Innovid Corp. reported its financial results for the three and nine months ended September 30, 2024, showing notable improvements in revenue and profitability compared to the same periods in 2023. The company generated revenue of $38.3 million for the third quarter of 2024, a 6% increase from $36.2 million in Q3 2023. For the nine-month period, revenue rose to $112.9 million, up 12% from $101.3 million in the prior year. This growth was primarily driven by increased ad serving volume, particularly in the Connected TV (CTV) segment, which accounted for 74.8% of total revenue in Q3 2024.

Innovid's operating loss significantly decreased, with a loss of $1.4 million in Q3 2024 compared to a loss of $4.3 million in Q3 2023, marking a 67% improvement. For the nine months, the operating loss was $7.3 million, down from $30.4 million in the same period last year, reflecting a 76% reduction. The company achieved net income of $4.7 million in Q3 2024, a substantial turnaround from a net loss of $2.7 million in Q3 2023. However, for the nine months, Innovid reported a net loss of $12.1 million, improved from a loss of $30.3 million in the previous year.

Cash and cash equivalents decreased to $34.6 million as of September 30, 2024, from $49.6 million at the end of 2023. Total current assets also declined to $83.4 million from $101.6 million. Despite these decreases, total stockholders' equity increased to $199.5 million, up from $196.0 million at the end of 2023, supported by an increase in additional paid-in capital.

The company continues to focus on its strategic initiatives, including the integration of its acquisition of TV Squared Limited, which enhances its measurement and attribution capabilities. Innovid's platform remains a key player in the digital advertising space, particularly in CTV, where it has seen a year-over-year increase in video impressions served.

Operating expenses reflected a mixed trend, with research and development costs rising due to personnel and recruitment expenses, while general and administrative expenses decreased due to reduced personnel costs. The company also reported no goodwill impairment for the current period, contrasting with a significant impairment charge recorded in the previous year.

Innovid's financial health appears stable, with net cash provided by operating activities increasing to $11.9 million for the nine months ended September 30, 2024, compared to $7.4 million in the same period in 2023. The company remains compliant with its New Revolving Credit Facility, which was increased to $50 million in 2022, and has authorized a stock repurchase program of up to $20 million as of November 6, 2024.