Innodata Inc (INOD) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Innodata reports third quarter 2025 results conference call. (Operator Instructions) This call is being recorded on November 6, 2025.

女士們、先生們，下午好，歡迎參加 Innodata 2025 年第三季業績電話會議。（操作員指示）本次通話於 2025 年 11 月 6 日錄音。

I would now like to turn the conference over to Amy Agress. Please go ahead.

現在我將把會議交給艾米·阿格雷斯主持。請繼續。

Thank you, Michael. Good afternoon, everyone. Thank you for joining us today. Our speakers today are Jack Abuhoff, CEO of Innodata; Rahul Singhal, President and Chief Revenue Officer; and Marissa Espineli, Interim CFO. Also on the call today is Aneesh Pendharkar, Senior Vice President, Finance and Corporate Development.

謝謝你，麥可。大家下午好。感謝您今天蒞臨。今天的演講嘉賓有：Innodata 執行長 Jack Abuhoff；總裁兼首席營收長 Rahul Singhal；以及臨時財務長 Marissa Espineli。今天參加電話會議的還有財務和企業發展資深副總裁 Aneesh Pendharkar。

We'll hear from Jack first, who will provide perspective about the business, followed by remarks from Rahul, and then Marissa will provide a review of our results for the third quarter. We'll then take questions from analysts.

首先，我們將聽聽傑克對公司業務的看法，然後是拉胡爾的發言，最後是瑪麗莎對我們第三季業績的回顧。接下來我們將回答分析師提出的問題。

Before we get started, I'd like to remind everyone that during this call, we will be making forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations, assumptions, and estimates and are subject to risks and uncertainties. Actual results could differ materially from those contemplated by these forward-looking statements.

在正式開始之前，我想提醒大家，在本次電話會議中，我們將發表一些前瞻性聲明，即對未來事件的預測、展望或其他聲明。這些陳述是基於當前的預期、假設和估計，並存在風險和不確定性。實際結果可能與這些前瞻性聲明中所設想的結果有重大差異。

Factors that could cause these results to differ materially are set forth in today's earnings press release in the Risk Factors section of our Form 10-K, Form 10-Q, and other reports and filings with the Securities and Exchange Commission. We undertake no obligation to update forward-looking information.

可能導致這些結果與預期存在重大差異的因素已在今天的盈利新聞稿中列出，並在我們提交給美國證券交易委員會的 10-K 表格、10-Q 表格和其他報告和文件中“風險因素”部分進行了闡述。我們不承擔更新前瞻性資訊的義務。

In addition, during this call, we may discuss certain non-GAAP financial measures. In our earnings release filed with the SEC today as well as in our other SEC filings, which are posted on our website, you will find additional disclosures regarding these non-GAAP financial measures, including reconciliation of these measures with comparable GAAP measures.

此外，在本次電話會議中，我們可能會討論某些非GAAP財務指標。在我們今天向美國證券交易委員會提交的盈利報告以及我們網站上發布的其他美國證券交易委員會文件中，您將找到有關這些非GAAP財務指標的更多披露信息，包括這些指標與可比GAAP指標的調節表。

Thank you. I will now turn the call over to Jack.

謝謝。現在我將把通話交給傑克。

Thank you, Amy, and good afternoon, everyone. Our third quarter was another record quarter for Innodata. We delivered record revenue of $62.6 million, representing a 20% year-over-year organic growth and a 7% sequential quarterly growth. Adjusted EBITDA was $16.2 million or 26% of revenue, up 23% sequentially, showing margin expansion even after factoring in growth investments I'll be talking about later in this call.

謝謝你，艾米，大家下午好。Innodata 第三季再次創下歷史新高。我們實現了創紀錄的 6,260 萬美元收入，年增 20%，季增 7%。調整後的 EBITDA 為 1620 萬美元，佔收入的 26%，環比增長 23%，即使計入我將在本次電話會議稍後討論的增長投資，利潤率也實現了擴張。

Cash rose to $73.9 million, up by $27 million since year-end and $14.1 million since last quarter. Our results exceeded analyst expectation across key metrics. As a result of strong business momentum, we reiterate prior guidance of 45% or more year-over-year growth in 2025, and we anticipate potentially transformative growth in 2026.

現金增至 7,390 萬美元，較年底增加 2,700 萬美元，較上一季增加 1,410 萬美元。我們在各項關鍵指標的業績均超出分析師預期。由於業務發展勢頭強勁，我們重申先前對 2025 年同比增長 45% 或以上的預期，並預計 2026 年將出現可能具有變革性的增長。

This afternoon, I'll share the basis of our confidence, including the significant growth we are anticipating from existing strategic vectors and the strong early returns from new investment areas. I'll then share how we are preparing the organization to reach the next level.

今天下午，我將分享我們信心的來源，包括我們預期現有策略方向將帶來的顯著成長，以及新投資領域早期取得的強勁回報。接下來，我將分享我們如何幫助組織邁向下一個發展階段。

I'll start with our existing strategic vectors. Since we last reported, we have continued to make substantial progress deepening relationships of trust with high dollar value big tech customers. Our deal momentum continues to accelerate with meaningful expansion across a diverse set of foundation model builders, both existing and new customers.

