the DDS segment generated approximately 11% of
the Company’s total revenues in the fiscal year ended December 31, 2022. No other customer accounted for
10% or more of total revenues during these periods. Further, in the years ended December 31, 2023 and 2022,
revenues from non-U.S. customers accounted for 37% and 38%, respectively, of the Company’s revenues.

Revenues for each of the two years in the period ended December 31, 2023 and 2022 by geographic region

(determined based upon customer domicile), were as follows (in thousands):

United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$54,430

$48,724

United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10,766

10,901

The Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Others – principally Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,291

7,156

7,132

6,829

5,508

7,039

Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$86,775

$79,001

2023

2022

As of December 31, 2023, approximately 31% of the Company’s accounts receivable was due from foreign
(principally European) customers and 53% of accounts receivable was due from three customers. As of
December 31, 2022, approximately 44% of the Company’s accounts receivable was due from foreign
(principally European) customers and 45% of accounts receivable was due from four customers. No other
customer accounted for 10% or more of the accounts receivable as of December 31, 2023 and 2022.

F-32

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

15. Loss per Share

For the Years Ended
December 31,

2023

2022

Net loss attributable to Innodata Inc. and Subsidiaries . . . . . . . . . . . . . . . .

$

908

$11,935

Weighted average common shares outstanding . . . . . . . . . . . . . . . . . . . . .

28,131

27,278

Dilutive effect of outstanding options

. . . . . . . . . . . . . . . . . . . . . . . . . . .

—

—

Adjusted for dilutive computation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28,131

27,278

Basic loss per share is computed using the weighted-average number of common shares outstanding
during the year. Diluted income per share is computed by considering the impact of the potential issuance of
common shares, using the treasury stock method, on the weighted average number of shares outstanding. For
those securities that are not convertible into a class of common stock, the two-class method of computing loss
per share is used.

Options to purchase 6.3 million shares of common stock for the year ended December 31, 2023 were
outstanding but not included in the computation of diluted loss per share because the effect would be
antidilutive.

Options to purchase 5.3 million shares of common stock for the year ended December 31, 2022 were
outstanding but not included in the computation of diluted loss per share because the exercise price of the
options were greater than the average market price of the common shares and therefore have not been
considered as potential equity shares.

16. Derivatives

The Company conducts a large portion of its operations in international markets which subject it to
foreign currency fluctuations. The most significant foreign currency exposures occur when revenue and
associated accounts receivable are collected in one currency and expenses to generate revenues are incurred in
another currency. The Company is also subject to wage inflation and other government mandated increases
and operating expenses in Asian countries where the Company has the majority of its operations. The
Company’s primary inflation and exchange rate exposure relates to payroll, other payroll costs and operating
expenses in the Philippines, India, Sri Lanka and Israel.

In addition, although most of the Company’s revenue is denominated in U.S. dollars, a significant portion

of total revenues is denominated in Canadian dollars, Pound Sterling and Euros.

The Company’s policy is to enter derivative instrument contracts with terms that coincide with the
underlying exposure being hedged for a period up to 12 months. As such, the Company’s derivative
instruments are expected to be highly effective. For derivative instruments that are designated and qualify as
cash flow hedges, the entire change in fair value of the hedging instrument is recorded to Other comprehensive
income (loss). Upon settlement of these contracts, the change in the fair value recorded in Other
comprehensive income (loss) are reclassified to earnings and included as part of Direct operating costs. For
derivative instruments that are not designated as hedges, any change in fair value is recorded directly in
earnings as part of Direct operating costs.

The Company formally documents all relationships between hedging instruments and hedged items, as
well as its risk management objective and strategy for undertaking hedge transactions. The Company does not
hold or issue derivatives for trading purposes. All derivatives are recognized at their fair value and classified
based on the instrument’s maturity date. The total notional amount for outstanding derivatives designated as
hedges was $10.5 million and $14.2 million as of December 31, 2023 and 2022, respectively.

