As of September 30, 2024, Inuvo, Inc. reported a net revenue of $22.4 million for the third quarter, reflecting a 9.0% decrease from $24.6 million in the same period of 2023. However, for the nine months ended September 30, 2024, net revenue increased by 8.5% to $57.6 million, compared to $53.1 million in the prior year. The revenue breakdown for Q3 2024 indicated that 82.8% came from Platforms and 17.2% from Agencies & Brands, with a notable increase of 15% in revenue from Agencies & Brands compared to the previous year.
Gross profit for the third quarter was $19.8 million, down 11.3% from $22.3 million in Q3 2023, while gross profit for the nine-month period rose by 10.5% to $50.0 million from $45.2 million. Total operating expenses for Q3 2024 were $21.7 million, a decrease from $23.5 million in Q3 2023, contributing to an operating loss of $(1.9) million for the quarter, compared to $(1.2) million in the same period last year. For the nine months, the operating loss improved to $(5.7) million from $(8.0) million in 2023.
The company reported a net loss of $(2.0) million for Q3 2024, compared to $(1.2) million in Q3 2023, while the nine-month net loss decreased to $(5.9) million from $(8.0) million in the prior year. The accumulated deficit as of September 30, 2024, stood at $173.4 million.
Inuvo's total current assets decreased to $12.3 million from $14.7 million at the end of 2023, while total assets fell to $29.0 million from $32.4 million. Current liabilities increased to $15.7 million from $14.5 million, resulting in a decrease in total stockholders' equity to $12.4 million from $17.0 million.
The company has been actively managing its liquidity, having raised $4.0 million in gross proceeds through a registered direct offering in May 2023. In July 2024, Inuvo entered a Financing and Security Agreement with SLR Digital Finance LLC, allowing for financing of up to $10 million based on eligible receivables. As of September 30, 2024, Inuvo had approximately $2.6 million in cash and cash equivalents and a net working capital deficit of $3.4 million.
In terms of operational adjustments, Inuvo's total employment decreased to 82 from 86 a year earlier, and general and administrative costs saw a significant reduction of 31.2% for Q3 2024 compared to the same period in 2023. The company continues to focus on its proprietary AI technologies, including its IntentKey and Bonfire products, to enhance its advertising solutions.
About Inuvo, Inc.
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