我先從我們現有的策略方向談起。自上次報告以來，我們在加深與高價值大型科技客戶的信任關係方面取得了實質進展。我們的交易動能持續加速，在各種基礎模型建構者（包括現有客戶和新客戶）中實現了有意義的擴張。

Of the eight big tech customers we talked about recently on these calls, we are currently forecasting six of them to grow next year several quite substantially. For example, we just received verbal confirmation for additional expansions with our largest customer and verbal confirmations of the deal we expect to potentially result in $6.5 million of revenue with another big tech.

在我們最近幾次電話會議中提到的八家大型科技客戶中，我們目前預測其中六家明年將實現成長，而其中一些客戶的成長幅度相當大。例如，我們剛剛收到與最大客戶進一步擴張的口頭確認，以及與另一家大型科技公司達成的、我們預計可能帶來 650 萬美元收入的交易的口頭確認。

Beyond that, our expectations are grounded in the assessment of these customers' 2026 training data and evaluation budgets and the accelerating trust we believe we're earning with them through proofs of concept, pilot, and scale deployments.

除此之外，我們的期望是基於對這些客戶 2026 年培訓數據和評估預算的評估，以及我們相信透過概念驗證、試點和規模化部署正在贏得的日益增長的信任。

Now in addition to these eight customers, we landed in Q3 or expect to finalize shortly five additional big techs. We believe all five of these new big techs are poised to contribute meaningfully to our 2026 growth. Three of these new five, we believe, are positioned to allocate up to hundreds of millions of dollars annually to generative AI data and evaluation, and we believe we're well positioned to capture a share of that spend. It is worth noting that two of these are global leaders in commerce, cloud, and AI.

除了這八位客戶之外，我們預計在第三季或不久後還將與五家大型科技公司達成最終協議。我們相信，這五家新興的大型科技公司都將為我們 2026 年的成長做出重要貢獻。我們相信，這五家新公司中有三家每年將投入數億美元用於生成式人工智慧數據和評估，我們相信我們有能力從中分一杯羹。值得注意的是，其中兩家是商業、雲端運算和人工智慧領域的全球領導者。

Now let's turn to our new 2025 initiatives, six in total, several of which I'm sharing with you for the first time today, all of which are already bearing significant fruit and all of which we believe will contribute significantly to 2026 growth.

現在讓我們來看看我們 2025 年的新舉措，總共有六項，其中幾項是我今天第一次與大家分享，所有這些舉措都已經取得了顯著成果，我們相信它們都將對 2026 年的增長做出重大貢獻。

The first initiative has been creating pretraining data at scale. A pretraining data teaches the model language skills and knowledge. Up until now, our business has been primarily focused on post-training data, which teaches models how to reason, follow instructions, and perform tasks. But earlier this year, we observed researchers drawing increasingly strong correlations between LLM benchmark performance and the quality of pretraining data.

第一項舉措是大規模創建預訓練資料。預訓練資料可以教導模型語言技能和知識。到目前為止，我們的業務主要集中在訓練後資料上，這些資料可以教導模型如何推理、遵循指示和執行任務。但今年早些時候，我們觀察到研究人員發現 LLM 基準效能與預訓練資料的品質之間有越來越強的相關性。

Models that trained on higher-quality pretraining corpora consistently did a better job understanding nuance, context, and intent across languages and domains. And when we saw this research, we concluded that our customers would increasingly be seeking sources for higher-quality pretraining data. So we invested about $1.3 million to build new capabilities to create high-quality pretraining corpora. This has proven to be a great investment.

使用更高品質的預訓練語料庫進行訓練的模型，在理解不同語言和領域的細微差別、上下文和意圖方面，表現得更好。看到這項研究後，我們得出結論：我們的客戶會越來越需要高品質的預訓練資料來源。因此，我們投資了約 130 萬美元來建立創建高品質預訓練語料庫的新功能。事實證明這是一筆非常划算的投資。

We've since signed contracts we believe could result in approximately $42 million of revenue, and we expect to soon sign contracts, which we believe could result in approximately $26 million of additional revenue on top of that. So that's $68 million of potential revenue from these programs that are either signed or likely to be signed soon.

我們已簽署了一些合同，相信這些合同可帶來約 4200 萬美元的收入，並且我們預計很快將簽署一些合同，相信這些合同在此基礎上可帶來約 2600 萬美元的額外收入。因此，這些已經簽署或可能很快簽署的項目，潛在收入為 6800 萬美元。

These programs span five customers. There are only a few months in motion and are just ramping up. We believe the majority of the anticipated revenue would flow through 2026, but we've already fully recaptured our investment. As pretraining data gains recognition as a strategic differentiator for next-generation LLMs, we believe we are well positioned to capitalize on this early trend.

這些項目涵蓋五位客戶。目前專案才啟動幾個月，正處於加速推進階段。我們相信大部分預期收入將在 2026 年實現，但我們已經完全收回了投資。隨著預訓練資料逐漸被公認為下一代LLM的策略差異化因素，我們相信我們已經做好充分準備，能夠利用這一早期趨勢。

Today, we announced the launch of Innodata Federal, a dedicated government-focused business unit designed to deliver mission-critical AI solutions to US defense, intelligence, and civilian agencies. We expect this business unit to be a material revenue generator for us in 2026 and beyond. Today, we're also announcing that the business unit has won an initial project with a new high-profile customer. We anticipate this initial project to result in approximately $25 million of revenue mostly in 2026.