F-33

INNODATA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023 AND 2022

The following table presents the fair value of derivative instruments included within the consolidated

balance sheets as of December 31, 2023 and 2022 (in thousands):

Balance Sheet Location

Fair Value

2023

2022

Derivatives designated as hedging

instruments:

Foreign currency forward contracts . . .

Accrued expenses

$— $365

Foreign currency forward contracts . . . Prepaid expenses and other current assets

$41

$ —

The effect of foreign currency forward contracts designated as cash flow hedges on the consolidated

statements of operations for the years ended December 31, 2023 and 2022 were as follows (in thousands):

Net gain (loss) recognized in OCI(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net loss reclassified from accumulated OCI into income(2)
. . . . . . . . . . . . . . .
Net gain recognized in income(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1) Net change in fair value of the effective portion classified into other comprehensive income (“OCI”)

2023

2022

$ 185

$(1,118)

$(221) $(1,106)

$ — $ —

(2)

(3)

Effective portion classified within direct operating costs.

There were no ineffective portions for the period presented.

17. Line of Credit

On April 4, 2023, the Company entered into a Credit Agreement (the “Credit Agreement”) with Wells
Fargo Bank, National Association, as lender, and Innodata Inc., Innodata Synodex, LLC, Innodata docGenix,
LLC and Agility PR Solutions LLC as co-borrowers. On July 21, 2023, Innodata Services LLC signed a
Joinder Agreement to join the Credit Agreement as a co-borrower. The Credit Agreement provides for a
secured revolving line of credit (the “Revolving Credit Facility”) up to an amount equal to the lesser of the
borrowing base and $10.0 million with a maturity date of April 4, 2026. The Revolving Credit Facility’s
borrowing base is calculated in accordance with the terms of the Credit Agreement and on the basis of 85% of
eligible accounts, 85% of eligible foreign accounts up to $2.0 million and certain other reserves and
adjustments. As of December 31, 2023, such borrowing base calculation equaled approximately $10.0 million.
The Credit Agreement contains a financial covenant that requires the Borrowers, on a consolidated basis, to
maintain a fixed charge coverage ratio of not less than 1.10 to 1.00 by December 31, 2023. Except as set forth
in the Credit Agreement, borrowings under the Revolving Credit Facility bear interest at a rate equal to the
daily simple secured overnight financing rate (“SOFR”) plus 2.25%. The Company has not utilized the
Revolving Credit Facility during the year ended December 31, 2023 and through the date of filing of this
Report.

18. Subsequent Event

On February 21, 2024, a putative class action lawsuit was filed in the U.S. District Court for the District
of New Jersey against the Company and certain of its current and former officers (D’Agostino v. Innodata
Inc., et al., Case Number 2:24-CV-00971 (the “D’Agostino Complaint”). The D’Agostino Complaint asserts
claims against all defendants for alleged violations of Section 10(b) of the Exchange Act and Rule 10b-5
promulgated thereunder and Section 20(a) of the Exchange Act. The D’Agostino Complaint alleges that
defendants made materially false and misleading statements related to its AI business and development and
related financial results, growth, and prospects. The D’Agostino Complaint seeks unspecified compensatory
and punitive damages, costs, attorneys’ fees, and other unspecified relief. The Company intends to defend
against the D’Agostino Complaint vigorously.

F-34

Exhibits which are indicated as being included in previous filings are incorporated herein by reference.

Exhibit

Description

Filed as Exhibit

Exhibit Index update

3.1(a) Restated Certificate of Incorporation dated

April 27, 1993

3.1(b) Certificate of Amendment of Certificate of
Incorporation of Innodata Corporation dated
February 28, 2001

3.1(c) Certificate of Amendment of Certificate of
Incorporation of Innodata Corporation dated
November 14, 2003

3.1(d) Certificate of Amendment of Certificate of
Incorporation of Innodata Isogen, Inc. dated
June 5, 2012
Form of Amended and Restated By-Laws

3.2

Specimen of Common Stock certificate

the Registrant’s Securities
the
to Section 12 of

Description of
Registered Pursuant
Securities Exchange Act of 1934
Form of Indemnification Agreement between
us and our Directors and one of our Officers

