Innovid Sees Higher Revenues In Q3, Confirms FY24 Outlook; Stock Up In Pre-market - Update

(RTTNews) - Online advertising technology company Innovid Corp. (CTV), while reporting wider-than expected loss in its second quarter, despite higher revenues, on Tuesday issued third-quarter outlook, and confirmed fiscal 2024 forecast.

In pre-market activity on the NYSE, Innovid shares were gaining around 3.7 percent to trade at $1.96.

For the third quarter, the company projects revenue in a range between $40 million and $42 million, reflecting year-over-year growth between 10 percent and 16 percent.

Adjusted EBITDA is expected in a range between $6.5 million and $8.5 million.

For fiscal 2024, the company continues to expect revenue in a range between $156 million and $163 million, representing annual growth between 11 percent and 16 percent. Adjusted EBITDA is still expected in a range between $24 million and $29 million.

Analysts on average expect the company to report revenues of $40.7 million for the third quarter and $160.78 million for the year, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

In its second quarter, Innovid's loss narrowed from last year on higher revenues.

The company's net loss totaled $10.542 million or $0.07 per share, compared to loss of $18.959 million or $0.14 per share last year. Analysts had expected the company to report loss of $0.01 per share.

The company's revenue for the quarter rose 9.9 percent to $37.951 million from $34.546 million last year, while the Street expected revenues of $38.65 million.

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