今天，我們宣布成立 Innodata Federal，這是一個專注於政府業務的部門，旨在為美國國防、情報和民用機構提供關鍵任務人工智慧解決方案。我們預計該業務部門將在 2026 年及以後為我們帶來重要的收入。今天，我們也要宣布，該業務部門已贏得與一位新的知名客戶的第一個項目。我們預計該初始項目將在 2026 年帶來約 2,500 萬美元的收入。

We have additional projects under the discussion with this customer, and we expect them to be large. This new relationship is strategically significant, not only for its potential size, but also for the visibility and market leadership we believe it will convey.

我們正在與這位客戶洽談其他項目，預計這些項目規模將會很大。這項新的合作關係具有重要的戰略意義，不僅在於其潛在的規模，還在於我們相信它將帶來的知名度和市場領導地位。

We expect to issue a joint press release about the relationship prior to year-end. We view it as a potential game changer for our next phase of growth. Additional early market validation includes the company's first direct government award from a major defense agency, potential engagements with other prominent defense technology companies and submitted proposals spanning the DoD, intelligence community, and civilian agencies.

我們預計將在年底前發布一份關於雙方合作關係的聯合新聞稿。我們認為它有可能改變我們下一階段的發展格局。早期市場驗證還包括該公司首次直接從一家主要國防機構獲得政府合同，與其他知名國防技術公司開展潛在合作，以及向國防部、情報界和民事機構提交提案。

What sets Innodata Federal apart is our ability to deliver the complete AI life cycle, not just data annotation or point solutions, but true end-to-end capabilities from data collection through model deployment and operational support. Our platforms and expertise already serve the world's leading technology companies and Fortune 1000 enterprises. We are now bringing that same proven excellence to federal missions with the security, compliance, and speed that government operations demand.

Innodata Federal 的獨特之處在於我們能夠提供完整的 AI 生命週期，而不僅僅是資料標註或點解決方案，而是從資料收集到模型部署和營運支援的真正端到端能力。我們的平台和專業知識已經為世界領先的科技公司和財富 1000 強企業提供服務。我們現在將這種久經考驗的卓越品質帶到聯邦政府的任務中，以滿足政府運作所需的安全性、合規性和速度。

We believe the timing could not be better. Federal agencies are moving decisively to adopt AI. In July, the administration released America's AI action plan and signed three executive orders to streamline procurement and accelerate deployment. The General Services Administration, or GSA, is now revamping its acquisition processes to make AI services easier for agencies to procure.

我們認為時機再好不過了。聯邦機構正在果斷地採用人工智慧。7 月，美國政府發布了人工智慧行動計劃，並簽署了三項行政命令，以簡化採購流程並加快部署。美國總務管理局（GSA）正在改革其採購流程，使各機構更容易採購人工智慧服務。

Historically, federal procurement has been slow and complex, but that's changing rapidly, and we intend to meet that demand and that opportunity head on. As we announced today, General retired Richard D. Clarke, a retired four-star Army General and former Commander of US Special Operations Command has joined the Innodata Board. We're excited about his expertise and relationships in helping guide the trajectory of Innodata Federal.

從歷史上看，聯邦採購一直緩慢而複雜，但這種情況正在迅速改變，我們打算迎難而上，抓住這一機會。正如我們今天宣布的那樣，退役陸軍四星上將、美國特種作戰司令部前司令理查德·D·克拉克將軍已加入Innodata董事會。我們很高興他能憑藉其專業知識和人脈關係，幫助指導 Innodata Federal 的發展方向。

Another key focus this year has been on advancing our participation in the emerging sovereign AI market. Initiatives by governments around the world aimed at independently developing, deploying, and governing AI systems as a matter of national interest. These efforts seek to ensure national control across the entire AI technology stack from the semiconductors on which models are trained to the data that gives them intelligence. We believe this is one of the most significant structural shifts in the global technology landscape.

今年的另一個重點是推動我們參與新興的主權人工智慧市場。世界各國政府出於國家利益的考量，紛紛採取措施，旨在獨立開發、部署和管理人工智慧系統。這些努力旨在確保國家對整個人工智慧技術堆疊的控制，從訓練模型所使用的半導體到賦予模型智慧的資料。我們認為這是全球技術格局中最重大的結構性轉變之一。

The drive for sovereign capability has already triggered large-scale state-directed investment programs, effectively creating government-backed demand guarantees for the entire AI ecosystem from chip makers and cloud platforms to data engineering providers like us.

對自主能力的追求已經引發了大規模的國家主導投資計劃，有效地為整個人工智慧生態系統（從晶片製造商和雲端平台到像我們這樣的數據工程提供者）創造了政府支持的需求保證。

As we have toured several countries in the Far and Middle East, we've been struck by the level of interest in our services. These countries, in most cases, do not have a homegrown enterprise like Innodata with a proven track record of helping enable generative AI and LLM initiatives.

我們在遠東和中東的幾個國家進行考察時，對當地居民對我們服務的興趣之高感到驚訝。大多數情況下，這些國家沒有像 Innodata 這樣擁有成功經驗的本土企業，能夠協助推動生成式人工智慧和 LLM 專案。

We were rapidly engaging in advanced discussions with sovereign AI entities across several regions, and we expect to announce one or more strategic partnerships over the next few months. Their economic capabilities and desire to move quickly is truly impressive, and we could not be more excited about this newer area of growth for the company.

