Q1 2024 Innovid Corp Earnings Call Transcript
Key Points
- Innovid Corp reported a strong start to 2024 with a 21% growth in Q1 revenue, reaching $36.7 million.
- Adjusted EBITDA significantly improved from breakeven last year to $4.4 million in Q1 2024, with a margin of 12%.
- The company achieved positive free cash flow of $2 million, a $4.8 million improvement over Q1 of the previous year.
- Innovid Corp launched the Harmony initiative aimed at optimizing the CTV advertising ecosystem, enhancing efficiency, transparency, and ROI.
- The company secured new client wins and product expansions with major brands and publishers, indicating strong market acceptance and growth potential.
- Despite positive growth, the overall ad spend environment remains below normal, indicating potential market volatility and challenges.
- The Harmony initiative, while promising, is still in its early stages and its commercial impact is not yet reflected in the 2024 guidance.
- There are uncertainties in the advertising market due to external factors like election cycles and the Olympics, which could affect ad spending patterns.
- Innovid Corp's net loss was $6.2 million in Q1 2024, although it was an improvement from the previous year's $8.6 million loss.
- The company faces inconsistent performance across different advertising verticals, which could impact long-term growth stability.
Good day, ladies and gentlemen, and welcome to the Innovid first-quarter 2024 earnings call. Our host for today's call is Brinlea Johnson. (Operator Instructions) I would now like to turn the call over to your host, Brinlea Johnson. You may begin.
Thank you, operator. Before we begin, I would like to remind you that today's call may contain forward-looking statements and that the forward-looking statement disclaimer included in today's earnings release available on our Investor Relations page also pertains to this call. These forward-looking statements may include, without limitation, predictions, expectations, targets, or estimates regarding our anticipated financial performance, business plans and objectives, future events, and developments. Changes in our business, competitive landscape, technological or regulatory environment, and other factors could cause actual results to differ materially from those expressed by the forward-looking statements made today.
Our historical results are not
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