Filed as Exhibit 3.1(a) to our Form 10-K for the
year ended December 31, 2003
Filed as Exhibit 3.1(b) to our Form 10-K for the
year ended December 31, 2003

Filed as Exhibit 3.1(c) to our Form 10-K for the
year ended December 31, 2003

Filed as Exhibit 3.1 to our Form 10-Q for the
quarter ended June 30, 2012

Filed as Exhibit 3.1 to Form 8-K dated
December 16, 2002

Filed as Exhibit 4.1 to Form 10-Q dated
August 7, 2015
Filed as Exhibit 4.2 to our Form 10-K for the
year ended December 31, 2021

Filed as Exhibit 10.3 to Form 10-K for the year
ended December 31, 2002

Employment Agreement dated as of January 1,
2007 with Ashok Mishra*

Filed as Exhibit 10.1 to Form 10-Q for the
quarter ended June 30, 2007

Employment Agreement dated as of March 25,
2009 with Jack S. Abuhoff*

Filed as Exhibit 10.1 to Form 8-K dated
March 25, 2009

Amendment to Employment Agreement with
Jack S. Abuhoff dated as of July 11, 2011*

Form of Stock Option Grant Letter for
December 31, 2015 Grant, for Messrs. Abuhoff,
Mishra and Nalavadi*
Innodata Inc. 2013 Stock Plan (as Amended
and Restated effective June 7, 2016)

Form of Stock Option Grant Letter for
December 31, 2016 Grant, for Directors*

Form of Stock Option Grant Letter For
December 31, 2016 Grant, for Messrs. Abuhoff,
Mishra and Nalavadi*
Amendment Number 1 dated August 24, 2018
to Agreement dated January 1, 2007 between
the Company and Mr. Mishra*
Form of Stock Option Grant Letter for July 13,
2018 Grant, for Directors*

Form of Stock Option Grant Letter for July 13,
2018 Grant, for Messrs. Abuhoff and Mishra*
Innodata Inc. 2021 Equity Compensation Plan,
amended and restated effective as of April 11,
2022

Filed as Exhibit 10.1 to Form 8-K dated July 12,
2011
Filed as Exhibit 10.53 to Form 10-K dated
March 14, 2016

Filed as Annex B to Definitive Proxy dated
April 18, 2016

Filed as Exhibit 10.56 to Form 10-K dated
March 15, 2017
Filed as Exhibit 10.57 to Form 10-K dated
March 15, 2017

Filed as Exhibit 10.1 to Form 8-K dated
August 28, 2018

Filed as Exhibit 10.59 to Form 10-K dated
March 26, 2019

Filed as Exhibit 10.60 to Form 10-K dated
March 26, 2019
Filed as Appendix A to Definitive Proxy
Statement dated April 26, 2022

4.1

4.2

10.1

10.2

10.3

10.4

10.5

10.6

10.7

10.8

10.9

10.10

10.11

10.12

Exhibit

10.13

10.14

10.15

10.16

10.17

10.18

10.19

Description

Filed as Exhibit

Filed as Exhibit 10.1 to S-8 Registration
Statement dated June 16, 2021

Filed as Exhibit 10.2 to S-8 Registration
Statement dated June 16, 2021

Filed as Exhibit 10.1 to Form 8-K dated
February 23, 2022

Filed as Exhibit 10.1 to Form 10-Q dated
May 11, 2023

Filed as Exhibit 10.1 to Form 10-Q dated
May 11, 2023

Filed as Exhibit 10.1 to Form 10-Q dated
May 11, 2023

Filed as Exhibit 10.1 to Form 10-Q dated
November 2, 2023

Innodata

2021 Equity
Form of
Compensation Plan Nonqualified Stock Option
Award Agreement for Employees*

Inc.

Inc.