我們正在與多個地區的主權人工智慧實體迅速展開深入討論，預計在未來幾個月內將宣布一項或多項戰略合作夥伴關係。他們的經濟實力和快速發展的意願令人印象深刻，我們對公司在這個新的成長領域感到無比興奮。

Meanwhile, our enterprise AI practice is also gaining traction and holds promise for 2026. It provides full stack support to help enterprises integrate generative AI into products and operations. For example, the practice is helping a major social media platform automate its content monitoring and monetization workflows using generative AI and assisting a hyperscaler to integrate generative AI into their data center operations for real-time analytics.

同時，我們的企業人工智慧實踐也正在取得進展，並有望在 2026 年取得佳績。它提供全端支持，幫助企業將生成式人工智慧整合到產品和營運中。例如，該實踐正在幫助一家大型社交媒體平台使用生成式人工智慧實現內容監控和貨幣化工作流程的自動化，並協助一家超大規模資料中心營運商將生成式人工智慧整合到其資料中心營運中，以實現即時分析。

We expect these projects to typically start in the $1 million to $2 million range and offer strong expansion potential and repeatability. We are also in discussions about strategic relationships that could help propel our enterprise AI practice forward in 2026.

我們預計這些項目的啟動資金通常在 100 萬至 200 萬美元之間，並具有強大的擴張潛力和可重複性。我們目前也正在探討策略合作關係，這些關係有助於推動我們在 2026 年的企業人工智慧實踐向前發展。

The next initiative I'll talk about is Agentic AI. As I've said before on these calls, we believe Agentic AI will unlock the usefulness of generative AI in the enterprise and that autonomous agents will soon be as ubiquitous as human employees performing many of their tasks. It's still very early days for Agentic AI.

接下來我要談的是智能體人工智慧。正如我之前在這些電話會議上所說，我們相信智能體人工智慧將釋放生成式人工智慧在企業中的效用，自主代理很快就會像人類員工一樣無所不在，執行他們的許多任務。智能體人工智慧仍處於非常早期的發展階段。

We're working with big tech model builders to evaluate and refine autonomous agents across many real-world use cases, creating evaluation models and human-in-the-loop systems designed to measure, interpret, and guide agent behavior. We start by judging task success, did the agent achieve the goal? And then we analyze why the agent behaved the way it did and profile how it generally behaves to inform further fine-tuning.

我們正在與大型科技模型建構商合作，評估和改進許多現實世界用例中的自主代理，創建評估模型和人機互動系統，旨在衡量、解釋和指導代理行為。我們先判斷任務是否成功，智能體是否達成了目標？然後我們分析智能體為何會以這種方式行事，並分析其一般行為模式，以引導進一步的微調。

These capabilities, diagnostic judge, task success judge, and profiling judge are increasingly used in RLHF and RLHA frameworks for Agentic systems, where agents act autonomously across multistep real-world workflows. We've also been building agents within our agility platform as a way of enhancing the product and consulting with a number of enterprise customers about incorporating agents within their environments.

這些功能，即診斷判斷器、任務成功判斷器和分析判斷器，越來越多地應用於 RLHF 和 RLHA 框架中的智能體系統，在這些系統中，智能體可以在多步驟的現實世界工作流程中自主行動。我們還在我們的敏捷平台中建立代理，以此來增強產品，並就如何在他們的環境中整合代理向許多企業客戶提供諮詢。

This brings me to our sixth area of 2025 investment, model safety. As agents gain autonomy, companies must learn how to monitor and continuously improve them. Our goal is to become a trusted partner to software companies and other enterprises, helping them benchmark for safety, reliability, and ethical behavior.

這就引出了我們 2025 年投資的第六個領域：模型安全。隨著代理商獲得自主權，公司必須學會如何監控並不斷改進它們。我們的目標是成為軟體公司和其他企業值得信賴的合作夥伴，幫助他們建立安全、可靠和合乎道德規範的標竿。

Here's one example of the work we are now doing. Recently, we began engaging with a leading chip company to stress test its multimodal AI products, simulating real-world risks like data exfiltration, privilege escalation, instruction manipulation, and multimodal injection attacks. And once we identify vulnerabilities, we generate targeted mitigation data, fine-tune the model, and prove the results with repeatable benchmarks. Our objective is to increase model safety with no degradation in model capabilities from the retraining.

以下是我們目前正在進行的一項工作的一個例子。最近，我們開始與一家領先的晶片公司合作，對其多模態人工智慧產品進行壓力測試，模擬資料外洩、權限提升、指令篡改和多模態注入攻擊等現實世界的風險。一旦我們發現漏洞，我們就會產生有針對性的緩解數據，微調模型，並透過可重複的基準測試來驗證結果。我們的目標是在不降低模型效能的前提下，透過重新訓練來提高模型的安全性。

We believe the area of model safety holds enormous potential, so much so that we've engaged one of the world's top consultancies to help us refine our product and go-to-market strategy around model safety. That's a quick recap of the six investment areas that we've driven in 2025, several of which we're announcing publicly for the first time today.

