Innodata: FY25 Revenue Growth Raised to >45%, yet Largest Customer Revenue is Flat for Two Quarters

Innodata boosted its full-year revenue growth outlook by five points in Q2, now forecasting more than 45% growth this year, driven by strong demand, significant new deal wins and a large pipeline geared toward the second-half of the year. However, digging into the details reveals that Innodata’s largest customer has not expanded over the last two quarters, and remains at the $135 million annualized rate as stated in Q4. This comes despite Innodata discussing expansion opportunities with this customer and a second SOW signed in Q1, with growth not yet materializing.

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