Innodata

Form of
2021 Equity
Compensation Plan Nonqualified Stock Option
Award Agreement for Directors*
Form of Indemnification Agreement between
Innodata Inc. and each of its Named Executive
Officers and Directors*
Credit Agreement, dated as of April 4, 2023, by
and among Innodata Inc., Innodata Synodex,
LLC, Innodata Docgenix, LLC, and Agility PR
Solutions LLC as borrowers, and Wells Fargo
lender
Bank, National Association,
(incorporated
to
Exhibit 10.1 to the 8-K filed with the Securities
and Exchange Commission on April 5, 2023)
Security Agreement, dated as of April 4, 2023,
by and among Innodata Inc.,
Innodata
Synodex, LLC, Innodata Docgenix, LLC, and
Agility PR Solutions LLC as grantors, and
Wells Fargo Bank, National Association, as
secured party (incorporated herein by reference
to Exhibit 10.2 to the 8-K filed with the
Securities and Exchange Commission on
April 5, 2023)

as
reference

herein

by

by

herein

as
reference

Guaranty, dated as of April 4, 2023, by and
among Innodata Inc., Innodata Synodex, LLC,
Innodata Docgenix, LLC, and Agility PR
Solutions LLC as guarantors, and Wells Fargo
lender
Bank, National Association,
(incorporated
to
Exhibit 10.3 to the 8-K filed with the Securities
and Exchange Commission on April 5, 2023).
Joinder No.1 dated as of July 21, 2023 to
(1) Credit Agreement, dated as of April 4, 2023,
Innodata
by and among Innodata Inc.,
Synodex, LLC, Innodata Docgenix, LLC, and
Agility PR Solutions LLC as borrowers, and
Wells Fargo Bank, National Association, as
to
lender
Exhibit 10.1 of the Company’s Current Report
on Form 8-K filed on April 5, 2023); (2) Security
Agreement, dated as of April 4, 2023, by and
among Innodata Inc., Innodata Synodex, LLC,
Innodata Docgenix, LLC, and Agility PR
Solutions LLC as grantors, and Wells Fargo
Bank, National Association, as secured party
(incorporated by reference to Exhibit 10.2 of
the Company’s Current Report on Form 8-K
filed on April 5, 2023; and (3) Guaranty, dated
as of April 4, 2023, by and among Innodata

(incorporated

reference

by

Exhibit

Description

Filed as Exhibit

Innodata Synodex, LLC,

Innodata
Inc.,
Docgenix, LLC, and Agility PR Solutions LLC
as guarantors, and Wells Fargo Bank, National
Association,
(incorporated by
lender
reference to Exhibit 10.3 of the Company’s
Current Report on Form 8-K filed on April 5,
2023).

as

10.20

21

23

31.1

31.2

32.1

32.2

97.1

101

Innodata

Form of
2021 Equity
Compensation Plan Restricted Stock Option
Award Agreement for Directors*

Inc.

Significant subsidiaries of the registrant

Consent of BDO India LLP

Certification of Chief Executive Officer
pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002

Certification of Chief Financial Officer
pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.

Pursuant

18 U.S.C.
Certification
to
Section 1350,
Section 906 of the Sarbanes-Oxley Act of 2002.

adopted pursuant

as

to

Pursuant

18 U.S.C.
Certification
Section 1350,
to
Section 906 of the Sarbanes-Oxley Act of 2002.

adopted pursuant

as

to

Filed herewith

Filed herewith

Filed herewith
Filed herewith

Filed herewith

Furnished herewith

Furnished herewith

Innodata Inc. Compensation Recoupment
Policy

Interactive data files pursuant to Rule 405 of
Regulation S-T:

Filed herewith

Filed herewith

(i)

(ii)

the Consolidated Balance Sheets,

Consolidated

the
Operations and Comprehensive Loss,

Statements

(iii) the

Consolidated
Stockholders’ Equity,

Statements

of

of

(iv) the Consolidated Statements of Cash
to the

Flows
Consolidated Financial Statements

the Notes

and (v)

104

Cover Page Interactive Data File

Included in Exhibit 101.

*

Exhibit represents a management contract or compensatory plan, contract or arrangement required to be filed as Exhibits to this
Annual Report on Form 10-K.