我們相信模型安全領域蘊藏著巨大的潛力，因此我們聘請了世界頂尖的顧問公司之一來幫助我們完善模型安全的產品和市場推廣策略。以上是對我們2025年重點發展的六個投資領域的簡要回顧，其中幾個領域是我們今天首次公開宣布的。

In every case, our investments have been modest, but our returns have been outsized and product market fit has come quickly. We believe that there are start-ups that have raised tens of millions of ambitious valuations to chase some of these same opportunities. Yet we're getting more done faster and with far less capital investment at risk.

在所有案例中，我們的投資都很適中，但我們的回報卻非常豐厚，而且產品很快就找到了市場定位。我們相信，有些新創公司為了抓住這些機遇，已經獲得了數千萬美元的雄心勃勃的估值。然而，我們卻能更快完成更多的工作，而且承擔風險的資本投資也少得多。

This year, we anticipate incurring approximately $9.5 million of capability building investments in these and other similar initiatives. This includes $8.2 million of SG&A and direct operating costs and $1.3 million of CapEx.

今年，我們預計將在這些以及其他類似舉措中投入約 950 萬美元用於能力建設。其中包括 820 萬美元的銷售、管理及行政費用和直接營運成本，以及 130 萬美元的資本支出。

We are also absorbing costs for substantial excess capacity within the organization in anticipation of likely soon-to-be captured business. While we could have elected not to incur these costs and instead present higher adjusted EBITDA, we believe these investments represent compelling short-cycle investments that position us for accelerated growth in markets. We believe we're prepared to serve, and we believe will yield considerable benefits in 2026 and beyond.

為了因應可能即將獲得的業務，我們也正在承擔公司內部大量過剩產能的成本。雖然我們可以選擇不承擔這些成本，而是公佈更高的調整後 EBITDA，但我們認為這些投資是具有吸引力的短期投資，使我們能夠在市場中加速成長。我們相信我們已經做好服務準備，並相信這將在 2026 年及以後帶來相當大的好處。

We've also strengthened our leadership bench and operational foundation for the scale we're anticipating. I'm pleased to announce the appointment of Rahul Singhal as President and Chief Revenue Officer. Rahul joined Innodata in 2019 and has been instrumental in helping shape our strategy and building deep relationships with our largest customers.

我們也加強了領導團隊和營運基礎，以應對我們預期的規模。我很高興地宣布任命 Rahul Singhal 為總裁兼首席營收長。Rahul 於 2019 年加入 Innodata，在協助制定我們的策略和與我們最大的客戶建立深厚關係方面發揮了重要作用。

We're also welcoming two outstanding new Board members, Don Callahan, who brings deep digital transformation expertise from Citigroup and Time and close relationships with Silicon Valley and Enterprise CEOs through Bridge Growth Partners; and General retired Rich Clarke, who retired four-star Army General and former Commander of US Special Operations Command, who brings outstanding defense insight and strong federal relationships. Their expertise aligns with our focus on big tech, defense, and enterprise markets, and I'm confident they'll help guide us through our next stage of transformative growth.

我們也迎來了兩位傑出的新董事會成員：唐·卡拉漢，他擁有來自花旗集團和時代公司的深厚數位轉型專業知識，並透過 Bridge Growth Partners 與矽谷和企業執行長建立了密切聯繫；以及退役陸軍四星上將、前美國特種作戰司令部司令里奇·克拉克，他帶來了傑出的國防洞察力和強大的聯邦政府關係。他們的專業知識與我們專注於大型科技、國防和企業市場的策略相契合，我相信他們將幫助我們順利進入下一個轉型成長階段。

Finally, I want to thank Nick for five years of Board service. Nick has been tremendously helpful to me and to the company. He is stepping away to devote his time to a new opportunity outside of our markets, and we wish him very well.

最後，我要感謝尼克五年來在董事會的貢獻。Nick 對我個人和公司都提供了極大的幫助。他即將離開公司，去追求我們市場以外的新機遇，我們祝福他一切順利。

With that, I'll turn the call over to Rahul.

接下來，我將把電話交給拉胡爾。

Thank you, Jack. I'm honored to step into this expanded role. Many of you may have seen Time Magazine recently ranked Innodata number 24 on the inaugural list of America's Top 500 Growth Leaders for 2026, recognizing companies that quote-unquote, Capture trends and stay ahead of time. That mindset, seeing what's next and acting fast is core to who we are now.

謝謝你，傑克。我很榮幸能夠擔任這個更重要的職位。許多人可能已經看到，《時代》雜誌最近將 Innodata 列入 2026 年美國 500 強成長領導者榜單的第 24 位，該榜單旨在表彰那些「把握趨勢並保持領先地位」的公司。這種思維方式，即預見未來並迅速行動，是我們現在企業文化的核心。

You are seeing the results of that today. We are deepening relationships with both existing and new Silicon Valley customers while delivering quick successes across the six investment areas Jack just outlined and increasing number of world's largest technology companies and enterprises are seeing the value we bring today.

今天你們看到的正是這種做法的後果。我們正在加深與現有和新矽谷客戶的關係，同時在傑克剛才概述的六個投資領域迅速取得成功，越來越多的世界大型科技公司和企業看到了我們今天帶來的價值。

Looking past 2026, over the medium and long term, we believe the work we do with frontier model builders will expand and will become more complex. The next generation of models won't just need more data. They'll need more smarter data, data from simulation labs, large-scale synthetic generation, and RL gems that capture human judgment, context, and values.

展望 2026 年以後，從中長期來看，我們相信我們與前沿模型製造商合作的工作將會擴大，並且會變得更加複雜。下一代模型需要的不僅僅是更多的數據。他們需要更聰明的數據，來自模擬實驗室的數據、大規模合成生成數據以及能夠捕捉人類判斷、背景和價值觀的強化學習成果。

On top of this, the AI enterprise services market, which we are now successfully aligning to, will likely grow to be 10 or more times larger than the model builder market. We believe Innodata is purpose-built for this broad enterprise transition. Our work alongside frontier model builders give unique insights into how large models are trained, tuned, scaled, and evaluated. And we are succeeding at packaging these insights into solutions that bring value to enterprises.

除此之外，我們目前正在成功轉型的 AI 企業服務市場，其規模可能會比模型建構器市場大 10 倍甚至更多。我們相信 Innodata 正是為這種廣泛的企業轉型而量身打造的。我們與前沿模型建構者的合作，讓我們對大型模型的訓練、調優、擴展和評估方式有了獨特的見解。我們成功地將這些見解轉化為能為企業帶來價值的解決方案。

For example, we have just begun -- recently begun providing model safety and remediation solutions that leverage the working we have done hand in glove over the past year or so with engineering teams from leading AI hyperscalers.

例如，我們最近才開始提供模式安全和補救解決方案，這些解決方案利用了我們在過去一年左右的時間內與領先的 AI 超大規模公司的工程團隊密切合作的成果。

Today, we are bringing those capabilities to one of the world's leading SaaS software companies and one of the world's leading generative AI chip designers. In short, I believe we are at the very beginning of the generational technology shift that Innodata is at the center of and poised to capitalize on. When I look at the competitive landscape, there are not even a handful of companies that have the capability to service $50 million, $100 million, or larger order sizes in our space.

今天，我們將這些能力帶給世界領先的 SaaS 軟體公司之一和世界領先的生成式 AI 晶片設計公司之一。簡而言之，我認為我們正處於代際技術變革的開端，而 Innodata 正處於這場變革的中心，並準備從中獲利。當我審視競爭格局時，發現我們這個領域裡，能夠處理 5,000 萬美元、1 億美元甚至更大訂單規模的公司寥寥無幾。

And that's the need for hyperscalers today and sovereign entities. Plus they don't have the proven ability to scale the organization, provide flawless data accuracy, and be highly nimble to addressing the changing client needs in a very dynamic environment. What an amazing time to be alive when the world is going through a seismic change driven by AI and to be in such a privileged position to help lead a company that is a critical part of catalyzing the change.

這就是如今超大規模資料中心和主權實體存在的意義。此外，他們也沒有能力擴展組織規模，提供完美的數據準確性，並在瞬息萬變的環境中靈活應對不斷變化的客戶需求。生活在這樣一個由人工智慧驅動的世界發生翻天覆地變化的時代，是多麼令人驚嘆！而我又有幸身處在這樣一個位置，能夠幫助領導一家在推動變革中扮演關鍵角色的公司。

I'll now turn the call over to Marissa. And after her remarks, we'll be available to take your questions.

現在我將把電話交給瑪麗莎。她發言結束後，我們將回答您的問題。

Thank you, Rahul and Jack, and good afternoon, everyone. Revenue for Q3 2025 reached $62.6 million, up 20% year over year. Sequentially, revenue increased 7% from Q2's $58.4 million (technical difficulty) profit for Q3 2025 was $27.7 million, an increase of $4.8 million or 21% year over year with an adjusted gross margin of 44%. Adjusted EBITDA was $16.2 million or 26% of revenue, up 23% quarter over quarter, reflecting the strong operating leverage in our business.

謝謝 Rahul 和 Jack，大家午安。2025 年第三季營收達 6,260 萬美元，年增 20%。環比來看，營收較第二季的 5,840 萬美元成長了 7%（技術困難），2025 年第三季的利潤為 2,770 萬美元，年成長 480 萬美元或 21%，調整後的毛利率為 44%。調整後 EBITDA 為 1,620 萬美元，佔營收的 26%，較上季成長 23%，反映了我們業務中強大的經營槓桿作用。

Net income for Q3 2025 was $8.3 million compared to $17.4 million a year ago. The decrease was mainly due to the tax benefit arising from the utilization of net operating loss carryforward in Q3 2024. We ended the quarter with $73.9 million in cash, up from $60 million at the end of the prior quarter and $46.9 million at year end 2024 and did not draw down on our $30 million Wells Fargo credit facility.

2025 年第三季淨收入為 830 萬美元，去年同期為 1,740 萬美元。下降的主要原因是 2024 年第三季淨營業虧損結轉的使用帶來了稅收優惠。本季末，我們持有現金 7,390 萬美元，高於上一季末的 6,000 萬美元，也高於 2024 年底的 4,690 萬美元，並且沒有動用我們在富國銀行的 3,000 萬美元信貸額度。

As Jack mentioned, based on our current momentum, we reiterate our prior guidance of 45% or more year-over-year growth in 2025, and we anticipate potentially transformative growth in 2026. Thank you, everyone, for joining us today.

正如傑克所提到的，根據我們目前的勢頭，我們重申先前對 2025 年同比增長 45% 或以上的預期，並預計 2026 年可能會出現變革性增長。謝謝各位今天蒞臨。

Operator or Michael, please open the line for questions.

接線生或邁克爾，請開通線路接受提問。

Allen Klee, Maxim Group.

艾倫克利，馬克西姆集團。

Yes. Great job on the quarter. Just I was adding up the -- you mentioned a bunch of potential contract wins and what they could represent. And if I -- the ones that you put dollars amount on added up to close to $100 million. But what I wasn't sure about is these -- some of these could be contracts over multiple years. Is there a sense of what amount of that could potentially be in 2026?

是的。本季表現出色。我只是在統計——你提到了很多潛在的合約機會以及它們可能代表的意義。如果我——你標明金額的那些加起來接近 1 億美元。但我不確定的是，其中一些可能是多年期的合約。2026年這個數字可能會達到多少？

Hi, Allen, it's a great question. I think the contracts that we -- when we talk about annualized recurring revenue, those are generally the contracts that we think will kind of roll at the number that we state is a year's value from that. Other contracts that we talk about, we're going to try to do some ramping up of some of them in this quarter, but then that revenue would primarily be falling into next quarter -- excuse me, next year.

嗨，艾倫，這是一個很好的問題。我認為，當我們談到年度經常性收入時，我們通常認為這些合約會按照我們所說的年度價值進行滾動。我們正在討論的其他合同，我們將在本季度嘗試加快其中一些合約的執行速度，但這些收入主要會落到下個季度——抱歉，是明年。

Okay. Thank you. And then in terms of -- you mentioned that you're going to spend an extra -- I think you said $8.2 million in incremental SG&A. Could you just explain what -- that's over what time period? And the way to think of that is over what type of base?

好的。謝謝。至於──你提到你要額外支出──我想你說的是820萬美元的增量銷售、一般及行政費用。你能解釋一下這是什麼意思嗎？ ——指的是哪個時段？思考這個問題的方式是：基於哪種類型的基地？

So that would be year over year, and that would be incremental in 2025 versus 2024.

所以這將是逐年增長，並且 2025 年與 2024 年相比會有增量增長。

Got it. And then with your largest customer, I think you've mentioned now more than once of potential to expand the relationship, which could be very large. But any commentary on just the existing business of them? Is that -- should that be considered kind of stable?

知道了。至於您最大的客戶，我想您已經不只一次提到拓展合作關係的潛力，而這種潛力可能非常巨大。但對於他們現有的業務，有什麼評論嗎？這——這應該算是比較穩定的嗎？

So the relationship is strong and the business is stable. I think as you'll see, the business went up sequentially in the quarters. And as we discussed just a few minutes ago, we got a verbal on what's potentially a very large new program that would come into -- with that customer. We haven't really baked that into anything yet because we're not sure of what the ramp-up would be, but it's certainly very significant relative to next year.

因此，雙方關係牢固，業務穩定。正如你所看到的，該業務在各個季度都實現了環比增長。正如我們幾分鐘前討論的那樣，我們已經口頭約定了一個可能非常大的新項目，這個項目將與該客戶合作。我們還沒有真正把這一點納入任何計劃，因為我們不確定成長速度會有多快，但相對於明年來說，這肯定非常重要。

Okay. Great. Thank you so much.

好的。偉大的。太感謝了。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格-哈勒姆。

Thank you. Quite an update, and congrats both Jack and Rahul for your expanded roles. Relative to the verbal comment, Jack, with your largest customer, I assume that would just run through an existing statement of work, so you could take that business on relatively quickly?

謝謝。這次更新內容相當豐富，祝賀傑克和拉胡爾承擔更重要的責任。傑克，就你剛才口頭說的而言，我猜你最大的客戶那邊應該只是按照現有的工作說明書來處理，所以你可以比較快地接手這筆生意？

That's correct. I mean, mechanically, it would run through the existing master services agreement and probably be a new statement of work. But your point is correct that it will be very easy and seamless in order to onboard that new requirement.

沒錯。我的意思是，從機制上講，它將按照現有的主服務協議執行，並且可能需要一份新的工作說明書。但你的觀點是正確的，要實現這個新需求將會非常容易且順利。

So I was thrilled to hear about your federal market win. And it begs the question, and I think you addressed it with your GSA comment. But typically, you need to be part of a FedRAMP program to take on material business like this. Can you just walk through how you're doing this under this GSA process? Or what's different than a normal FedRAMP process?

聽到你們在聯邦市場取得成功的消息，我非常激動。這就引出了一個問題，我認為你在 GSA 的評論中已經回答了這個問題。但通常情況下，你需要加入 FedRAMP 計畫才能承接這類實質業務。您能詳細說明一下您是如何按照GSA流程進行操作的嗎？或者說，它與正常的 FedRAMP 流程有何不同？

Yeah. So I think the point that we were making is that the timing for us starting this practice is ideal. The federal government has clearly communicated the strategic emphasis that they're putting on AI and AI enablement, both in the DoD, the IC, and even civilian agencies.

是的。所以我認為我們想表達的觀點是，現在正是我們開始這種做法的理想時機。聯邦政府已明確表示，他們將在國防部、情報界甚至民事機構中專注於人工智慧和人工智慧賦能。

So you have that -- on top of that, they're recognizing that the procurement and acquisition programs and processes are cumbersome, and they will impede the AI progress that they're intending to make. And therefore, they've issued executive orders. I think there may even be some new pronouncements expected to come out tomorrow on that subject.

所以，除此之外，他們也意識到採購和收購計畫及流程十分繁瑣，這將阻礙他們想要實現的 AI 發展進程。因此，他們頒布了行政命令。我認為明天可能會就此問題發布一些新的聲明。

So when you take these two things in combination, the prioritization that the government is placing on AI, again, spanning the entirety of federal on the one hand and then on the liberalizations that they're making in terms of acquisition and procurement, it really couldn't be a better time for us to be in that market.

因此，將這兩件事結合起來考慮，一方面是政府對人工智慧的重視，涵蓋整個聯邦，另一方面是他們在採購方面進行的自由化改革，對我們來說，現在真的是進入這個市場的最佳時機。

Got you. And then finally, Rahul, you made a very interesting comment that the services market could be 10 times the model builder market. I wondered if you could just put a little bit more meat on that. How much of that do you think you've started to see thus far?

抓到你了。最後，Rahul，你提出了一個非常有趣的觀點，服務市場可能是模型製造市場的 10 倍。我想問我能不能再多加點肉。你覺得到目前為止你已經看到了多少這樣的狀況？

Yeah, George. So if you think about the enterprise market today and the frontier models, these models are now getting integrated into workflows that are transforming either for cost reduction, predominantly today for cost reduction. And soon, we're going to see transformative workflows that will drive new business models and revenue generating.

是的，喬治。因此，如果你思考一下當今的企業市場和前沿模型，這些模型現在正在被整合到工作流程中，而這些工作流程的轉變主要是為了降低成本，而如今主要是為了降低成本。不久之後，我們將看到變革性的工作流程，這將推動新的商業模式和收入成長。

As we talked about, we are seeing for one large social media company, we were able to dramatically save them over $24 million worth of cost. So it's early stages. We are starting to get into the stage where we are starting to deploy Gen AI solutions into our customer base, and we hope to expand this service in the future.

正如我們之前討論的，我們已經為一家大型社群媒體公司節省了超過 2,400 萬美元的成本。所以現在還處於早期階段。我們正開始進入向客戶群部署 Gen AI 解決方案的階段，並希望未來能擴展這項服務。

Super. Great job, guys. Thank you.

極好的。幹得好，夥計們！謝謝。

Thank you.

謝謝。

Thank you very much. That appears to be our last question. I will now turn the conference over to Jack Abuhoff for any additional remarks.

非常感謝。看來這是我們最後一個問題了。現在我將把會議交給傑克·阿布霍夫，請他補充發言。

Thank you. Yeah, I guess Innodata is executing really from a position of strength. We had another record-breaking quarter. Revenue is at an all-time high. We see profitability growing and the results exceeded our analyst expectations.

謝謝。是的，我猜Innodata確實是憑藉著強大的實力在執行策略。我們又迎來了一個破紀錄的季度。營收創歷史新高。我們看到獲利能力不斷成長，業績超出分析師預期。

Looking out ahead to 2026, we see the potential for continued transformative growth powered by deepening relationships among the Mag 7 and other Silicon Valley leaders. And we see that growth coming from two sources. First, the continued expansion we're driving with existing and new customers. And then secondly, the strong returns we're beginning to see from our recent investments.

展望 2026 年，我們看到 Mag 7 和其他矽谷領導者之間不斷加深的關係，推動了持續的變革性成長的潛力。我們看到成長主要來自兩個方面。首先，是我們持續拓展業務，同時吸引新客戶。其次，我們近期的投資也開始獲得強勁的回報。

Today, I talked about six specific investment areas. And across each of them, across the Board, we're showing what happens when we do exactly what Time Magazine recognizes for, seeing what's next and acting fast. So to recap quickly some of these early wins. First, $68 million in new pretraining data wins, $42 million that signed, $26 million that we believe gets signed very soon.

今天，我談到了六個具體的投資領域。在所有這些方面，在各個方面，我們都展現了當我們做到《時代》雜誌所認可的那種事情——預見未來趨勢並迅速採取行動——時會發生什麼。那麼，讓我們快速回顧一下這些早期的勝利。首先，我們贏得了價值 6,800 萬美元的新預訓練數據，其中 4,200 萬美元已簽約，我們相信很快還會簽約 2,600 萬美元。

The $25 million win with a new strategic federal customer that we expect to name soon, and we believe this is potentially the first of many projects with them, an additional expansion with our largest customer based on verbal confirmation, a $6.5 million verbal confirmation of the deal win with another big tech customer and new partnerships emerging with key AI and sovereign AI players, which we expect to be announcing in 2026. So thank you all for joining us today. We couldn't be more excited about what lies ahead. Thank you.

我們贏得了與一位新的戰略聯邦客戶價值 2500 萬美元的合同，預計很快就會公佈該客戶的名稱。我們相信這可能是與他們合作的眾多項目中的第一個。此外，我們最大的客戶也已口頭確認將進一步擴大業務。我們也口頭確認了與另一家大型科技客戶達成的價值 650 萬美元的交易。同時，我們也與一些重要的 AI 和主權 AI 參與者建立了新的合作關係，預計將於 2026 年宣布。感謝各位今天蒞臨本站。我們對未來充滿期待。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。